Today we have (yet another) example of how consumers and citizens are scammed to the tune of millions, when their government and the banks sit down to rob taxpayers of money…and hand it over to banks.
The Hardest Hit Program was supposed to solve problems for families, keep them in homes and get their mortgage payments current. Instead, it was used a taxpayer-supported slush fund that ripped off taxpayers and consumers….
All paid for by taxpayers.
Whether you care about foreclosures or not…you should care about the millions of dollars that the banks have used to provide payoffs and buy favors with banks and big corporations.
Wanna be really disgusted? Read the following Tampa Times article first… (Just click on the picture for the full story):
Then, to really understand how bad things really are…read the full report for yourself: (Just click the logo for the full report):
And More:
SIGTARP recommended Treasury seek repayment of $8.2 million in
wasted and abused TARP funds, including:
• $11,000 for the CEO’s car allowance for a Mercedes Benz
• $10,963.68 spent on employee bonuses, employee gifts, employee
outings, staff lunches and other employee perks
• $5,811.27 spent for holiday parties and gifts
• $100,385.20 wasted on excessive rent moving to a luxury building
with double the rent, and then relocation and related costs to move
from that building
SIGTARP questions $106,774 in bonuses by the Florida Housing Finance
Corporation charged to TARP, as well as $636 in gift certificates to employees
and $454 in a TARP barbeque, an all-employee lunch, and a lunch with Bank
of America.27 These expenses violate Treasury’s contract because they are
not necessary to modify loans. Other state agencies modified loans without
paying bonuses or having TARP barbeques. Additionally, these are not listed
in Treasury’s “Permitted Expenses” in its contracts. These expenses also
constitute waste. Paying bonuses when a state agency is severely
underperforming in HHF constitute waste.
Florida agency officials told SIGTARP that the Executive Director of the
Florida agency authorized all of the bonuses charged to TARP. This same
Executive Director was reportedly asked to resign by the Governor around
December 23, 2016, after the Florida Inspector General found that state
funds had paid nearly $443,000 in employee bonuses and a $52,000 dinner,
while thousands of Floridians were waiting for assistance to save their
homes.28 The Governor’s spokesperson reportedly told the Miami Herald that
the Governor asked the Executive Director to resign, saying, “Whenever any
tax dollars aren’t used effectively and transparently, the governor is
obviously concerned.”
