Bank of America says they have met the TARP exit requirements. They say that they have sold enough of their assets to repay the government (you and me) the $45,000,000 (yes, that’s 45 billion dollars) that funded their bail-out!
According to regulators the bank has until the end of the year to make that repayment. If they do not satisfy the requirements (of the exit strategy) they will have to sell additional assets.
This is being hailed as a major coupe for all involved…the bank, the government (popularity wise as well as monetarily), us the tax payers, and the economy in general. It is touted as a major victory for the U.S. Treasury and it’s policies.
Source: CNBC Financial Times
We believe that our local real estate market is already showing signs of healing. It is far from well, but we are getting there. As the foreclosure situation is resolved and the banks get back to “normal” lending practices, the outlook keeps getting better. Prices have stabilized, even increased slightly in most areas. Public confidence level is coming up. Neighborhoods are uniting. We have even seen people smiling!
For ALL your real estate related needs and/or questions call (530 315-2808) or visit us on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!