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Loan Modification

: Mortgage Lender Implode-o-Meter

Taxpayers lose $61B on AIG, auto bailouts

By Implode-Explode Heavy Industries

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The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades.
The government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc., according to Treasury data released Wednesday in an audit by the Government Accountability Office. It also is losing more than $30 billion on rescues of struggling automakers Chrysler and General Motors.

Full post as published by Mortgage Lender Implode-o-Meter on December 10, 2009 (boomark / email).

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