5 biggest banks found swindling U.S. Government and cheating tax payers

[hvactec]

[ame=http://www.youtube.com/watch?v=5mgJ9qco9iQ]YouTube - Making Wall Street Pay, Tackling Fraudclosure & Debt - The Dylan Ratigan Show[/ame]

 

[RodISHI]

Current Report: Financial Report of the United States: Publications & Guidance: Financial Management Service

Note 4. Loans Receivable, Mortgage-Backed Securities, and Loan Guarantee Liabilities, Net
Direct Loan, Mortgage-Backed Securities, and Defaulted
Guaranteed Loan Programs as of September 30 Face Value of Loans Outstanding Long-term Cost of/(Income From) Direct Loans and Defaulted Guaranteed Loans Outstanding Loans Receivable and Mortgage-Backed Securities, Net Subsidy Expense/(Income) for the Fiscal Year
(In billions of dollars) 2010 2009 2010 2009 2010 2009 2010 2009
Federal Direct Student Loans - Education 231.3 157.8 2.4 4.5 228.9 153.3 (1.6) (9.6)
GSE Mortgage Backed Securities Purchase Program - Treasury 164.3 173.3 (7.9) (11.1) 172.2 184.4 (0.6) (12.9)
Federal Family Education Loans - Education 138.9 84 - 3.1 138.9 80.9 (1.1) (4.1)
Electric Loans - USDA 40.7 40 2.2 2.3 38.5 37.7 - 0.2
Rural Housing Services - USDA 29.8 28.4 7 6.9 22.8 21.5 0.5 0.3
State and Local Housing Finance Agency Initiative - Treasury 15.3 - 1.2 - 14.1 - 1.7 -
Housing and Urban Development Loans 11.3 5.4 (0.2) 0.8 11.5 4.6 1.3 1.1
Water and Environmental Loans - USDA 11 10.4 0.8 0.8 10.3 9.6 0.1 (0.1)
Farm Loans - USDA 8.2 7.3 0.3 0.3 7.9 7 (0.1) 0.8
Disaster Loan Programs - SBA 7.9 8.4 1.5 1.6 6.5 6.8 0.2 -
Export-Import Bank Loans 8.9 7.7 3.6 3.1 5.3 4.6 (0.2) (0.1)
Telecommunications Loans - USDA 4.3 4.1 - - 4.3 4.1 - 0.2
Food Aid - USDA 5.6 6.1 2 1.9 3.7 4.2 - (0.4)
U.S. Agency for International Development Loans 5.3 5.6 1.9 1.8 3.4 3.8 - -
Housing for the Elderly and Disabled - HUD 3.2 3.5 - - 3.2 3.5 - -
All Other Programs 26.6 19.4 9.2 6.5 17.1 12.9 0.6 1.3
Total Direct Loans and Defaulted Guaranteed Loans 712.6 561.4 24 22.5 688.6 538.9 0.8 (23.3)


Loan Guarantees as of September 30 Principal Amount of Loans under Guarantee Principal Amount Guaranteed by the United States Loan Guarantee Liabilities Subsidy Expense (Income) for the Fiscal Year
(In billions of dollars) 2010 2009 2010 2009 2010 2009 2010 2009
Federal Housing Administration Loans - HUD 1,025.1 804.2 968.0 757.3 35.0 34.1 (3.0) (0.7)
Federal Family Education Loans - Education 390.5 457.3 382.0 445.4 14.5 20.6 (13.3) (25.9)
Small Business Loans - SBA 76.2 74.9 64.4 62.2 4.5 4.0 4.2 4.8
Export-Import Bank Guarantees 61.7 57.7 61.7 57.7 1.4 2.2 (0.2) (0.2)
Veterans Housing Benefit Programs - VA 214.7 183.4 58.1 50.4 4.9 3.9 1.3 -
Rural Housing Services - USDA 51.0 34.8 45.8 31.3 1.8 1.1 0.5 0.2
Israeli Loan Guarantee Program - AID 11.9 12.2 11.9 12.2 1.9 1.8 - 0.3
Export Credit Guaranteed Programs - USDA 6.6 7.0 6.5 6.9 0.2 0.2 - -
Overseas Private Investment Corporation Credit Program 5.0 4.9 5.0 4.9 0.1 0.1 - -
Business and Industry Loans - USDA 5.9 4.4 4.4 3.3 0.6 0.4 0.3 0.1
Federal Ship Financing Fund (Title XI) - DOT 2.0 2.4 2.0 2.4 0.2 0.3 - 0.1
All Other Guaranteed Loan Programs 19.8 18.1 18.4 16.8 0.7 0.7 - 0.1
Total Loan Guarantees 1,870.4 1,661.3 1,628.2 1,450.8 65.8 69.4 (10.2) (21.2)

The Government has two different types of loans and loan guarantees. One major type of loan is direct loans such as the Department of Education’s (Education) Federal Direct Student Loans. Direct Loans includes purchases of asset-backed securities, such as, the Treasury’s GSE MBS Purchase Program. The second type is loan guarantee programs, such as, HUD’s Federal Housing Administration Loans program.

Direct loans and loan guarantee programs are used to promote the Nation’s welfare by making financing available to segments of the population not served adequately by non-Federal institutions, or otherwise providing for certain activities or investments. For those unable to afford credit at the market rate, Federal credit programs provide subsidies in the form of direct loans offered at an interest rate lower than the market rate. For those to whom non-Federal financial institutions are reluctant to grant credit because of the high risk involved, Federal credit programs guarantee the payment of these non-Federal loans and absorb the cost of defaults.

The amount of the long-term cost of post-1991 direct loans and loan guarantees outstanding equals the subsidy cost allowance for direct loans and the liability for loan guarantees as of September 30. The amount of the long-term cost of pre-1992 direct loans and loan guarantees equals the allowance for uncollectible amounts (or present value allowance) for direct loans and the liability for loan guarantees. The long-term cost is based on all direct loans and guaranteed loans disbursed in this fiscal year and previous years that are outstanding as of September 30. It includes the subsidy cost of these loans and guarantees estimated as of the time of loan disbursement and subsequent adjustments such as modifications, reestimates, amortizations, and writeoffs.

Net loans receivable includes related interest and foreclosed property, and is included in the assets section of the Balance Sheets. Foreclosed property is property that is transferred from borrowers to a Federal credit program, through foreclosure or other means, in partial or full settlement of post-1991 direct loans or as a compensation for losses that the Government sustained under post-1991 loan guarantees. Please refer to the individual financial statements of the Department of Veterans Affairs (VA) and the Department of Housing and Urban Development (HUD) for significant detailed information regarding foreclosed property.

The total subsidy expense/(income) is the cost of direct loans and loan guarantees recognized during the fiscal year. It consists of the subsidy expense/(income) incurred for direct and guaranteed loans disbursed during the fiscal year, for modifications made during the fiscal year of loans and guarantees outstanding, and for upward or downward re-estimates as of the end of the fiscal year of the cost of loans and guarantees outstanding. This expense/(income) is included in the Statements of Net Cost.

Major Loan Programs

Education has two major education loan programs. The first program, the Federal Direct Student Loan Program, established in fiscal year 1994, offers four types of education loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. Evidence of financial need is required for a student to receive a subsidized Stafford loan. The other three types of loans are available to borrowers at all income levels. These loans usually mature 9 to 13 years after the student is no longer enrolled. They are unsecured. The second program, the FFEL Program, established in fiscal year 1965, is a guaranteed loan program. Like the Federal Direct Student Loan Program, it offered four types of loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. The FFEL program was terminated in the Student Aid and Fiscal Responsibility Act, which removed the authority guarantee new loans after July 1, 2010. During fiscal year 2010, FFEL loans receivable continued to increase significantly, principally due to the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA). The ECASLA gave Education temporary loan purchase authority to purchase FFEL loans and interests in those loans. This authority was to expire on September 30, 2009; however, Public Law 110-350 extended the authority through September 30, 2010.

The Housing and Economic Recovery Act of 2008 (HERA), Public Law 110-289, authorized the Treasury to enter into the GSE MBS Purchase Program. Under this program, the Treasury, using private sector asset managers, purchased on the open market a portfolio of mortgage-backed securities issued by the GSEs. By purchasing these credit-guaranteed securities, the Treasury sought to broaden access to mortgage funding for current and prospective homeowners and to promote stability in the mortgage market. The asset managers were also authorized to enter into other trade/sell transactions such as pair offs, turns, assignments, and dollar rolls to further support the market under the HERA provision/mandate. The authority granted by Congress to purchase MBS expired on December 31, 2009 at which point the purchase of new securities ended, though the Treasury still retains its portfolio of previously purchased securities.

The Treasury’s GSE MBS Purchase Program portfolio consists of mortgage pass-through securities issued by Freddie Mac and Fannie Mae.

Under HERA, Treasury together with the FHFA, Fannie Mae, Freddie Mac, and HUD announced in October 2009 an initiative to provide support to state and local HFAs. HFAs have historically played a central role in providing a safe, sustainable path to homeownership for working families in all 50 states and many localities across the country. This initiative is designed to support low mortgage rates and expand resources for low and middle income borrowers to purchase or rent homes, making them more affordable over the long term. In December 2009, several transactions closed as part of the HFA Initiative’s two separate programs: (1) TCLP and (2) the NIBP. As part of the TCLP, the Treasury has entered into participation agreements with Fannie Mae and Freddie Mac, supporting credit and liquidity facilities that the GSEs are providing to 11 states as part of the program.

The United States Department of Agriculture (USDA) offers direct and guaranteed loans through credit programs in the Farm and Foreign Agricultural Services (FFAS) mission area through the Farm Service Agency (FSA), and the Commodity Credit Corporation (CCC), and in the Rural Development (RD) mission area.

The FFAS delivers commodity, credit, conservation, disaster and emergency assistance programs that help strengthen and stabilize the agricultural economy. The FSA offers direct and guaranteed loans to farmers who are temporarily unable to obtain private, commercial credit and through this supervised credit, the goal is to graduate its borrowers to commercial credit. The CCC offers both credit guarantee and direct credit programs for buyers of U.S. exports, suppliers, and sovereign countries in need of food assistance. The RD provides affordable housing and essential community facilities to rural communities through its rural housing loan and grant programs. The Rural Utilities Program administers a variety of loan programs for electric energy, telecommunications, and water and environmental projects in rural America.

The Small Business Administration’s (SBA’s) Disaster Assistance Loan Program makes direct loans to disaster victims primarily for homes and personal property.

The Export-Import Bank aids in financing and promoting U.S. exports. The average repayment term for these loans is approximately 7 years.

HUD’s Federal Housing Administration (FHA) provides mortgage insurance to encourage lenders to make credit available to expand home ownership. FHA predominantly serves borrowers that the conventional market does not serve adequately. This includes first-time homebuyers, minorities, low-income families, and residents of under-served areas. Borrowers obtain an FHA insured mortgage and pay an upfront premium and an annual premium to FHA. The proceeds from those premiums are used to fund FHA program costs, including claims on defaulted mortgages and holding costs, property management fees, property sales, and other associated costs. The possibility of a sizable volume of delinquencies remains a significant risk for the housing market and for FHA in the near term. Nonetheless, HUD anticipates that the Mutual Mortgage Insurance Fund will remain financially sound. FHA continues to be a financially conservative and stabilizing presence for credit markets in times of economic disruption.

Please refer to the individual financial statements of the agencies listed in the tables for significant detailed information regarding their direct and guaranteed loan programs.

 

[lehr]

carter - then klinton - then dodd & barnie frank forced banks to give loans to people who would never b able to re-pay the loans = it was to help poor people get the american dream - a home - then the bubble broke - billions pissed away - now demokrats r doing it again - real quiet like!
people will never learn

 

[Truthmatters]

You have yet to learn any facts.


No one but brain washed cons believe that propaganda line

 

[Missourian]

You have yet to learn any facts.


No one but brain washed cons believe that propaganda line