Treasury Secretary Timothy Geithner says it's time to close up shop on some of the core components of the government's $700 billion Troubled Asset Relief Program (TARP). The Treasury secretary said Tuesday that he's seen enough progress to presume the Department can safely shut down the programs that really defined TARP in its initial stages - programs that were designed to make sure large banks had access to capital.
The government's overseer of the Troubled Asset Relief Program (TARP) issued a scathing report Wednesday in his regular quarterly assessment of the administration's bailout efforts. TARP Special Inspector General Neil Barofsky lashed out at the U.S. Treasury for failing to implement clear recommendations from his office that would improve the program and refusing to come forth with critical details of fund usage. Barofsky even went so far as to threaten to subpoena documents from the Treasury and White House.
While the market for distressed assets from the financial crisis may be the biggest since the savings & loan disaster of the 1990s, it is taking longer to develop and it may be next year before asset sales begin in earnest. A recent report by Ernst & Young said a broad spectrum of buyers are simply waiting for the dam to burst and unleash a wave of deals.
After rising over 30 percent a year for the last four years, foreclosure starts will finally begin to decline next year, according to University Financial Associates LLC (UFA), a risk management firm that forecasts mortgage and consumer loan performance by zip code.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
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Licensed to Sell Real Estate in the Commonwealth of Virginia
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