Re:More Than 40% of Student Borrowers Aren’t Making Payments
by djsumdog on Wednesday April 06, 2016 @07:36PM
(#11443270)
No. They were hand outs. Only some banks got them. PNC got $5 billion from TARP. They then bought National City Bank, a regional bank in Ohio. National City was not allowed to even apply for TARP. PNC bought NC with that $5 billion, then got a tax break for $5 billion for "saving" them.
PNC bought National City for free, using tax payers money. TARP was not a loan. It backed every bank debt 100% (when it should have been pennies on the dollar) and allowed the strong banks to kill all the weaker ones, literally for free.
Had TARP not gone though, the banks would have had to sell mortgages back to debtors at a fraction of the price. Instead, they continued to collect loans on debtors, feed the rich and destroy the savings of the middle class.
PNC bought National City for free, using tax payers money. TARP was not a loan. It backed every bank debt 100% (when it should have been pennies on the dollar) and allowed the strong banks to kill all the weaker ones, literally for free.
Had TARP not gone though, the banks would have had to sell mortgages back to debtors at a fraction of the price. Instead, they continued to collect loans on debtors, feed the rich and destroy the savings of the middle class.