The Treasury Department is set to announce Tuesday it will allow as many as 10 banks to repay the funds they’ve borrowed under the Troubled Asset Relief Program, or TARP, according to press reports. The Treasury will let 10 banks buy back government shares, while J.P. Morgan Chase & Co. is among those cleared to repay TARP, Bloomberg reported. The Treasury expects an initial payback of at least $50 billion in government bailout funds.
The Fed yesterday also approved capital-raising plans at the 10 banks judged to have shortfalls after last month’s stress tests on the 19 biggest U.S. lenders. That list includes Citigroup Inc. and Bank of America Corp., firms that have had more than one round of federal rescues.
Banks Repay their Loans like you and me
June 1, 2009
Isn’t is amazing how all the banks of the US got a nice bailout, but so far you and I haven’t? at IREPAY we track the banks and their ability to repay TARP funds with their own money, rather than taxpayer funds. It is hard to know on a daily basis which of the 600 fund recipients have actually gone forward with completing TARP repayment so our goal is to track these banks and their sites directly based on government data.
Does your bank repay? I know you repaid your mortgage like you were forced to, and we all know how individuals can’t get out of debt anymore by claiming bankruptcy – but your bank can. Has your bank initiated repayment?
Check iRepay to find out now.
