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Foreclosure Lifeline Thrown as TARP is Extended

The Obama administration announced last week its intention to extend the TARP (Troubled Asset Relief Program) until October in hopes of channeling more funds into foreclosure prevention efforts. A number of Federal Reserve and FDIC programs which were put in place to work in tandem with TARP are soon coming to an end and without the continuation of TARP, it is feared that the government’s efforts to bolster the economy in the event of another financial shockwave could be seriously undercut.

While TARP was seen as successful at curtailing the financial panic of 2008 and restoring market confidence, it has not achieved similar constructive results in halting foreclosures and bank failures or encouraging lending and preventing job losses.

Repayment of billions extended to the banks in the way of emergency aid and from TARP is now being quickly repaid by the banks in what many observers see as an attempt to pay out bonuses which the banks are prohibited from doing until government repayment occurs.

The repaid funds will be earmarked by Treasury for TARP purposes and targeted in 2010 for three areas: foreclosure prevention, injecting capital to smaller community banks and to possibly further support the TALF program, yet another of the government’s alphabet soup of programs launched to prop up the faltering securitization markets to help make loans available to consumers and businesses.

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Continued at Mortgage Modification Madness Part II

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