In a Treasury report released on Tuesday, the initial estimate of homeowners getting relief under the Obama administration’s Loan Modification Program has been slashed down by more than half. The initial estimate of helping 4 million homeowners is now expected to go down to 1.5 to 2 million homeowners likely to receive aid under the program. [Read more…]
TARP Fraud Involving Bank President Uncovered
An ex- president of a private New York based bank has achieved the dubious distinction of being the first person to be charged with misappropriation of TARP funds. Charles Antonucci, president of Park Avenue Bank between June 2004 and October 2009, was arrested earlier this week, accused of stealing US Government funds. [Read more…]
Trouble Brewing in Commercial Real Estate
As the economy continues on its gradual path to recovery, signs of another major crisis are emerging – this time in the commercial real estate sector. If the problems in the sector are not dealt with quickly and ruthlessly, they have the potential to throw the recovery off track and plunge the economy back into recession. [Read more…]
