Ally Financial’s ResCap mortgage unit, which operates as the GMAC Mortgage brand, filed for bankruptcy protection Monday, part of a strategy to bolster the company’s longer term financial profile and accelerate repayment to the U.S. Treasury.
Housing Finance Agencies administrating the “Hardest Hit Fund” in 18 states have helped more than 45,000 struggling homeowners facing possible foreclosure, and another 38,000 are under review for assistance through March 2012, said a U.S. Treasury official today.
Institutions taking part in the government’s Small Business Lending Fund increased loans in the last quarter of 2011 by $1.3 billion over the prior quarter — for a total of $4.8 billion more than the average lending in the four quarters before the fund was created, according to the U.S. Treasury.
The “Hardest Hit Fund” launched by the U.S. Treasury in early 2010 to provide more than $7.6 billion for struggling homeowners has vastly underperformed because of delays and poor organization, according to the official watchdog overseeing its funding.
The U.S. Treasury said it completed the sale of the mortgage-backed securities portfolio it acquired at the height of the financial crisis in 2008 and 2009 – and netted a profit of $25 billion for taxpayers.
Critics of the bailout of U.S. banks invariably will hear from the other side that those taxpayer funds have been repaid and that the U.S. Treasury will actually see a profit from its investment. But those critics have a genuine bone to pick, according to a GAO report.
U.S. Treasury Secretary Timothy Geithner has a stern message for critics of Wall Street reform who want to repeal laws aimed at preventing another financial crisis. Get over your “amnesia.”
Simplifying the tax code for small business owners and providing tax relief can help them tend to important issues, such as sales and hiring, according to the President’s framework for overhauling the corporate tax code.
U.S. Treasury Secretary Timothy Geithner has provided a list of Wall Street reform’s accomplishments as GOP presidential candidates have vigorously assailed the Dodd-Frank legislation of 2010, the impetus for much of the financial system’s overhaul.
A proposal announced today by the Treasury Department would modify regulations to make it easier for retirees to choose to receive their 401(k) savings as a stream of income in regular payments – as in annuities – for as long as they live.