Category Archives: Bailout

GMAC receives 3rd round of bailout funds

By doris | Published: January 1, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — GMAC Financial Services will receive a third round of bailout funds from the U.S. Treasury Department and the government will have a controlling stake in the company, according to a government report Wednesday. The troubled auto and mortgage lender will collect $3.8 billion of additional aid on [...]

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U.S. lifts $400 billion cap for Fannie, Freddie

By doris | Published: December 27, 2009

Full Story at msnbc.com WASHINGTON – The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac. The Treasury Department said Thursday it removed the $400 billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, [...]

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Small firms may get $30 billion in bailout aid

By doris | Published: December 20, 2009

Full Story at msnbc.com WASHINGTON – The Obama administration is setting aside $30 billion from the financial bailout fund for a program designed to encourage lending to small businesses to aid the economic recovery. An internal document obtained by The Associated Press spell out how the Treasury Department plans to spend money from the fund [...]

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Wells Fargo to repay $25 billion bailout

By doris | Published: December 16, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Wells Fargo said Monday it has reached an agreement with the government to return $25 billion in bailout money it received during last year’s financial crisis. The San Francisco-based bank said repayment of the funds is contingent on a $10.4 billion common stock offering.

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Wells Fargo, Citigroup to repay bailout funds

By doris | Published: December 15, 2009

Full Story at msnbc.com Two of the nation’s largest banking institutions have announced that they will repay the public bailout money, freeing them from the close scrutiny and pay restrictions that came with the rescue program. Wells Fargo plans to sell $10.4 billion in new stock to help repay all $25 billion in bailout aid [...]

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Bernanke: Fed will make profit on bailout

By doris | Published: December 9, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Federal Reserve chairman Ben Bernanke said Monday he’s confident the Federal Reserve will make money on the trillions it has pumped into the economy since the start of 2008. “I think we’re in very good shape,” Bernanke said, answering questions following a speech at the Economic Club of [...]

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BofA to return $45 billion to taxpayers

By doris | Published: December 4, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Bank of America said late Wednesday it planned to return the entire $45 billion in bailout money it received from the government over the past year. The move would allow Bank of America, the nation’s largest lender, to wriggle free from a variety of government restrictions it has [...]

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Source: GM to begin repaying aid by year-end

By doris | Published: November 16, 2009

Full Story at msnbc.com WASHINGTON – General Motors Co. will begin paying back $6.7 billion in U.S. government loans by the end of 2009 and could pay off that full amount by 2011, four years ahead of schedule, according to a person familiar with the matter. The government debt represents about 13 percent of the [...]

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CIT loss won’t be last for taxpayers

By doris | Published: November 3, 2009

Full Story at money.cnn.con NEW YORK (Fortune) — CIT Group is the first big bailout loss for taxpayers, but it won’t be the last. CIT (CIT, Fortune 500) filed for Chapter 11 bankruptcy protection Sunday. The New York-based small business lender said all its common and preferred shares will be canceled, which will wipe out [...]

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Pay czar ready to drop hammer

By doris | Published: October 22, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — The Obama administration will soon order the nation’s biggest bailed-out companies to drastically cut the pay packages of 175 top executives, a senior administration official confirmed to CNN Wednesday. Kenneth Feinberg, who was named the White House’s pay czar in June, will demand that each of the seven [...]

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Optimism sends Fannie, Freddie shares soaring

By doris | Published: August 25, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Shares of bailed-out mortgage finance giants Fannie Mae and Freddie Mac soared Monday, as investors try to piggyback on a rally in shares of government-backed financial companies. Fannie (FNM, Fortune 500) shares rose nearly 50% in afternoon trading, while Freddie (FRE, Fortune 500) jumped almost 30%. The mortgage [...]

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Last weekend for Cash for Clunker deals

By doris | Published: August 23, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — If you’re hoping to make a last-minute Cash for Clunkers deal, you’d better call your car dealer first to make sure he’s still doing them. Also, make sure there are cars left to sell on the lot. While some dealers say they’ll participate in the Clunker program [...]

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Some clunker cash buying not-so-green vehicles

By doris | Published: August 14, 2009

Full Story at msnbc.com WASHINGTON – Transportation Secretary Ray LaHood, the nation’s top car salesman in recent weeks, has cited the Obama administration’s best-seller list of mostly smaller, fuel-saving cars like the Ford Focus to describe the success of the Cash for Clunkers rebate program. But what LaHood and other administration officials usually don’t mention [...]

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Fannie Mae needs another $10.7B in federal aid

By doris | Published: August 7, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Fannie Mae, the government-controlled mortgage insurer, said Thursday that it needs another $10.7 billion from the Treasury Department to stay afloat. The new infusion means the troubled company has drawn a total of $45.9 billion of its $200 billion lifeline this year. Fannie Mae and its sister [...]

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