Treasury says 3 more investment firms approved for toxic asset purchase programOctober 4th, 2009 3 more investment firms approved for asset programWASHINGTON — Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks. The Treasury Department said Alliance Bernstein LP and BlackRock Inc., both headquartered in New York City, and Wellington Management Co., based in Boston, had all raised the $500 million minimum to begin operations.
Hartford Financial names former Bank of America executive as CEOSeptember 30th, 2009 Hartford names new chairman, CEOHARTFORD, Conn. — The Hartford Financial Services Group Inc.
Treasury says 2 investment firms have raised minimum amounts needed for toxic asset programSeptember 30th, 2009 Treasury: 2 firms can start buying toxic assetsWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government's financial rescue effort. Invesco Ltd.
Inspector general: Treasury has not adopted accountability measures for bailout programJuly 20th, 2009 Watchdog: Treasury bailout disclosure falls shortWASHINGTON — The government's main watchdog over the federal financial bailout says the Treasury Department has repeatedly failed to adopt recommendations aimed at making the $700 billion program more accountable and transparent. Neil Barofsky (buh-RAHF'-skee), the inspector general for the Troubled Asset Relief Program, says in a report to Congress that Treasury's inaction means taxpayers have not been told what the financial institutions that have received assistance are doing with the money.
Treasury official says government prodding mortgage companies to aid more borrowersJuly 16th, 2009 Gov't stepping up pressure on mortgage companiesWASHINGTON — A government official says the Obama administration is ramping up pressure on the mortgage industry to aid more homeowners on the verge of foreclosure. Herbert Allison, the Treasury Department's assistant secretary for financial stability, says the administration is prodding mortgage companies to add more staff and beef up training as part of an effort to "improve the execution quality of loan modifications."
In written remarks prepared for delivery at a hearing of the Senate Banking Committee, Allison says 27 companies are participating in the $50 billion program, which President Barack Obama launched in March.
Treasury provides $3 billion more in incentives for program designed to fight foreclosuresJune 16th, 2009 Treasury provides $3B more for foreclosure programWASHINGTON — The government will provide another $3.1 billion to a group of mortgage servicing companies as an incentive to modify loans to combat record levels of foreclosures. The Treasury Department said Tuesday that the modifications, which included reductions in projected payments for some companies, pushed the total amount for the program to $18.3 billion, from $15.2 billion.
Hartford Financial to offer shares of stock for up to $750M, gets approval for federal programJune 12th, 2009 Hartford Financial to offer $750M in sharesHARTFORD, Conn. — Insurer Hartford Financial Services Group Inc.
Insurer Hartford Financial CEO Ayer to retire by year-end, board seeking replacementJune 4th, 2009 Hartford CEO Ayer to retire by end of yearHARTFORD, Conn. — Hartford Financial Services Group Inc.
Insurers continue to assess TARP, recapitalization options; Moody's deems positive to ratingsJune 2nd, 2009 Moody's: TARP for insurers beneficialCHARLOTTE, N.C. — Although some insurance companies have shied away from accepting bailout money from the government, Moody's Investors Service said insurers would benefit from the funds.
Prudential Financial declines to accept TARP funds; plans $1.25 billion common stock offeringJune 1st, 2009 Prudential passes on TARP funding; to issue stockNEW YORK — Prudential Financial Inc. said Monday it will not take funds from the government's financial rescue program, but it is planning to raise $1.25 billion on its own through a common stock offering.
Treasury provides $45.5 million to 7 new banks as part of $700 billion financial rescueMay 5th, 2009 Treasury provides $45.5M to 7 banks from bailoutWASHINGTON — The Treasury Department said Tuesday seven more banks have been approved to participate in the government's $700 billion rescue effort, and that a Colorado mortgage company was chosen to participate in a foreclosure mitigation program. The department said the government would purchase a total of $45.5 million in preferred stock in the seven banks, bringing the total supplied through the program to $198.02 billion for more than 500 banks.
Treasury gives $121.8 million to 12 banks under $700 billion bailout programApril 28th, 2009 Treasury gives $121.8M to 12 banks under bailoutWASHINGTON — The Treasury Department has approved 12 more banks to participate in the $700 billion financial rescue program. The 12 institutions will receive a total of $121.8 million, Treasury said Tuesday, with about half going to Standard Bancshares Inc.
Treasury selects 3 asset management firms for bailout program that buys bank stockApril 22nd, 2009 Treasury picks asset management firms for bailoutWASHINGTON — The Treasury Department on Wednesday selected three management firms to handle bank assets obtained as part of the $700 billion financial rescue program. The assets include stock warrants that Treasury has received as part of its program to buy nearly $200 billion in preferred shares in banks to help bolster their capital reserves and resume more normal lending to consumers and businesses.
Treasury completes $29.8 billion boost to AIG rescue; adds companies to mortgage relief planApril 21st, 2009 Treasury completes $29.8B boost to AIG rescueWASHINGTON — The government has completed the transaction providing nearly $30 billion more in support to American International Group Inc., minus $165 million in bonus payments. The Treasury Department also announced Tuesday that it has added Bank of America Corp.
Fannie Mae seeking up to $16 bn from US governmentJanuary 26th, 2009 WASHINGTON - Fannie Mae, the giant mortgage company under federal control, is to ask for up to $16 billion in federal money to stem massive losses from the mortgage default crisis. The request for an estimated $11-16 billion aims to keep the largest source of US home loan funding alive, and would be its first withdrawal under a programme established last year to keep it and Freddie Mac afloat.
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