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Anchor Agrees to TARP Oversight
Posted on February 17th, 2011 No commentsAnchor BanCorp Wisconsin is one of more than two dozen banks that have agreed to let U.S. Treasury Department observers attend board meetings after the banks failed to make dividend and interest payments on their Troubled Asset Relief Program debt, Bloomberg reported. Read The Business Journal article. -
Wis. Bank Chosen for Lending Program
Posted on January 2nd, 2011 No commentsSheboygan-based Community Bank & Trust has announced its approval by the U.S. Department of Transportation as a new participating lender in the Short Term Lending Program. The bank joins only 21 other lenders across the country to offer this service, the Sheboygan Press reported.
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Banks, Harley Participated in Fed Programs
Posted on December 4th, 2010 No commentsWhen the Federal Reserve unleashed a barrage of programs in 2008 to try to prevent the collapse of the financial system, a handful of Wisconsin firms – mostly banks, but the state’s perhaps best-known company as well – opted in. Of the more than 21,000 loans and other transactions the Fed made during the financial crisis, at least nine state financial institutions – including Wisconsin’s two biggest banks – and Milwaukee motorcycle maker Harley-Davidson Inc. used some of the emergency measures. Read the Milwaukee Journal Sentinel article.
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Editorial: TARP, and the Stimulus, Worked
Posted on October 8th, 2010 No commentsOshkosh businessman and Senate candidate Ron Johnson “said TARP was a mistake and [Sen. Russ] Feingold voted against it. We disagree with both. It appears that TARP also worked. Financial collapse — perhaps another depression — was averted, automakers are still making cars and employing Americans and all but $50 billion to $70 billion of the $700 billion to save the economy has been repaid,” the Milwaukee Journal Sentinel wrote in an editorial. -
Wisconsin to Get $21M in New Lending Initiative
Posted on September 24th, 2010 No commentsWisconsin will receive up to $21 million under the new State Small Business Credit Lending Initiative, the Business Journal of Milwaukee reported.
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New Markets Tax Credits Stalled
Posted on September 24th, 2010 No commentsA combination of the slow economy, tight bank underwriting and a shortage of investors has stalled $504 million available locally for the U.S. Treasury New Markets Tax Credits program, which is designed to encourage real estate development and business expansion in distressed areas, the Business Journal of Milwaukee reported.
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State Gets $7M for Foreclosures
Posted on September 8th, 2010 No commentsWisconsin will receive almost $7 million in federal funds for efforts to reduce the neighborhood impact of foreclosed homes, nearly $2.7 million of which is targeted for Milwaukee. The money is intended to help state and local governments acquire, redevelop or demolish foreclosed properties, according to the U.S. Department of Housing and Urban Development. Read the Milwaukee Journal Sentinel article.
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Loan Modifications Help Many
Posted on August 20th, 2010 No commentsMore than 500 homeowners attended a recent Help for Homeowners Community Event in Milwaukee, one of dozens put on around the country by the Obama administration’s Making Home Affordable Program, the Hope Now Alliance and NeighborWorks America. Not everyone leaves happy, but so far, almost 3.4 million homeowners have saved their homes through permanent loan modifications since July 2007, according to the Milwaukee Journal Sentinel.
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Stocks Rise in Response to Bank Plan
Posted on March 23rd, 2009 No commentsStocks of financial institutions led the Dow Jones industrial average almost 500 points higher after Treasury Secretary Timothy Geithner said the government will team up with private investors to purchase bad assets and get them off the balance sheets of banks. Read more in the Milwaukee Journal Sentinel.
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Banks to Report Small Business Loans
Posted on March 20th, 2009 No commentsTreasury Secretary Timothy Geithner said the administration will require the 21 largest banks that have received government funds through the Troubled Asset Relief Program to report how much small business lending they do every month. Treasury will also ask banking regulators to require all banks to report their total lending to small businesses every quarter, instead of just once a year. Read the Business Journal of Milwaukee article.