Items Tagged with 'TARP'

ARTICLES

  • Damning report finds state agencies wasted millions meant for struggling homeowners

    SIGTARP investigation uncovers waste within Hardest Hit Fund program
    A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program. The report, published Friday by the Office of the Special Inspector General for the Troubled Asset Relief Program, showed that an investigation found that all 19 of the state housing finance agencies that participated in the Hardest Hit Fund collectively wasted money in some form.
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  • Former GulfSouth Private Bank president gets 5 years in prison for bank fraud

    Bank received $7.5M in TARP funds, but still failed
    The former president of a failed bank will spend more than the next five years in prison after being convicted of perpetrating a bank fraud scheme that involved covering up mortgage loans that were in default. In part due to that deception, GulfSouth Private Bank received $7.5 million in federal Troubled Asset Relief Program, but the bank failed anyway.
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  • Former Cantor Fitzgerald mortgage bond trader charged with securities fraud

    David Demos accused of defrauding firm that managed TARP funds
    A former mortgage bond trader at Cantor Fitzgerald stands accused of committing securities fraud by allegedly overcharging customers for residential mortgage-backed securities, a collection of federal agencies announced Friday. Among the victims of this alleged scheme are asset managers and firms affiliated with or subsidiaries of recipients of funds from the Troubled Asset Relief Program, the government said.
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  • Failed bank CEO gets 14 months for trying to scam $13M in TARP funds

    NOVA Bank's Brian Hartline faked investments in attempt to get bailout
    The former president and chief executive officer of a failed bank will spend 14 months in prison after being convicted of faking millions of dollars in 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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  • 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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