Moral TARPitude

By GottaLaff

Moral TARPitude: BushCo must have a bazillion dollars now. Right now, or... or.... what? And for whom? And why? And how? Details, damnit, we want details:

Under the emergency rescue legislation approved by Congress in October, the administration must inform lawmakers that it wants access to the second installment of $350 billion. Unless Congress passes a resolution rejecting the request within 15 days, the Treasury can begin to tap the funds. If Congress turns down the request, the president could veto the resolution and then the Treasury could proceed. The money would be blocked only if Congress overrides the veto, which would require a two-thirds majority in both chambers. [...]

Both Bush and Obama officials say gaining access to the balance of the rescue funds is crucial to turning the economy around. Without the money, it would be nearly impossible to offer significant help for homeowners facing foreclosure, stabilize the financial system or jump-start the credit markets so more consumers and companies can get loans.

So, on the TARP-o-meter scale of 1-350 billion, BushCo scores a.... 0. Next:

Even as foreclosures continue by the hundreds, more than $100 million set aside by the state to help families keep their homes is going untapped. The state programs are so narrow and carry so many restrictions that getting approval is nearly impossible.

Since July 1, a program to help homeowners make payments on their mortgages has helped one borrower so far, with just five approvals pending. That, despite 382 applications for the program — the Emergency Mortgage Assistance Program, or EMAP.

The centerpiece program, CTFAMLIES, has fared better, with 65 loan refinancings closed, totaling $13.5 million, among 309 applications. Another seven refinancings are approved, and awaiting a closing date.

In yet another program — the Homeowner Equity Recovery Program, or HERO — the state planned to buy mortgages from lenders, who would take a loss, and negotiate to set more affordable interest rates. HERO has yet to help a single homeowner, and just one loan is expected to close later this month, state records show.

To quote Commenter Chris from an e-mail she sent me:

So....who exactly is being helped by the TARP funds that BushCo must have immediately? Not the state programs or the individual homeowners. Could it possibly be that BushCo thinks it hasn't stolen enough taxpayer money & is going for the final reaming on us all??

In a word: yes. After all, he needs some pocket change to pay for all those attorney fees that are coming up.

H/t: Chris