St Louis Mortgage Loan and Finance Lending: TARP Blasts Foreclosure Programs
St Louis Mortgage and Real Estate News –
St Louis Finance and Mortgage Refinancing News: TARP Watchdog Blasts White House's Foreclosure Programs
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate
In a quarterly report released to Congress, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), said the program has been a success financially, but that programs "designed to help Main Street rather than Wall Street" have been failures.
Barofsky focused part of his criticism on the Home Affordable Modification Program, known as HAMP, which is intended to help eligible homeowners avoid foreclosure by facilitating mortgage modifications with loan servicers according to St Louis finance experts.
When 2010 ended, on December 31st, there were over 500,000 ongoing permanent modifications under
HAMP, with about 238,000 of those funded by and attributable to TARP which were figures Barofsky called "anemic."
The report also blasts the Treasury Department, which oversees the program, for refusing to adopt "meaningful goals and benchmarks" for HAMP.
In addition, Barofsky says the billions of dollars that were used to bailout faltering financial institutions, such as Citibank, AIG and Bank of America, during the crisis set a dangerous precedent.
"By effectively guaranteeing these institutions against failure, they encouraged future high-risk behavior by insulating the risk-takers who had profited so greatly in the run-up to the crisis from the consequences of failure," he wrote.
Barofsky continues: "In many ways, TARP has thus helped mix the same toxic cocktail of implicit guarantees and distorted incentives that led to disastrous consequences."
Barofsky also faults the Dodd-Frank bill, a law passed last year that enacted sweeping reforms of the nation's financial regulatory framework, for not being forceful enough to deal with too-big-to-fail banks.
"Unless and until institutions currently viewed as 'too big to fail' are either broken up so that they are no longer perceived to be a threat to the financial system, or a structure is put in place that gives adequate assurance to the market that they will be left to suffer the full consequences of their own recklessness, the prospect of more bailouts will continue to fuel more bad behavior with potentially disastrous results," he wrote.
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When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.
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