Leading national minority oanizations vw to fix Fed's new UDAP rule – NMP Skip to main content

Leading national minority oanizations vw to fix Fed's new UDAP rule

Dec 21, 2008

Casey Research study: Bailouts for failed banks already a failureMortgagePress.comCasey Research, bailouts, IndyBank, Citigroup Casey Research has released a report with disturbing findings about the federal government's vast and unprecedented activities in bailing out troubled commercial banks like IndyBank and Citigroup. Their findings appear in the latest issue of The Casey Report, the flagship publication of Casey Research. The report can be viewed here. "Over the past four months, American commercial banks have received massive amounts of bailout money, ostensibly to unfreeze the credit market and enable the banks to lend again," write Bud Conrad and Doug Hornig, Casey Research analysts. "The banks' cash assets rose by more than a half-trillion dollars. That is primarily taxpayers' money. But it did not serve a useful purpose. In reality, we got scammed." "The Treasury borrowed taxpayer dollars via the sale of Treasury notes and deposited the cash at the Federal Reserve. The Fed used the money to relieve banks of their most toxic liabilities. But instead of lending it, the banks simply bought more Treasury notes, thereby polishing up their balance sheets. The net result is that the Treasury incurred more debt. The Fed absorbed all manner of bad debts for which it may not get ten cents on the dollar and the banks ended up with more money and less debt." The Treasury Department bilked U.S. taxpayers for $3 trillion in three months. "The consequences are dire. Responses of gargantuan size have merely served to keep the system from collapsing and have barely begun to improve it. Thus, the situation is not yet stabilized. There will be new surprise problems, and bigger responses, for the foreseeable future. Of that we can be certain. And collectively, all the government's responses will inevitably have a negative effect on the value of the U.S. dollar," said Mr. Conrad and Mr. Hornig. For more information, visit www.caseyresearch.com.
About the author
Published
Dec 21, 2008
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026
Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Oct 08, 2026