by Jeff Taylor
Let’s see, BAC says paying back $45b. in TARP funds shoved it toward a $5.2b. loss during Q4 of 2009. Wells Fargo paid back $25b. in TARP but still booked almost $400m. in profit for the quarter, well above expectations.
Meanwhile, the Fed continues to stonewall on why it tried to hide the details of the bailout of AIG, ie, the not small fact that the Fed was moving to bailout AIG’s counterparties, also known as banks. At the same time comes words that the FHA is ever so slightly tightening lending standards for the loans it will back. Considering there had been no standards whatsoever for the past year and the housing market is still in the toilet, some standard is a huge move.
Something will have to give, folks.
Bonus Observation: Speaking of BAC — or Wachovia or First Union for that matter — your follow-the-money ACORN chart for NC.