http://www.reuters.com/article/idUSTRE60A4XU20100111
OK I understand the hit from AIG and the auto makers, but the 27 billion on the home affordable modification program has me stumped. We all know that very few home loans were ever actually modifidied, so it couldn't possibly from that, unless we were paying people to do actually nothing, so the only other thing that it could possibly pertain to is the $8000.00 tax credit for first time buyers.
- U.S. taxpayer profits from bank bailout investments are being offset by estimated losses from American International Group and automakers and mortgage payment cuts for struggling homeowners, a U.S. Treasury report showed on Monday.
The Treasury estimated net losses on its $700 billion bailout program at $68.5 billion for the fiscal year ended September 30, 2009.
The December report for the Troubled Asset Relief Program, or TARP, showed that the fiscal 2009 net loss included estimated losses of $30.4 billion for AIG and $30.4 billion for automakers, with $27.1 billion in losses from the Home Affordable Modification Program.
