Only this time it's for the financial industry, namely those who have taken TARP money and have done little to help out their customers, namely the ones with underwater or homes in foreclosure.
The stats have come out, and Bank of America and Wachovia are in the lead for those who have benefitted from TARP money but have the lowest of those recipients to have given loan modifications to their customers.
Here is the list from ProPublica.org of the bailed out banks.
Here is the list from the Treasury Department of who has given what percentage of loans their modifications via the HAMP program. Be sure to go to page 2 for the breakdown chart.
According to this:
Bank of America - $45 Billion in TARP funds, only 11 % of their loans have been modified.
Wachovia - $1.4 Billion in TARP funds, only 3% of their loans have been modified.
It kind of makes you wonder where the money's gone to? Oh yes, if you've seen the commercials for Michael Moore's new movie on Capitalism, you know that the government doesn't know where the money has gone within the companies receiving TARP funds.
What? Bank of America is reporting a $1.79 Billion loss? Here's a tip for BofA: Get your customers out from underwater mortgages and you just might see better earnings. Here's the source: The Wall Street Journal