SIGTARP Report to Congress – Governmental Efforts to Stabilize Economy Increased 23% to $3.7 Trillion Over Past Year

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SIGTARP Quarterly Report to Congress – July 2010
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3 Responses to “SIGTARP Report to Congress – Governmental Efforts to Stabilize Economy Increased 23% to $3.7 Trillion Over Past Year”
  1. With 1 in every 23 or so homes in foreclosure in my community, who exactly got this “relief” from their “troubled assets”?

    I see no relief; past, present, or future.

    I see only frustration, grief, misery, homelessness, evictions, suicides, broken marriages, unemployment, and a broken rocket-docket real-estate moving system of justice.

    Defend your homes America!

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  3. Michael says:

    Um, SIGTARP Regulators, meet DJSP. AIG is the largest shareholder. Apparently they decided the best use of their government funds wasn’t for, say, schools or roads but to enable high volume foreclosure attorney David J. Stern to take $35 million in cash. They were probably confident he’d do well with it because his personal lawyer — who represented him when he pled guilty to filing false affidavits in foreclosures — is a name partner with a former Fannie/Freddie Board of Directors member; gotta’ make sure those files keep flowing.

    Speaking of those files ever private investor knows that modifying mortgages is almost always more profitable than foreclosing so why are Fannie/Freddie foreclosing? Well, those REO fees are “real” money but the losses TARP is funding are funny money; taxpayer money borrowed from future generations. Normally balancing, say, a $200K loss (the needless foreclosure write-off) with a $10K gain (the REO fee) would be a no-brainer: no way. But thanks to the abject ineptitude of you to force Fannie/Freddie to make decisions in the best financial interests of taxpayers — rather than cronies — that’s exactly what is happening. As an added benefit if they’d do what is best for taxpayers (who involuntarily own the place, as an aside) it would also dramatically cut foreclosures. But those fees … wouldn’t want those to evaporate; Ferrari dealerships all over would be hurt.

    SIGTARP … you’re doing nothing. Your agency is watching trillions of dollars being flushed down the drain while, at the same time, enabling the foreclosure parade to continue. Most American’s don’t understand but they eventually will and TARP will go down in history as arguably the greatest swindle — the ultimate reverse robin-hood policy — in world history. If your regulators would prefer to be seen as doing their jobs then regulate; make Fannie/Freddie *prove* with numbers that their policies are in the best interest of taxpayers. Show the cost of modification vs foreclosure, breaking out the fees involved with specificity. Publish every communication and dollar from lobbyists to continue the status quo. Finally, publish the proof online and let us review and comment. Anybody with the most basic understanding of finance knows what the results will be.

    Until then, knock it off w/ the commentary that you’re attempting to do something. It sounds nice — and we wish you were — but reality kinda’ interferes, doesn’t it? Want to end foreclosures quick? Liquidate Fannie and Freddie; fire every person there. Drop the paper on the market in bulk, and allow homeowners to have a first right of refusal to purchase their notes from the pools at whatever price the paper is trading at. That’s called capitalism. It’s also called fair. It’s also sound economic policy. It prevents fraud, ends the crisis, holds investors to the same standard as homeowners, and costs Treasury essentially nothing.

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