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Congressional Oversight Committee: TARP Shortchanged Homeowners
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Congressional Oversight Committee: TARP Shortchanged Homeowners
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Congressional Oversight Committee: TARP Shortchanged Homeowners
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March 25, 2011 (Chris Moore)
mortgage-bailout-image
In one of its last reports issued before its demise, the Congressional Oversight Committee (COC) faulted the Troubled Asset Relief Program (TARP) for failing to spend enough money to curb foreclosures. TARP was launched by the Bush Administration in response to the 2008 financial crisis, but was also to include aid to help struggling homeowners.

In the report, COC credited TARP for providing critical support at a time of profound uncertainty citing the restructuring of insurer American International Group Inc. (AIG) and providing aid to the ailing automakers as examples of the programs success.

However, Sen. Ted Kaufman, chair of the COC commented that in his opinion, more money was spent on bailing out Wall Street and too little was left in aid to ailing homeowners.

“One of my major concerns is that there was a heck of a lot more attention paid to Wall Street than there was to Main Street,” said Kaufman.

The original forecast for the federal bailout of the U.S. financial system was expected to cost as much as $700 billion. TARP was created to facilitate the dispersal of the funds. The Treasury Department originally allocated almost $46 billion for three major housing programs to help distressed homeowners, but according to the panel, only about $1 billion in TARP funds has been spent on government anti-foreclosure programs.

The lack of success of these programs has led House Republicans to terminate all of the Obama Administrations anti-foreclosure programs except for the Home Affordable Modification Program (HAMP), which is expected to be voted on next week.

Despite the fact that the Obama Administration has threatened to veto any such bills and the Senate has declared they will not take up any of the anti-foreclosure bills, Republicans continue to press on and at the very least are sending a very strong message.

At the time TARP was enacted, it was impossible to know exactly how much the program would ultimately cost. TARP is now expected to cost the taxpayers about $25 billion after all the paybacks which makes the $1 billion used to aid the ailing homeowners seem pretty insignificant compared to the $699 billion used to bailout Wall Street.

Kind of makes you wonder who our government works for.

Tags: Congressional Oversight Committee, TARP, HAMP, ailing homeowners, Wall Street, Main Street, Treasury Department, House Republicans

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March 25, 2011 (Chris Moore)
mortgage-bailout-image
In one of its last reports issued before its demise, the Congressional Oversight Committee (COC) faulted the Troubled Asset Relief Program (TARP) for failing to spend enough money to curb foreclosures. TARP was launched by the Bush Administration in response to the 2008 financial crisis, but was also to include aid to help struggling homeowners.

In the report, COC credited TARP for providing critical support at a time of profound uncertainty citing the restructuring of insurer American International Group Inc. (AIG) and providing aid to the ailing automakers as examples of the programs success.

However, Sen. Ted Kaufman, chair of the COC commented that in his opinion, more money was spent on bailing out Wall Street and too little was left in aid to ailing homeowners.

“One of my major concerns is that there was a heck of a lot more attention paid to Wall Street than there was to Main Street,” said Kaufman.

The original forecast for the federal bailout of the U.S. financial system was expected to cost as much as $700 billion. TARP was created to facilitate the dispersal of the funds. The Treasury Department originally allocated almost $46 billion for three major housing programs to help distressed homeowners, but according to the panel, only about $1 billion in TARP funds has been spent on government anti-foreclosure programs.

The lack of success of these programs has led House Republicans to terminate all of the Obama Administrations anti-foreclosure programs except for the Home Affordable Modification Program (HAMP), which is expected to be voted on next week.

Despite the fact that the Obama Administration has threatened to veto any such bills and the Senate has declared they will not take up any of the anti-foreclosure bills, Republicans continue to press on and at the very least are sending a very strong message.

At the time TARP was enacted, it was impossible to know exactly how much the program would ultimately cost. TARP is now expected to cost the taxpayers about $25 billion after all the paybacks which makes the $1 billion used to aid the ailing homeowners seem pretty insignificant compared to the $699 billion used to bailout Wall Street.

Kind of makes you wonder who our government works for.

Tags: Congressional Oversight Committee, TARP, HAMP, ailing homeowners, Wall Street, Main Street, Treasury Department, House Republicans

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 25, 2011 (Chris Moore)
mortgage-bailout-image
In one of its last reports issued before its demise, the Congressional Oversight Committee (COC) faulted the Troubled Asset Relief Program (TARP) for failing to spend enough money to curb foreclosures. TARP was launched by the Bush Administration in response to the 2008 financial crisis, but was also to include aid to help struggling homeowners.

In the report, COC credited TARP for providing critical support at a time of profound uncertainty citing the restructuring of insurer American International Group Inc. (AIG) and providing aid to the ailing automakers as examples of the programs success.

However, Sen. Ted Kaufman, chair of the COC commented that in his opinion, more money was spent on bailing out Wall Street and too little was left in aid to ailing homeowners.

“One of my major concerns is that there was a heck of a lot more attention paid to Wall Street than there was to Main Street,” said Kaufman.

The original forecast for the federal bailout of the U.S. financial system was expected to cost as much as $700 billion. TARP was created to facilitate the dispersal of the funds. The Treasury Department originally allocated almost $46 billion for three major housing programs to help distressed homeowners, but according to the panel, only about $1 billion in TARP funds has been spent on government anti-foreclosure programs.

The lack of success of these programs has led House Republicans to terminate all of the Obama Administrations anti-foreclosure programs except for the Home Affordable Modification Program (HAMP), which is expected to be voted on next week.

Despite the fact that the Obama Administration has threatened to veto any such bills and the Senate has declared they will not take up any of the anti-foreclosure bills, Republicans continue to press on and at the very least are sending a very strong message.

At the time TARP was enacted, it was impossible to know exactly how much the program would ultimately cost. TARP is now expected to cost the taxpayers about $25 billion after all the paybacks which makes the $1 billion used to aid the ailing homeowners seem pretty insignificant compared to the $699 billion used to bailout Wall Street.

Kind of makes you wonder who our government works for.

Tags: Congressional Oversight Committee, TARP, HAMP, ailing homeowners, Wall Street, Main Street, Treasury Department, House Republicans

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.