Tag Archives: TARP

The Hardest Hit Fund (HHF) was created under the government's Troubled Asset Relief Program in 2010 to help the areas that were deemed to have been hit hardest by the financial crisis. How is the latest—and final—round of funding going to be disbursed?

Four California men have been indicted on federal charges of conspiracy, bank fraud, wire fraud, and more in a case relating to the collapse of the Sonoma Valley Bank in August 2010. According to a release from the Special Inspector General for the Troubled Asset Relief Program, the accused allegedly "skirted the bank's internal controls and defrauded Sonoma Valley Bank by authorizing the bank to lend $9.5 million to a straw purchaser."

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has had laser sharp focus on ensuring foreclosure fraud offenders suffer the consequences of their offenses. A northern California man is now behind bars after a SIGTARP investigation found he used the U.S. bankruptcy courts to con desperate homeowners into paying him monthly fees to postpone foreclosure proceedings. He was sentenced to 10 months in federal prison and three years of supervised release on fraud charges.

The debate over TARP is only one of several five-year anniversaries we mark this month, all related to the mortgage meltdown.

A North Dakota judge sentenced two officers from an Arizona mortgage originator for their roles in a $28 million scheme to defraud North Dakota-based BNC National Bank.

Following a recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which charged that Treasury has not appropriately limited compensation for executives at companies bailed out by TARP, a House subcommittee held a hearing on the matter.

A taxpayer watchdog agency accused Treasury of lacking a concrete plan to help Ally pay back taxpayers and move toward financial stability. Although Treasury made three investments into Ally, totaling $17.2 billion, the report says Treasury never required the company to "spell out a plan" to address issues surrounding Residential Capital, Ally's mortgage arm that caused most of the company's losses.

A new report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) suggests the Treasury Department has failed once again to curb what SIGTARP calls "excessive" executive pay at AIG, General Motors, and Ally Financial--three companies bailed out with taxpayer funds. After investigating pay in 2012, SIGTARP reported Treasury approved pay packages worth $5 million or more for 23 percent of the top employees at AIG, GM, and Ally.

The Treasury announced Tuesday it will sell the remainder of its shares of American International Group, Inc. common stock. The move brings Treasury's stake in the company to an end. Together, Treasury and the Federal Reserve invested $182.3 billion to stabilize the failing insurance behemoth in September 2008 at the start of the financial crisis. In addition to recouping the total $182.3 billion, the Treasury incurred a positive return of $5 billion, while the Federal Reserve received a positive return of $17.7 billion.

A Virginia man received a sentence of 14 years in federal prison for carrying out elaborate and sophisticated fraud schemes that took millions away from investors and the government, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced. George P. Hranowskyj of Chesapeake, Virginia, pled guilty in July to conspiracy to commit wire fraud and conspiracy to commit bank fraud.