Items Tagged with 'TARP'


8 years later, a look back on TARP

Happy anniversary
The anniversary of the Consumer Financial Protection Bureau’s Know Before You Owe rule isn’t the only historical mortgage moment that happened on Oct. 3. Monday also marked the eighth anniversary of the Emergency Economic Stabilization Act of 2008 becoming law, putting the Troubled Asset Relief Program into effect. Here's how the program performed for the past eight years.
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Failed bank's CEO, chairman convicted of trying to scam $13M in TARP funds

NOVA Bank executives faked private investments in attempt to save failing bank
The former CEO of a failed bank and the former chairman of the bank’s board of governors conspired to fake millions of dollars of investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.
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Treasury committing $1 billion more to fight blight, help struggling borrowers

Announces next round of Hardest Hit Fund allocations
In February, the Department of the Treasury announced that it planned to boost the Hardest Hit Fund by as much as $2 billion. The first round of funding saw the Treasury Department allocate $1 billion. And Wednesday, the Treasury announced the second round of funding, with $1 billion more now set aside to fight blight and help struggling homeowners.
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Former TierOne Bank CEO gets 11 years in federal prison

Charged with fraudulently concealing loan and real estate losses
On Wednesday, U.S. District Judge John Gerrard ordered the former CEO of TierOne Bank to 11 years in prison. Why? Well, as it turns out, what happens in Vegas doesn't always stay in Vegas, especially when it comes to defrauding investors. Here's a breakdown of the criminal activity.
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U.S. settles with deceased man’s estate, recovers fraudulently obtained TARP funds

Estate of former owner of One Financial to pay Fed $4 million
The estate of Layton Stuart, the late president and owner of One Financial Corporation, will pay the U.S. government $4 million to settle a lawsuit that accused Stuart of defrauding the federal government out of $17.3 million from the Troubled Asset Relief Program. Before Stuart's death in 2013, he allegedly used federal money to fund an extravagant lifestyle for himself and his family.
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Exec at center of first TARP bank failure gets 8 years in prison

Fraud scheme cost taxpayers more than $300 million
The bank executive at the center of one of the largest bank failures in recent years will spend the next 8 years in prison for his part in a scheme that cost the American taxpayers more than $300 million. Here's the tale of Ebrahim Shabudin and United Commercial Bank.
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