Treasury Dept.

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

November 3, 2009 -- The U.S. Department of the Treasury today announced that on October 30, 2009 Angelo, Gordon & Co., L.P. and GE Capital Real Estate completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Small, minority-, and women-owned businesses that are partnering with Angelo, Gordon & Co., L.P. and GE Capital Real Estate include:

* CastleOak Securities, L.P.
* Park Madison Partners LLC.    » read more »

October 28, 2009 -- WASHINGTON -- Bill J. Allen and Richard L. Smith were each sentenced in separate hearings today for their participation in a corruption scheme in which they provided approximately $395,000 in corrupt payments to public officials from the state of Alaska, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division. Allen and Smith were sentenced in U.S. District Court for the District of Alaska by U.S. District Court Judge John W. Sedwick.    » read more »

New Markets Tax Credit Program Includes $1.5 Billion Awarded Under the Recovery Act

October 30, 2009 -- CHICAGO-- As part of the Obama Administration's efforts to revive local economies, Treasury Secretary Tim Geithner today visited a job training center in Chicago benefiting from private sector investments made through the New Markets Tax Credit (NMTC) program. As part of his visit, Geithner announced $5 billion in NMTC awards, including $1.5 billion made possible through the American Recovery and Reinvestment Act (Recovery Act), for more than 90 organizations in communities around the country.    » read more »

Systemic Risk Fund Should Act Like Insurance, Not a Bailout

October 29, 2009 -- (Washington DC) Today, members of the Financial Services Committee evaluated comprehensive reform of our financial system, directing questions to Secretary of the Treasury, Timothy F. Geithner. Congressman Luis V. Gutierrez, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, made the following remarks:

Mr. Secretary, I'd like to thank you for appearing before us today; I just had a few comments about the systemic risk proposal that was revealed on Tuesday night.    » read more »

10/30/09 -- WASHINGTON – Today, U.S. Senator Herb Kohl announced that eight Wisconsin based financial institutions will receive New Market Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. These tax credits will provide financial backing for local businesses and organizations to support low-income community development in projects statewide.

Waveland Community Development, LLC - $100 million

First-Ring Industrial Redevelopment Enterprise, Inc. - $70 million

Wisconsin Community Development Legacy Fund, Inc. - $85 million J

ohnson Community Development Company. - $50 million

M&I New Markets Fund, LLC - $40 million

Wisconsin Business Growth Fund, Inc. - $35 million    » read more »

October 30, 2009 -- BOSTON – Senators John Kerry and Paul Kirk today announced that three Massachusetts organizations will receive a total of $230 million under the 2009 round of the New Markets Tax Credit (NMTC) Program. The funding is administered through the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund which aims to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities in Massachusetts and throughout the nation.    » read more »

Award to Alaska Growth Capital will provide loans

October 30, 2009 -- Following an announcement by Treasury Secretary Tim Geithner, Senator Mark Begich commended the Department of the Treasury for allocating $50 million in tax credits to Alaska Growth Capital BIDCO, INC (AGC), of Anchorage. Funds will be used for loans to businesses, disadvantaged communities, and low income populations for expansion of real estate projects with "high community impacts."    » read more »

Clean Renewable Energy Bonds Awarded to More Than 800 Recipients Nationally

October 27, 2009 --
WASHINGTON -- As part of the Obama Administration's efforts to spur renewable energy production, the U.S. Department of Treasury today announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country.

Funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), these energy bonds help government agencies, public power providers, and cooperative electric companies obtain lower cost financing for clean energy development projects.    » read more »

October 29, 2009 -- WASHINGTON, DC – Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund.    » read more »

Hundreds of Thousands Illegally Taking Advantage of Credit, Costing Taxpayers Over $100 Million

October 29, 2009 -- Washington, DC - With new reports that hundreds of thousands are illegally taking advantage of a tax credit to help get first-time homebuyers into the housing market without actually purchasing a home, U.S. Senator Kirsten Gillibrand today co-sponsored legislation that would crack down on fraud and improve oversight of the first-time homebuyer tax credit.

The U.S. Treasury Department Inspector General released a report this month revealing167 schemes and over 100,000 individual cases of fraud related to the first-time homebuyer tax credit - costing taxpayers over $100 million.    » read more »

Clean Renewable Energy Bonds Awarded to More Than 800 Recipients Nationally

October 27, 2009 --
WASHINGTON--As part of the Obama Administration's efforts to spur renewable energy production, the U.S. Department of Treasury today announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country.

Funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), these energy bonds help government agencies, public power providers, and cooperative electric companies obtain lower cost financing for clean energy development projects.    » read more »

Sen. Kohl Announces Treasury Initiative To Help Wisconsin Families Gain Access To Affordable Housing

10/19/09 -- WASHINGTON – Today, U.S. Senator Herb Kohl announced that the United States Treasury Department will begin purchasing mortgage revenue bonds allowing housing finance agencies, such as the Wisconsin Housing and Economic Development Authority (WHEDA), to continue their affordable home loan program and other housing development projects move forward. These programs provide housing solutions for low and moderate income families across the state.    » read more »

Report Fails to Indicate Chinese Currency Manipulation

October 15, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) issued the following statement in response to today’s release of the U.S. Department of Treasury’s semiannual Report to Congress on International Economic and Exchange Rate Policies:

“China’s unfair currency manipulation hurts Ohio manufacturers and workers. For the better part of this decade, the federal government has ignored this unfair advantage while our trade deficit with China has grown from $85 billion in 1999 to $268 billion in 2008. As a result, we have lost more than four million manufacturing jobs. Best estimates show that currency manipulation amounts to a 40 percent subsidy for Chinese products.    » read more »

62,989 Home Affordable Modifications done under U.S. program through Sept. 30; total of 354,994 trial and completed modifications done in 2009

DES MOINES, Iowa — October 8, 2009 -- Wells Fargo & Company (NYSE:WFC) said today that it has done 62,989 trial and completed Home Affordable Modifications through Sept. 30; nearly double what the U.S. Treasury reported last month. Also, using its own programs, Wells Fargo has done 292,005 trial and completed home loan modifications.

This brings the total number of modifications Wells Fargo has done this year to 354,994; a 25 percent increase over last month. In addition, the company has refinanced about 987,000 mortgage loans, thereby assisting more than 1.3 million households this year with mortgage payment relief.    » read more »