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Troubled Assets Relief Program (TARP)
Monthly 105(a) Report – April 2010
May 10, 2010
This report to Congress is pursuant to Section 105(a) of the Emergency Economic Stabilization Act of 2008.
Monthly 105(a) Report
April 2010
Section
Key Developments
Page
…………………………………………………………………………………………………………………......3
Where is TARP Money Going? ...............................................................................................................................................5
Program Updates ……………………………………………………………………………………………………...........................8
•
Dividends and Interest Received
•
Capital Purchase Program
•
Automotive Industry Financing Program
•
Consumer and Bank Lending Initiatives
•
HFA Hardest-Hit Funds
•
Office of the Special Master
•
Bank Lending and Intermediation Surveys
•
Congressional Hearings
Certification ……………………………………………………………………………………………………………………………..17
Appendices
Appendix 1 – Description of TARP Programs & How Treasury Exercises Its Voting Rights
Appendix 2 – Making Home Affordable Servicer Performance Report
Appendix 3 – Legacy Securities Public-Private Investment Program Quarterly Report
Appendix 4 – Financial Statement
Monthly 105(a) Report
April 2010
Treasury is pleased to present the Office of Financial Stability’s Monthly 105(a) Report for April 2010.
The Troubled Assets Relief Program or TARP was established by Treasury pursuant to the Emergency Economic Stabilization Act of 2008 or
EESA. This law was adopted on October 3, 2008 in response to the severe financial crisis facing our country. To carry out its duties, Treasury
developed a number of programs under TARP to stabilize our financial system and housing market, which, together with the American Recovery
and Reinvestment Act, laid the financial foundation for economic recovery. In December 2009, the Secretary of the Treasury certified the extension
of TARP authority until October 2010 as permitted under the law, and outlined a strategy for going forward that balances the capacity to respond to
threats to the financial system that could undermine economic recovery with the need to exercise fiscal discipline and reduce the burden on
taxpayers.
In an April 23, 2010, letter to Congress, Secretary of the Treasury Geithner provided the following updates on TARP: 1
•
Treasury is ending the Troubled Asset Relief Program as quickly as possible. The major programs to support banks are closed and
Treasury is recovering much of the support provided to financial institutions.
•
The cost of the TARP will be far less than originally anticipated. Treasury expects to spend less than $550 billion of the $700 billion
authorized, and expects to recover all but $117 billion of that amount. 2
•
Treasury has already recovered almost $185 billion of the amount disbursed, and taxpayers have received another $19 billion in
returns for taxpayers. 3
•
The expected fiscal cost of TARP and other forms of government intervention to address the financial crisis has fallen significantly.
In early 2009, Treasury estimated that the fiscal cost of TARP and additional financial stabilization efforts could exceed $500 billion,
or 3.5 percent of GDP. It is now expected that the direct costs of all financial interventions will be less than 1 percent of GDP, which
is less than the GAO’s estimate of the net fiscal cost of 2.4 percent of GDP to clean up the savings and loan crisis. These estimates
do not, of course, reflect the full cost of financial crises which must be measured in terms of lost jobs and income and the effects of
the economic downturn on American families, communities and businesses.
1
A copy of the letter is available at: http://www.FinancialStability.gov/docs/EESA%20Update%20-%20TFG%20to%20Congress%20042310.pdf
2
Represents the deficit impact of TARP.
3
As of April 30, 2010, repayments across all TARP programs was approximately $187 billion (see Figure 1) and other returns was more than $20 billion (see Figure 4).
2
Monthly 105(a) Report
April 2010
Key Developments
The following key developments took place during April 2010 under existing TARP programs:
•
Under the Capital Purchase Program (CPP):
More than $137 billion of the $205 billion invested under the CPP has been returned to the taxpayer.
Treasury announced its intention to conduct public auctions to dispose of warrants of Wells Fargo & Co., PNC Financial Services Group, Inc.
(PNC), Comerica Inc., Valley National Bancorp, Sterling Bancshares, Inc. and First Financial Bancorp. On April 29, 2010, Treasury
conducted an auction for the warrants issued by PNC with gross proceeds of $324 million.
Treasury began selling its shares of common stock in Citigroup, Inc. (Citigroup). (See Program Updates – CPP – Citigroup.)
Treasury voted its shares of Citigroup common stock at the company’s annual meeting, in accordance with the principles previously stated
by Treasury. (See Appendix 1 – How Treasury Exercises Its Voting Rights.) 4
•
Under the Automotive Industry Financing Program (AIFP):
The Automotive Supplier Support Program (ASSP), under which Treasury had provided loans to ensure that automotive suppliers receive
compensation for their services and products, was closed. All loans made by Treasury under the program were repaid in full, and there was
approximately $101 million in additional income to Treasury.
General Motors Company (New GM) repaid the balance of its loan from Treasury. Treasury continues to hold $2.1 billion in preferred stock
and 60.8% of New GM’s common equity. (See Program Updates – AIFP.)
•
Under the Home Affordable Modification Program (HAMP), which offers a standardized, streamlined mortgage modification process and
financial incentives to encourage servicers and investors to undertake sustainable mortgage modifications, Treasury released the Servicer
Performance Report with data through March 2010. Please refer to the complete Servicer Performance Report included as Appendix 2.
Through March 2010, more than 230,000 homeowners now have permanent modifications, and 108,000 additional permanent modifications
have been approved by servicers and are pending only borrower acceptance.
4
When it acquired the Citigroup common shares, Treasury announced that it would retain the discretion to vote only on core shareholder issues. A description of the vote is
contained Treasury’s press release dated April 21, 2010 available at http://www.FinancialStability.gov/latest/pr_04202010.html.
3
Monthly 105(a) Report
April 2010
As of April 30, 2010, Treasury has disbursed approximately $130 million for payments under HAMP.
•
Under the Legacy Securities Public-Private Investment Program (PPIP), Treasury released its second quarterly report, with a summary of
PPIP capital activity, portfolio holdings and current pricing, and fund performance. Please refer to complete PPIP Quarterly Report included
as Appendix 3.
As of March 31, 2010, the participating PPIP fund managers had raised an aggregate of $6.3 billion in private capital for the Public-Private
Investment Funds (PPIFs). Together with equity and debt financing provided by Treasury, these PPIFs had $25.1 billion in total funds
available to acquire legacy mortgage-backed and other asset-backed securities.
•
Treasury now expects to make – not lose – money on the $245 billion of investments in banks made through TARP programs. This is in sharp
contrast to the original estimate in the President's Budget for 2010 that Treasury’s investments in the banks would cost taxpayers $79 billion.
As of April 30th, banks have returned more than $177 billion in taxpayer investments – nearly 75% of all TARP funds invested in the banking
system. Repayments from all TARP recipients are approximately $187 billion, well ahead of last fall’s projections for 2010 and represent
repayment of nearly forty-nine percent of all TARP disbursements.
TARP has received more than $18 billion in dividends, interest and warrant proceeds from banks. (See Figure 4.)
•
The total cost of all TARP programs is significantly less than expected. Since January 2009, Treasury has taken steps to dramatically bring
down the cost of TARP and to shift its focus to small business and housing. Investments in AIG, General Motors, Chrysler, and GMAC will likely
result in some loss, but are projected to be much lower than was forecast last year.
The projected cost of TARP in the President’s Budget for 2011 is less than $117 billion (including offsetting interest collections). 5 This is a
significant decrease from the $341 billion estimated in the midsession review of the President’s Budget for 2010.
5
See footnote 2.
4
Monthly 105(a) Report
April 2010
Where is TARP Money Going?
Although TARP authority has been extended, Treasury has notified Congress that it does not expect to use more than $550 billion of the $700
billion authorized for TARP. Treasury has used this authority to make investments that have helped to stabilize the financial system, restore
confidence in the strength of our financial institutions, restart markets that are critical to financing American households and businesses, and
prevent avoidable foreclosures in the housing market and keep people in their homes. As of April 30, 2010, approximately $537 billion had been
planned for TARP programs, and of that amount: 6
•
$489.86 billion has been committed to specific institutions under signed contracts.
•
$381.76 billion has been paid out by Treasury under those contracts.
A large part of the total investments to date occurred in 2008 under the Capital Purchase Program. The commitments made in 2009 include
amounts extended under the Obama Administration’s Financial Stability Plan. These include funds committed under the Home Affordable
Modification Program, the Legacy Securities Public-Private Investment Program, the Automotive Industry Financing Program and the other
programs described in this report (and Appendix 1).
Taxpayers can track progress on all of the financial stability programs and investments, as well as repayments, on Treasury’s website
www.FinancialStability.gov. Specifically, taxpayers can look at investments within two business days of closing in the TARP transaction reports at
www.FinancialStability.gov/latest/reportsanddocs.html.
Figure 1 shows the planned TARP investment amounts together with the total funds disbursed and investments that have been repaid by program
as of April 30, 2010. Figure 2 shows the planned TARP investments by program as of April 30, 2010.
6
See footnotes * and ** to Figure 1.
5
Monthly 105(a) Report
April 2010
Figure 1: TARP Summary through April 2010 ($ billions)
Planned
Investments
Commitments
Total Disbursed Repayments
Capital Purchase Program
$
204.89
$
204.89
$
204.89
$
137.27
Targeted Investment Program
$
40.00
$
40.00
$
40.00
$
40.00
Asset Guarantee Program
$
5.00
$
0.00
$
0.00
$
0.00
Consumer and Business Lending Initiative*
$
52.00
$
20.06
$
0.13
$
0.00
Legacy Securities Public-Private Investment Program
$
30.00
$
30.36
$
9.36
$
0.37
AIG
$
69.84
$
69.84
$
47.54
$
0.00
Auto Industry Financing Program
$
84.84
$
84.84
$
79.69
$
9.27
Home Affordable Modification Program**
$
50.00
$
39.87 ** $
Totals
$536.58 *
0.13 ** $
$489.86
$381.76
0.00
$186.91
* $52 billion has been reserved for the Consumer and Business Lending Initiative, of which $20 billion has been allocated to the Term Asset-Backed Securities Lending Facility. While $30 billion has been reserved for a small business
lending program, the Treasury has proposed creating a $30 billion Small Business Lending Fund separate from TARP through legislation. Not more than $1 billion is planned for the Small Business and Lending Initiative - SBA 7a Securities
Purchase Program and not more than $1B is planned for the Community Development Capital Initiative.
** In Figure 1, TARP funds for the Home Affordable Modification Program do not include $1.26 billion to offset costs of program changes for the "Helping Families Save Their Homes Act of 2009" ($1.244 billion) or administrative expenditures
relating to the Special Inspector General for the TARP ($15 million). Including the foregoing, as of April 30, 2010, total TARP commitments and amounts paid out as adjusted were $491.12 billion and $383.02 billion, respectively.
Figure 2: Planned TARP Investments ($ billions) through April 2010
AGP
$5
PPIP
TIP $30
$40
Capital Purchase Program
Auto Industry Financing Program
CPP
$205
HAMP
$50
AIG
Consumer and Business Lending Initiative
Home Affordable Modification Program
CBLI
$52
Targeted Investment Program
Legacy Securities Public-Private Investment Program
Asset Guarantee Program
AIG
$70
AIFP
$85
6
Monthly 105(a) Report
April 2010
Figure 3 shows the amount of TARP investments by both the amount obligated – or committed for investment – and the amount disbursed or
actually paid out, over each month since inception.
Figure 3: Funds committed and paid out under TARP from October 2008 through April 2010
$540
$160
$480
$140
$420
$120
$360
$100
Billions
$180
$300
$80
$240
$60
$180
$40
$120
$20
$60
$0
$0
-$60
-$20
Amount Committed to Specific Institutions Each Month (Left Scale)
Amount Paid Out in Each Month (Left Scale)
Cumulative Amount Committed to Specific Institutions (Right Scale)
Cumulative Amount Paid Out (Right Scale)
7
Monthly 105(a) Report
April 2010
Program Updates
Dividends, Interest and Other Income Received
Most of the TARP money has been used to make investments in preferred stock or loans of financial institutions. 7
•
•
In April, Treasury received approximately $170.54 million in dividends, interest and distributions from TARP investments, approximately $344.42
million in warrant proceeds from CPP investments, and approximately $101 million in income from other TARP investments.
Total proceeds from TARP investments are approximately $14 billion of dividends, interest and distributions, $6 billion from warrant sales from
CPP and the Targeted Investment Program (TIP) investments, and more than $136 million in income from other TARP investments.
Figure 4 shows total income from dividends, interest and distributions, and from warrant sales and other investments in all TARP programs.
Figure 4: Total dividends, interest and distributions, warrant sales and other income from TARP investments through April 2010
($ billions)
PPIP
$0.05
TIP
$3.00
AIFP
$1.81
CPP
$9.01
AGP
$0.37
CPP & TIP
Warrant
Proceeds
$5.98
Other
Proceeds
$0.14
7
Numbers in text and tables may not add up because of rounding.
Treasury’s Dividends and Interest Reports for TARP programs are available at http://www.FinancialStability.gov/latest/reportsanddocs.html.
8
Monthly 105(a) Report
April 2010
Capital Purchase Program
Treasury created the Capital Purchase Program in October 2008 to stabilize the financial system by providing capital to viable banks of all sizes
throughout the nation. This program is now closed, and of $205 billion invested, more than $137 billion has already been repaid, and Treasury
expects the program will result in a positive return for taxpayers. Details on the Capital Purchase Program are available in Appendix 1 and at
http://www.FinancialStability.gov/roadtostability/capitalpurchaseprogram.html. Figure 5 shows the cumulative CPP activity since program inception.
Proceeds from the repurchases of shares acquired from a warrant are included as cash received from sales of warrants.
Figure 5:
CPP Snapshot since inception
CPP Cumulative Investments
Number of Institutions:
Amount Invested:
Largest Investment:
Smallest Investment:
*Banks in 48 states, D.C. and Puerto Rico
CPP Repayments
Total Amount of Repayments:
Number of Institutions Fully Repaid:
Number of Institution Partially Repaid:
707*
$204.9 billion
$25 billion
$301,000
CPP Income to Treasury
Total Dividends and Interest
April Dividends and Interest
Total Fee Income
Total Warrant Income**
Number of Institutions
CPP Repurchase Amount
CPP & TIP Auction Amount
$137.27 billion
70
9
$9.01 billion
$13.18 million
$13 million
$5.98 billion**
52
$2.95 billion
$3.03 billion
CPP Total Income
$15 billion
**Includes TIP warrants and proceeds from exercised warrants
Repayments
Seventy (70) of the banks that received investments under CPP have repaid Treasury in full. Treasury continues to work with federal banking
regulators who must evaluate requests from CPP participants interested in repaying Treasury’s investment.
Warrant Auctions
Treasury announced its intention to conduct public auctions to dispose of warrant positions in Wells Fargo & Co., PNC Financial Services Group,
Inc., Comerica Inc., Valley National Bancorp, Sterling Bancshares, Inc. (WA) and First Financial Bancorp. On April 29, 2010, Treasury conducted an
auction for the warrants issued by PNC with gross proceeds of $324 million.
9
Monthly 105(a) Report
April 2010
Dividends and Interest and Other Income
Cumulative dividends and interest together, with other income including warrant proceeds, received from CPP investments through month-end was
approximately $15 billion.
Citigroup, Inc.
Pursuant to the June 2009 Exchange Agreement between Treasury and Citigroup, which was part of a series of exchange offers conducted by
Citigroup to strengthen its capital base, Treasury exchanged the $25 billion in preferred stock it received in connection with Citigroup’s participation
in the Capital Purchase Program for common stock at a price of $3.25 per common share for approximately 7.7 billion shares. On April 26, 2010,
Treasury gave Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority as its financial agent to sell up to 1.5 billion shares of
the Citigroup common stock from time to time during the period ending on June 30, 2010. Treasury expects to provide Morgan Stanley with
authority to sell additional shares after this initial amount. To enable these sales, Citigroup has filed a prospectus supplement with the Securities
and Exchange Commission covering Treasury’s common stock. The sales of common stock do not cover Treasury’s holdings of Citigroup trust
preferred securities or warrants for common stock.
Exchange for Other Securities
The overriding objective of EESA was to “restore liquidity and stability to the financial system of the United States” in a manner which “maximizes
overall returns to the taxpayers.” Consistent with the statutory requirement, Treasury’s four portfolio management guiding principles for the TARP
are: (i) protect taxpayer investments and maximize overall investment returns within competing constraints; (ii) promote stability for and prevent
disruption of financial markets and the economy; (iii) bolster market confidence to increase private capital investment; and (iv) dispose of
investments as soon as practicable, in a timely and orderly manner that minimizes financial market and economic impact.
In limited cases, in order to protect the taxpayers’ interest in the value of the CPP investment and strengthen the capital position of a bank, Treasury
may participate in exchanges of CPP preferred stock for other securities. In April, Treasury conducted an exchange of a CPP investment for
mandatorily convertible preferred stock (MCP) of a financial institution that is seeking to attract fresh equity investment, conduct a capital
restructuring and strengthen its capital position. Treasury also entered into an exchange agreement with another financial institution in respect of a
similar exchange.
•
Independent Bank Corporation, MI (Independent). On April 16, 2010, Treasury completed the exchange its $72 million of initial
investment in CPP preferred stock, plus approximately $2.4 million in unpaid and accrued dividends, for $74.4 million of MCP, and
Independent issued an amended and restated warrant (with a lower exercise price). The exchange is part of an overall capital plan
under which Independent has the right to convert all or a portion of Treasury’s MCP into common stock upon the satisfaction of
certain conditions including (i) Independent raising a minimum of $100 million new common stock, and (ii) at least $40 million of
Independent’s trust preferred securities being exchanged for common stock. The MCP will convert into common stock on the seventh
anniversary of its issuance, and will have the same terms as the CPP preferred stock until conversion.
10
Monthly 105(a) Report
•
April 2010
Sterling Financial Corporation, WA. On April 29, 2010, Treasury agreed to exchange its $303 million of initial investment in preferred
stock for an equivalent amount of MCP, subject to the receipt of regulatory and stockholder approvals. The MCP may then be
converted to common stock, subject to the fulfillment by the bank of the conditions related to its capital plan.
Automotive Industry Financing Program
Automotive Supplier Support Program
The ASSP, under which Treasury had provided loans to ensure that auto suppliers receive compensation for their services and products, closed
following full repayment of all outstanding loans from Treasury to General Motors and Chrysler and the payment in April of approximately $101
million in additional income to Treasury.
GM Loan Repayment
The Automotive Industry Financing Program was developed in December 2008 to prevent a significant disruption of the U.S. automotive industry,
because the potential for such a disruption posed a systemic risk to financial market stability and would have had a negative effect on the economy.
As previously reported, short-term funding was initially provided to General Motors (GM) on the condition that it develop plans to achieve long-term
viability. In July 2009, GM successfully conducted in bankruptcy proceedings sales of its assets to a new entity, General Motors Company, and
Treasury converted approximately $49 billion of loans that had been provided to GM into investments in New GM consisting of 60.8% of the
common equity, $2.1 billion in preferred stock, and $6.7 billion in outstanding loans. In December 2009, New GM began quarterly repayments of $1
billion on its loan from Treasury. In January 2010, New GM and Treasury amended the loan agreement to require existing escrow amounts to be
applied to repay the loan by June 30, 2010. New GM made its second $1 billion loan repayment in March 2010.
On April 20, 2010, New GM repaid the remaining Treasury loan with cash it held in an escrow account, over which Treasury had approval rights.
The escrow account was funded with proceeds of the debtor-in-possession financing provided to GM during the bankruptcy. The cash was the
property of New GM to be used for extraordinary expenses and a portion of the funds were so used. In making its loan repayment, New GM
determined that it did not need to retain the escrowed funds for expenses. Consistent with Treasury’s goal of recovering funds for the taxpayer and
exiting TARP investments as soon as practicable, Treasury approved New GM’s loan repayment. After repayment of the Treasury loan, the
balance of the funds in the account is available for New GM’s general use. Treasury continues to hold $2.1 billion in preferred stock and 60.8% of
New GM’s common equity; thus not all TARP assistance has been recovered. Treasury expects the most likely exit strategy for the equity
investments is a gradual sale beginning with an initial public offering of New GM.
11
Monthly 105(a) Report
April 2010
Chrysler
On April 30, 2010, the Plan of Liquidation for the debtors of Old Carco LLC (Old Chrysler) approved by the United States Bankruptcy Court for the
Southern District of New York became effective (the “Liquidation Plan”). Under the Liquidation Plan, the approximately $1.9 million loan that
Treasury had provided to Old Chrysler was extinguished without repayment, and all assets of Old Chrysler were transferred to a liquidation trust.
Treasury retained the right to recover the proceeds from the liquidation of the specified collateral security attached to such loan, but does not expect
a significant recovery from the liquidation proceeds.
Consumer and Business Lending Initiatives
Community Development Capital Initiative
Treasury has released the final program terms for the new Community Development Capital Initiative (CDCI), originally announced in October 2009,
to invest lower-cost capital in Community Development Financial Institutions (CDFIs) that operate in markets underserved by traditional financial
institutions. CDFIs are banks, thrifts, bank holding companies, savings and loan holding companies, and credit unions that target more than 60
percent of their small business lending and other economic development activities to low- and moderate-income communities. The application
deadline to participate in the CDCI was April 30, 2010.
Small Business and Community Lending Initiatives - SBA 7a Securities Purchase Program
In March 2009, Treasury and the Small Business Administration announced several initiatives directed at enhancing credit for small businesses,
including a Treasury program to purchase SBA guaranteed securities (“pooled certificates”). Treasury has developed a pilot program to purchase
SBA guaranteed securities from one pool assembler. As of April 30, 2010, Treasury has agreed to purchase securities in an aggregate face
amount of approximately $54 million.
Term Asset-Backed Securities Loan Facility (TALF)
A joint Treasury-Federal Reserve program, the Term Asset-Backed Securities Loan Facility supported by TARP, over the past year has in large part
enabled the securitization markets important for consumer and small business loans to improve. The recovery of the securitization markets has
helped lower the cost of that credit to, among others, car companies, student loan companies and many small businesses. TALF has ceased
making loans against collateral other than newly issued commercial mortgage-backed securities, and the final subscription for new issue
commercial mortgage-backed securities is expected in June 2010. The TALF operated as a lending facility of the Federal Reserve Bank of New
York (FBRNY) to provide term non-recourse loans collateralized by AAA-rated asset-backed securities (ABS). The ABS are backed by new or
recently originated auto loans, student loans, credit card loans, equipment loans, floor plan loans, insurance premium finance loans, residential
mortgage servicing advances, or commercial mortgage loans, including legacy commercial mortgage loans, collateralized by loans guaranteed by
the Small Business Administration. Treasury provided credit support for TALF. If a borrower does not repay the term loan, the FRBNY will enforce
12
Monthly 105(a) Report
April 2010
its rights in the collateral and sell the collateral to a special purpose vehicle (SPV) established specifically for the purpose of purchasing and
managing such assets. This SPV funding includes a $20 billion subordinated loan commitment from Treasury.
Housing Finance Agency Innovation Funds for the Hardest Hit Housing Markets (HFA Hardest-Hit Funds)
In February, the Obama Administration Treasury announced a new initiative to help address the housing problems facing those states (California,
Florida, Arizona, Michigan and Nevada) that have suffered an average home price drop of more than 20 percent from their respective peak. The
initiative will make available up to $1.5 billion of TARP funds to support pilot programs developed or sponsored by state Housing Finance Agencies
(HFAs) to foster innovative solutions to housing problems, such as those caused by unemployment, loan-to-value ratios in excess of 100 percent, or
second mortgages. Eligible states and funds will be allocated among eligible states based on a formula that takes account of home price declines
and unemployment in the relevant state.
In March, the Obama Administration announced the establishment of an additional HFA Hardest-Hit Fund that will target five additional states
(North Carolina, Ohio, Oregon, Rhode Island and South Carolina) with high shares of their population living in local areas of concentrated economic
distress. The second HFA Hardest-Hit Fund will include up to $600 million in funding for innovative measures to help families stay in their homes or
otherwise avoid foreclosure. As with the first fund, money will be made available for programs sponsored or developed by state HFAs in the
targeted states.
The deadline for HFAs to submit proposals for the First HFA Hardest-Hit Fund was April 16, 2010. Treasury is currently reviewing proposals and
expects to be in a position to approve proposals by early June. The deadline for HFAs to submit proposals for the Second HFA Hardest-Hit Fund is
June 1, 2010.
Office of the Special Master for TARP Executive Compensation
In April 2010, the Office of the Special Master issued rulings on 2010 compensation structures for all executive officers and the 26 through 100 most
highly compensated employees at each remaining recipient of exceptional financial assistance under the TARP - American International Group
(AIG), Chrysler, Chrysler Financial, General Motors, and GMAC. Previously in March, the Office of the Special Master issued the rulings on the
2010 compensation structures, including payments made pursuant to those structures, for the senior executive officers and 20 next most highly paid
employees (i.e. the “Top 25” employees) of those exceptional assistance companies. (See Appendix 1 – Office of the Special Master for TARP
Executive Compensation – 2010 Rulings.) For complete information, including copies of the determination letters, please visit
http://www.FinancialStability.gov/about/ExecutiveCompensation.html.
13
Monthly 105(a) Report
April 2010
Bank Lending and Intermediation Surveys
Each month, Treasury asks banks participating in the CPP to provide information about their lending and intermediation activities of participating
banks and publishes the results in reports available at http://www.FinancialStability.gov/impact/surveys.htm, which are intended to help the public
easily assess the lending.
The Monthly Lending and Intermediation Snapshot provides data on the lending and other intermediation activities for ten of the largest CPP
financial institutions. Beginning with the December 2009 Snapshot (released in February 2010), institutions that repaid CPP funds no longer
submitted data to Treasury. In subsequent Snapshots, the reporting group will continue to contract, as additional financial institutions complete
repayments. Treasury will not publish a summary analysis going forward, as aggregate month to month changes are no longer meaningful as the
reporting group contracts. Treasury will continue to publish the individual bank submissions and the underlying data from the banks that continue to
submit Snapshot data. For complete information, including individual banks’ reports, please visit
http://www.FinancialStability.gov/impact/MonthlyLendingandIntermediationSnapshot.htm.
The CPP Monthly Lending Report provides data on consumer lending, commercial lending, and total lending for all CPP participants. The chart
below summarizes total loan activity among all CPP participants. 8
8
Beginning with the December 2009 Snapshot (released in February 2010), the ten largest institutions that repaid CPP funds in June 2009 no longer submitted data. Past periods
are not adjusted. The decrease in balances from November 2009 to December 2009 is reflective of the decrease in the reporting group.
14
Monthly 105(a) Report
April 2010
All CPP Recipients
Number of
Respondents
Date
Total Average
Consumer Loans
Total Average
Commercial Loans
Total Average Total
Loans
2/28/2009
519
$2,898,031
$2,380,691
$5,278,662
3/31/2009
553
$2,885,662
$2,359,016
$5,244,690
4/30/2009
541
$2,852,650
$2,329,536
$5,182,182
5/31/2009
612
$2,843,527
$2,346,620
$5,190,165
6/30/2009
604
$2,812,225
$2,429,930
$5,242,156
7/31/2009
604
$2,803,284
$2,344,395
$5,147,679
8/31/2009
649
$2,789,108
$2,328,433
$5,117,542
9/30/2009
652
$2,795,012
$2,267,421
$5,062,434
10/31/2009
656
$2,769,231
$2,252,352
$5,021,584
11/30/2009
658
$2,760,947
$2,238,187
$4,999,135
12/31/2009
640
$928,204
$1,011,277
$1,939,481
12/31/2009 (Adjusted)
640
$928,204
$1,011,277
$1,939,481
1/31/2010
643
$938,918
$1,017,911
$1,956,829
1/31/2010 (Adjusted)
640
$938,812
$1,017,374
$1,956,186
1.14%
0.60%
0.86%
Change (Dec Adjusted to Jan Adjusted)
Treasury has also initiated an annual Use of Capital Survey to obtain insight into the lending, financial intermediation, and capital building activities
of all recipients of government investment through CPP funds. The survey is designed to capture representative information of CPP fund usage
without imposing excessive burdens on institutions, and will cover how each financial institution has employed the capital infusion of CPP funds
from the date it initially received the funds until the end of 2009. Treasury will also publish summary balance sheet and income statement
information from each institution’s regulatory filings. Collection of the Use of Capital survey data began during March, with responses due in the
second calendar quarter of 2010.
15
Monthly 105(a) Report
April 2010
Congressional Testimony
During April, Treasury officials appeared at the following Congressional hearings:
U.S. Senate, Committee on Appropriations
Subcommittee on Financial Services and General Government
“Holding Banks Accountable: Are Treasury and Banks Doing Enough To Help Families Save Their Homes?”
Secretary of the Treasury, Timothy F. Geithner
http://www.Treasury.gov/press/releases/tg674.htm
U.S. House of Representatives, Committee on Appropriations
Subcommittee on Financial Services and General Government
“Financial Crisis and TARP”
Assistant Secretary of the Treasury for Financial Stability, Herbert M. Allison, Jr.
http://www.FinancialStability.gov/latest/tg_04222010.html
U.S. House of Representatives, Committee on Financial Services
“Public Policy Issues Raised by the Report of the Lehman Bankruptcy Examiner”
Secretary of the Treasury, Timothy F. Geithner
http://www.FinancialStability.gov/latest/tg_04202010.html
U.S. House Committee on Financial Services
Subcommittee on Housing and Community Opportunity
“The Recently Announced Revisions to the Home Affordable Modification Program”
Chief, Home Ownership Preservation Office, Phyllis Caldwell
http://www.MakingHomeAffordable.gov/pr_04152010.html
16
Monthly 105(a) Report
April 2010
Certification
As Assistant Secretary for Financial Stability at the United States Department of the Treasury, I am the official with delegated authority to approve
purchases of troubled assets under the Troubled Assets Relief Program. I certify to the Congress that each decision by my office to approve purchases
of troubled assets during this reporting period was based on the office’s evaluation of the facts and circumstances of each proposed investment,
including recommendations from regulators, in order to promote financial stability and the other purposes of the Emergency Economic Stabilization
Act of 2008.
Herbert M. Allison, Jr.
Assistant Secretary
Office of Financial Stability
Monthly 105(a) Report
April 2010
Appendix 1
Description of TARP Programs & How Treasury Exercises Its Voting Rights
Section
Page
CPP……………………………………………………………………………………………….……………………….. 1
SCAP and CAP...………………………………………………………………………………………………………... 3
AGP………………………………………………………………………………………………………………………... 4
TIP and AIG………………………………………………………………………………………………………………. 5
AIFP……………………………………………………………………………………………………………………….. 6
CBLI……………………………………………………………………………………………………………………….. 9
PPIP………………………………………………………………………………………………………………............. 11
HAMP……………………………………………………………………………………………………………………… 12
HFA ……………………………………………………………………………………………………………………….. 16
Executive Compensation………………………………………………………………….…………………………... 19
How Treasury Exercises Its Voting Rights…………………………………….…………………………………… 22
Monthly 105(a) Report
April 2010
What is the Capital Purchase Program (CPP)?
•
Treasury created the Capital Purchase Program in October 2008 to stabilize the financial system by providing capital to viable banks of all sizes
throughout the nation. Under this program, Treasury invested in banks and other financial institutions to increase their capital. With a
strengthened capital base, banks have an increased capacity to invest in assets, lend to businesses and consumers and to support the U.S.
economy. The CPP investment amount was determined by the size of the bank: no less than one percent and no greater than three percent
(five percent for small banks) of the recipient’s risk-weighted assets.
•
Although many banks were fundamentally sound, because of the capital restraints caused by the troubled market conditions, they were hesitant
to lend. The level of confidence between banks and other financial institutions was also low, so they were unwilling to lend to each other.
Restoring capital and confidence is essential to allowing the financial system to work effectively and efficiently.
•
The CPP remained open through 2009 for investments in small banks, with terms aimed at encouraging participation by small community banks
that are qualified financial institutions (QFIs) under CPP terms. The last application deadline under the CPP was in November 2009 and final
closings occurred in December 2009.
•
This program is now closed. Of $205 billion invested, as of month-end, approximately more than $137 billion has already been repaid and
Treasury expects the CPP will result in a positive return for taxpayers.
How does the CPP work?
•
Treasury purchased senior preferred shares and other interests from qualifying U.S.-controlled banks, savings associations, and other financial
institutions. Treasury also receives warrants to purchase common shares or other securities from the banks.
•
Banks participating in the CPP pay Treasury dividends on the preferred shares at a rate of five percent per year for the first five years following
Treasury’s investment and at a rate of nine percent per year thereafter. S-corporation banks pay an interest rate of 7.7 percent per year for the
first five years and 13.8 percent thereafter. Preferred shares (or stock) are a form of ownership in a company.
•
Banks may repay Treasury under the conditions established in the purchase agreements as amended by the American Recovery and
Reinvestment Act. Treasury also has the right to sell the securities. The repayment price is equal to what Treasury paid for the shares, plus any
unpaid dividends or interest.
•
When a publicly-traded bank repays Treasury for the preferred stock investment, the bank has the right to repurchase its warrants. The warrants
do not trade on any market and do not have observable market prices. If the bank wishes to repurchase warrants, an independent valuation
process is used to establish fair market value. If an institution chooses not to repurchase the warrants, Treasury is entitled to sell the warrants.
In November and December 2009, Treasury began public offerings registered with the Securities and Exchange Commission for the sale of
warrants using a modified Dutch auction methodology. For more information is available in the Warrant Disposition Report available at
http://www.financialstability.gov/docs/TARP%20Warrant%20Disposition%20Report%20v4.pdf
Appendix 1 – page 1
Monthly 105(a) Report
•
April 2010
The charts below show the number of banks by investment amount (left) and total CPP funds disbursed by investment amount (right).
450
400
$200
$189.46
$180
381
$160
350
$140
300
271
$120
250
$100
200
$80
150
$60
100
$40
55
50
$20
$13.29
$2.15
0
$0
$12 million or less
•
> $12 million - $250 million
> $250 million
$12 million or less
> $12 million - $250 million
> $250 million
In limited cases, in order to protect the taxpayers’ interest in the value of the CPP investment strengthen the capital position of the bank and,
Treasury may participate in exchanges of CPP preferred stock for other securities.
Appendix 1 – page 2
Monthly 105(a) Report
April 2010
What was the Supervisory Capital Assessment Program (SCAP) and Capital Assistance Program (CAP)?
•
The Supervisory Capital Assessment Program and Capital Assistance Program were important components of the Financial Stability Plan to
help ensure that banks have a sufficient capital cushion in a more adverse economic scenario. SCAP was a comprehensive capital assessment
exercise, or “stress test”, for the largest 19 U.S. bank holding companies and a complement to the CAP.
•
In November 2009, Treasury announced the closure of the Capital Assistance Program. Of the 19 banks that participated in the SCAP, 18
demonstrated no need for additional capital or fulfilled their need in the private market.
•
GMAC was the only financial institution not able to raise sufficient capital in the private market, and in December 2009, GMAC and Treasury
completed the investment contemplated in May, an additional $3.8 billion, which was funded under the Automotive Industry Financing Program.
•
Following announcement of the stress test results, the largest banking institutions raised over $140 billion in high-quality capital and over $60
billion in non-guaranteed unsecured debt in the private markets. Banks used private capital to repay TARP investments, allowing TARP to fulfill
its function as a bridge to private capital.
How did the SCAP and the CAP work?
•
Federal banking supervisors conducted forward-looking assessments to estimate the amount of capital banks would need to absorb losses in a
more adverse economic scenario and to provide the transparency necessary for individuals and markets to judge the strength of the banking
system. Results of the stress tests were released on May 7, 2009.
•
Some banks were required to take steps to improve the quality and/or the quantity of their capital to give them a larger cushion to support future
lending even if the economy performs worse than expected. Banks had a range of options to raise capital in the private markets, including
common equity offerings, asset sales and the conversion of other forms of capital into common equity. Banks that did not satisfy their
requirement by using these options could request additional capital from the government through the CAP. Financial institutions had to submit a
detailed capital plan to supervisors, who consulted with Treasury on the development and evaluation of the plan. Any bank needing to augment
its capital buffer at the conclusion of the SCAP was required to develop a detailed capital plan in June 2009, and had until November 2009 to
implement that capital plan.
•
In cases in which the SCAP indicated that an additional capital buffer was warranted, institutions had an opportunity to turn first to private
sources of capital, but were also eligible to receive government capital via investment available immediately through the CAP. Eligible U.S.
banks that did not participate in the SCAP could have applied to their primary federal regulator to receive capital under the CAP.
Appendix 1 – page 3
Monthly 105(a) Report
April 2010
What was the Asset Guarantee Program (AGP)?
•
Under the AGP, Treasury acted to support the value of certain assets held by qualifying financial institutions, by agreeing to absorb
unexpectedly large losses on certain assets. The program was designed for financial institutions whose failure could harm the financial system
and was used in conjunction with other forms of exceptional assistance.
•
The program is closed. Treasury expects it will result in a positive return to the taxpayers.
Who received assistance under the AGP?
Citigroup
Bank of America
•
TARP funds were committed as a reserve to cover up to $5 billion of possible losses •
on a $301 billion pool of Citigroup’s covered assets. As a premium for the guarantee,
Treasury received $4.034 billion of preferred stock, subsequently exchanged for trust
preferred securities, with identical terms as the securities received under the TIP, and
Treasury also received warrants to purchase approximately 66 million shares of
common stock at a strike price of $10.61 per share. For the period that the Citigroup
asset guarantee was outstanding, Citigroup made no claims for loss payments to any
federal party and consequently Treasury made no guarantee payments of TARP
funds to Citigroup.
In January 2009, Treasury, the Federal
Reserve and the FDIC agreed to share
potential losses on a $118 billion pool of
financial instruments owned by Bank of
America, consisting of securities backed by
residential and commercial real estate loans
and corporate debt and derivative
transactions that reference such securities,
loans and associated hedges.
•
In December 2009, Treasury, the Federal Deposit Insurance Corporation (FDIC), the •
Federal Reserve Bank of New York (FRBNY) and Citigroup, agreed to terminate
Citigroup's AGP agreement, pursuant to which: (1) Treasury’s guarantee commitment
was terminated, (2) Treasury agreed to cancel $1.8 billion of the trust preferred
securities issued by Citigroup from $4.034 billion to $2.234 billion for early termination
of the guarantee, (3) the FDIC and Treasury agreed that, subject to certain
conditions, the FDIC would transfer up to $800 million of trust preferred securities to
Treasury at the close of Citigroup’s participation in the FDIC’s Temporary Liquidity
Guarantee Program, and (4) Citigroup agreed to comply with the determinations of
the Special Master for TARP Executive Compensation as if its obligations related to
exceptional financial assistance had remained outstanding through December 31,
2009 and (in addition to compliance with the executive compensation provisions of
EESA’s Section 111, as amended) to permit, for 2010, the Federal Reserve Board of
Governors, in consultation with the Office of the Comptroller of the Currency and the
FDIC, to review the actual incentive compensation arrangements for Citigroup’s top
30 earners to be sure they comport with the Board of Governors’ incentive
compensation principles as set forth in the Board of Governors’ guidance.
In September 2009, Treasury, the Federal
Reserve and Bank of America agreed to
terminate the asset guarantee arrangement
announced in January 2009. In connection
with that termination and in recognition of
the benefits provided by entering into the
term sheet for such arrangement, Bank of
America paid the U.S. government $425
million, including $276 million to Treasury.
Appendix 1 – page 4
Monthly 105(a) Report
April 2010
What is the Targeted Investment Program (TIP) and the AIG Investment?
•
Pursuant to EESA, Treasury has provided exceptional assistance on a case-by-case basis in order to stabilize institutions that were considered
systemically significant to prevent broader disruption of financial markets.
•
Treasury provided this assistance by purchasing preferred stock, and also received warrants to purchase common stock, in the institutions.
How did the TIP work?
•
Under the TIP, Treasury purchased $20 billion in preferred stock from Citigroup Inc. and $20 billion in preferred stock from Bank of America
Corporation. Both preferred stock investments paid a dividend of eight percent per annum. The TIP investments were in addition to CPP
investments in these banks.
•
As part of an exchange offer designed to strengthen Citigroup’s capital, Treasury exchanged all of its CPP preferred stock in Citigroup for a
combination of common stock and trust preferred securities, and the TIP preferred shares were exchanged for trust preferred securities.
•
In December 2009, Bank of America and Citigroup repaid their TIP investments in full. Treasury continues to hold warrants acquired from
Citigroup under the TIP.
•
The program is closed. Treasury expects it will result in a positive return for taxpayers.
How does the AIG Investment work?
The Federal Reserve loans to AIG were carried out through the Federal Reserve Bank of New York (“FRBNY”) under section 13(3) authority of the
Federal Reserve Act to lend on a secured basis under “unusual and exigent” circumstances to companies that are not depository institutions:
•
In September 2008, the FRBNY provided an $85 billion credit facility to AIG, subsequently reduced to $60 billion, and received shares which
currently have approximately 79.8% of the voting rights of the common stock in AIG. The FRBNY created a trust to hold the shares that exists
for the benefit of the U.S. Treasury – but, the Department of the Treasury does not control the trust and cannot direct its trustees.
•
In December 2009, the Federal Reserve received preferred equity interests in two special purpose vehicles (“SPVs”) formed to hold the
outstanding stock of AIG’s largest foreign insurance subsidiaries, American International Assurance Company (“AIA”) and American Life
Insurance Company (“ALICO”), in exchange for a $25 billion reduction in the balance outstanding and maximum credit available under AIG’s
revolving credit facility with the FRBNY. The transactions positioned AIA and ALICO for initial public offerings or sale.
Treasury’s investment in AIG was made under EESA authority:
•
In November 2008, Treasury purchased $40 billion in Series D preferred stock from AIG, subsequently exchanged in April 2009, for face value
plus accrued dividends, into $41.6 billion of Series E preferred stock.
Appendix 1 – page 5
Monthly 105(a) Report
April 2010
•
In April 2009, Treasury also created an equity capital facility, under which AIG may draw up to $29.8 billion as needed in exchange for issuing
additional shares of Series F preferred stock to Treasury. The Series E and Series F preferred stock pay a non-cumulative dividend of ten
percent per year.
•
As of April 30, 2010, AIG has drawn $7.54 billion from the equity capital facility.
•
On April 1, 2010, Treasury exercised its right to appoint two directors to the AIG board of directors. 1 Treasury had the right to appoint directors
because AIG failed to pay dividends for four quarters on the preferred stock held by Treasury.
What is the Automotive Industry Financing Program (AIFP)?
•
The Automotive Industry Financing Program (AIFP) was developed in December 2008 to prevent a significant disruption of the U.S. automotive
industry, because the potential for such a disruption posed a systemic risk to financial market stability and would have had a negative effect on
the economy. Short-term funding was initially provided to General Motors (GM) and Chrysler on the condition that they develop plans to achieve
long-term viability. In cooperation with the Administration, GM and Chrysler developed satisfactory viability plans and successfully conducted in
bankruptcy proceedings sales of their assets to new entities. Chrysler’s sale process was completed in 42 days and GM’s was completed in 40
days. Treasury provided additional assistance during the respective periods.
•
Treasury has provided approximately $80 billion in loans and equity investments to GM, GMAC, Chrysler, and Chrysler Financial. The terms of
Treasury’s assistance impose a number of restrictions including rigorous executive compensation standards, limits on the institution’s luxury
expenditures and other corporate governance requirements (e.g., the requirement that their compensation committees be composed solely of
independent directors)..
•
In the related Auto Supplier Support Program (ASSP), Treasury provided loans to ensure that auto suppliers receive compensation for their
services and products, regardless of the condition of the auto companies that purchase their products.
•
As scheduled, the ASSP closed in April 2010 after full repayment of all loans provided under the program.
Chrysler
•
On January 2, 2009, Treasury loaned $4 billion to Chrysler Holding to give it time to implement a viable restructuring plan. On March 30, the
Administration determined that the business plan submitted by Chrysler failed to demonstrate viability and announced that in order for Chrysler
to receive additional taxpayer funds, it needed to find a partner. Chrysler made the determination that forming an alliance with Fiat was the best
course of action for its stakeholders.
•
Treasury continued to support Chrysler as it formed an alliance with Fiat. In connection with Chrysler’s bankruptcy proceedings filed on April 30,
2009, Treasury provided an additional $1.9 billion under a debtor-in-possession financing agreement to assist Chrysler during the bankruptcy.
1
More information is available at http://www.FinancialStability.gov/latest/tg_04012010.html
Appendix 1 – page 6
Monthly 105(a) Report
April 2010
•
On April 30, 2010, following the bankruptcy court’s approval of a Plan of Liquidation for Chrysler, the debtor-in-possession loan was
extinguished and the assets remaining with old Chrysler, including collateral security attached to the loan, were transferred to a liquidation trust.
Treasury retained the right to recover the proceeds from the liquidation of the specified collateral, but does not expect a significant recovery from
the liquidation proceeds.
•
The original $4 billion loan to Chrysler Holding, excluding the $500 million of debt that was assumed by New Chrysler, remains outstanding and
in default. In July 2009, Chrysler Holding agreed to pay to Treasury the greater of $1.375 billion or 40% of any distributions from Chrysler
Financial received by Chrysler Holdings. In exchange, Treasury agreed to certain forbearance with respect to Chrysler Holding’s loans.
•
Treasury currently owns 9.9% of the equity in New Chrysler, and is owed $5.1 billion of debt from New Chrysler (excluding capitalized interest).
The original loans to Chrysler remain outstanding, but are reduced by $500 million of debt that was assumed by New Chrysler. Current equity
ownership in New Chrysler is as follows: the Chrysler Voluntary Employee Benefit Association (VEBA) (67.7%), Fiat (20%), Treasury (9.9%) and
the Government of Canada (2.5%).
Chrysler Financial
•
On January 16, 2009, Treasury announced that it would lend up to $1.5 billion to a special purpose vehicle (SPV) created by Chrysler Financial
to enable the company to finance the purchase of Chrysler vehicles by consumers.
•
To satisfy the EESA warrant requirement, the Chrysler Financial SPV issued additional notes entitling Treasury to an amount equal to five
percent of the maximum loan amount. Twenty percent of those notes vested upon the closing of the transaction, and additional notes were to
vest on each anniversary of the transaction closing date. The loan was fully drawn by April 9, 2009.
•
On July 14, 2009, Chrysler Financial fully repaid the loan, including the vested additional notes and interest.
General Motors
•
On December 31, 2008, Treasury agreed to loan $13.4 billion to General Motors Corporation to fund working capital. Under the loan
agreement, GM was also required to implement a viable restructuring plan. The first plan GM submitted failed to establish a credible path to
viability, and the deadline was extended to June 1 for GM to develop an amended plan. Treasury loaned an additional $6 billion to fund GM
during this period. To achieve an orderly restructuring, GM filed for bankruptcy on June 1, 2009. Treasury provided $30.1 billion under a
debtor-in-possession financing agreement to assist GM during the bankruptcy.
•
The new entity, General Motors Company (New GM), began operating on July 10, 2009, following its purchase of most of the assets of the Old
GM. When the sale to New GM was completed on July 10, Treasury converted most of its loans to 60.8% of the common equity in the New GM
and $2.1 billion in preferred stock. Treasury continued to hold $6.7 billion in outstanding loans.
•
In December 2009, New GM began quarterly repayments of $1.0 billion on its $6.7 billion loan from Treasury. And in January 2010, New GM
and Treasury amended the loan agreement to require cash New GM held in an escrow account to be applied to repay the loan by June 30,
2010. After New GM repaid Treasury $1 billion on March 31, 2010, the outstanding loan balance fell to approximately $4.7 billion, all of which
was repaid in April 2010 from the escrowed funds.
Appendix 1 – page 7
Monthly 105(a) Report
•
April 2010
New GM currently has the following ownership: Treasury (60.8%), GM Voluntary Employee Benefit Association (VEBA) (17.5%), the Canadian
Government (11.7%), and Old GM’s unsecured bondholders (10%).
GMAC
•
In December 2008, Treasury purchased $5 billion in senior preferred equity from GMAC LLC, and received an additional $250 million in
preferred shares through warrants that Treasury exercised at closing. At the same time, Treasury also agreed to lend up to $1 billion of TARP
funds to GM (one of GMAC’s owners), to purchase additional ownership interests in GMAC’s rights offering. GM drew $884 million under that
commitment in January 2009, and then in May 2009, Treasury exercised its option to exchange that loan for 35.4% of the common membership
interests in GMAC.
•
In May 2009, regulators required GMAC to raise additional capital by November 2009 in connection with the SCAP. On May 21, 2009, Treasury
purchased $7.5 billion of convertible preferred shares from GMAC and received warrants that Treasury exercised at closing for an additional
$375 million in convertible preferred shares, which enabled GMAC to partially meet the SCAP requirements. Additional Treasury investments in
GMAC were contemplated to enable GMAC to satisfy the SCAP requirements.
•
On December 30, 2009, Treasury:
invested an additional $3.8 billion in GMAC, consisting of $2.54 billion of trust preferred securities (TRUPs), which are senior to all other
capital securities of GMAC, and $1.25 billion of Mandatorily Convertible Preferred Stock (MCP), and received warrants, which were
immediately exercised, to purchase an additional $127 million of TRUPs and $63 million of MCP;
converted $3 billion of its existing MCP, which was purchased in May 2009, into common stock;
exchanged $5.25 billion of preferred stock into MCP; and
for the conversion price of the MCP to common stock, acquired a “reset” for an adjustment in 2011, if beneficial to Treasury, based on the
market price of GMAC’s private capital transactions occurring in 2010.
•
As a result of the December 2009 transactions, Treasury's equity ownership of GMAC increased from 35 percent to 56.3 percent and Treasury
holds $11.4 billion of MCP and $2.7 billion of TRUPs in GMAC. Treasury has the right to appoint two additional directors to the GMAC Board of
Directors, so that four of nine directors will be appointed by Treasury.
•
GMAC remains subject to the executive compensation and corporate governance requirements of Section 111 of EESA, as amended, and to
the oversight of the Special Master for TARP Executive Compensation.
Appendix 1 – page 8
Monthly 105(a) Report
April 2010
Consumer and Business Lending Initiatives
What is the Community Development Capital Initiative (CDCI)?
During February to April 2010, Treasury released final program terms for the new Community Development Capital Initiative, originally announced
in October 2009, to invest lower-cost capital in Community Development Financial Institutions (CDFIs) that operate in markets underserved by
traditional financial institutions. CDFIs are banks, thrifts, bank holding companies, savings and loan holding companies and credit unions that target
more than 60 percent of their small business lending and other economic development activities to low- and moderate-income communities.
Investments under the CDCI are expected to begin following receipt of applications, which were due by April 30, 2010. Key program terms include:
•
CDFIs will be eligible to receive capital investments of up to 5 percent of risk-weighted assets (3.5 percent of total assets for credit unions).
•
CDCI participants will pay dividends to Treasury at a rate of 2 percent per annum, compared to the 5 percent under the CPP, increasing to 9
percent after eight years.
•
Consistent with the use of TARP funds to promote financial stability and protect the taxpayer, CDFIs will need approval from their primary
regulator to participate in this program. In cases where a CDFI might not otherwise be approved by its regulator, it will be eligible to participate
so long as it can raise enough private capital that – when matched with Treasury capital up to 5 percent of risk-weighted assets (RWA) – it can
reach viability.
•
CDFIs participating in the Capital Purchase Program are eligible to exchange the CPP investment into CDCI program.
•
CDFIs that participate in the program will not be required to issue warrants so long as they receive $100 million or less in total TARP funding.
Additional details are available at http://www.FinancialStability.gov/roadtostability/comdev.html
What is the Small Business and Community Lending Initiative – SBA 7a Securities Purchase Program?
To ensure that credit flows to entrepreneurs and small business owners, Treasury has taken measures to complement the Administration’s actions
to help small businesses recover and grow, including a program to purchase SBA guaranteed securities (“pooled certificates”). Treasury has
developed a pilot program to purchase SBA guaranteed securities from one pool assembler, which began operations in March 2010.
Additional details are available at http://www.FinancialStability.gov/roadtostability/smallbusinesscommunityinitiative.html
What is the Term Asset-Backed Securities Loan Facility (TALF)?
•
The Term Asset-Backed Securities Loan Facility is a lending facility operated by the Federal Reserve Bank of New York. The FRBNY provided
term non-recourse loans collateralized by AAA-rated asset-backed securities (ABS) backed by new or recently originated auto loans, student
loans, credit card loans, equipment loans, floor plan loans, insurance premium finance loans, residential mortgage servicing advances, or
Appendix 1 – page 9
Monthly 105(a) Report
April 2010
commercial mortgage loans, including legacy commercial mortgage loans, as well as collateralized by loans guaranteed by the Small Business
Administration. Treasury provided credit support for TALF as part of Treasury’s Consumer and Business Lending Initiative.
•
Under TALF, investors requested the FRBNY to make loans secured by eligible consumer, small business ABS, or commercial mortgage
backed securities (CMBS) on fixed days each month. Assuming that the borrower and the ABS or CMBS it planned to pledge as collateral met
FRBNY’s requirements, the investor received the requested funding. Most borrowers used the loan, together with their own funds, to purchase
the ABS that serves as collateral for the TALF loans.
•
If the borrower does not repay the loan, the FRBNY will enforce its rights in the collateral and sell the collateral to a special purpose vehicle
(SPV) established specifically for the purpose of purchasing and managing such assets. The SPV is funded, in part, by a $20 billion
subordinated loan commitment from Treasury.
•
On August 17, 2009, Treasury and the FRBNY announced the extension of the TALF for newly-issued ABS and legacy CMBS through March
31, 2010. In addition, TALF will make loans against newly issued CMBS through June 30, 2010. There were no further additions to the types of
collateral eligible for the TALF.
•
The TALF for newly-issued ABS and legacy CMBS expired on March 31, 2010. TALF will make loans against newly issued CMBS through June
30, 2010.
•
The chart below shows the increase in issuance of consumer ABS since the launch of TALF through March 2010.
Total Consumer ABS Issuance
25
20
18.5 18.2
TALF Issuance
15
Non-TALF Issuance
16.5
16.8
10
6.0
8.2 8.1
12.6
13.6
1.5
6.6
8.3 2.9
5
4.2
3.6
9.1
0.4
0.5
1.9 1.3 1.6
0
2.0
6.6
5.8
5.2
1.2
4.4 4.3
2.0
0.1
7.2
7.4
3.8
0.3
3.9
0.5
Source: Markets Room, U.S. Treasury Department and Markets Group, FRBNY.
Appendix 1 – page 10
Monthly 105(a) Report
April 2010
What is the Legacy Securities Public-Private Investment Program (S-PPIP)?
•
The Legacy Securities Public-Private Investment Program is designed, in part, to support market functioning and facilitate price discovery in the
commercial and non-agency residential mortgage-backed securities (MBS) markets, helping banks and other financial institutions re-deploy
capital and extend new credit to households and businesses. Both residential and commercial MBS are pools of mortgages bundled together by
financial institutions. Rights to receive a portion of the cash generated by the pools are sold as securities in the financial markets, in the same
way a stock or bond would be sold in financial markets. The term “legacy assets” generally refers to loans, asset-backed securities, and other
types of assets that were originated or issued before the financial markets for these types of assets deteriorated significantly in 2008.
•
The Public-Private Investment Program was announced as part of the Financial Stability Plan, which also originally included a program for
legacy loans that would be administered by the FDIC.
•
In the latter months of 2009, financial market conditions improved, the prices of legacy securities appreciated, and the results of the Supervisory
Capital Assessment Program enabled banks to raise substantial amounts of capital as a buffer against weaker than expected economic
conditions, all of which enabled Treasury to proceed with the program at a scale smaller than initially envisioned.
How does the S-PPIP work?
•
Treasury partners with selected fund managers to purchase commercial and non-agency residential and commercial MBS. Treasury provides
equity as well as debt financing to investment partnerships formed by the fund managers; the maximum equity obligation to a PPIF is expected
to be $1.11 billion and the maximum debt obligation to a PPIF is expected to be $2.22 billion (before giving effect to any re-allocation of capital).
Treasury will invest one-half of the total equity committed to the partnership; the remainder must be raised by the fund manager from private
sector sources. Treasury's loan will earn interest and must be repaid at the end of the life of the fund.
•
The nine firms that Treasury had pre-qualified in July 2009 to participate as fund managers have completed initial closings and begun
operations of Public-Private Investment Funds (PPIFs). Treasury has committed (but not yet funded all of) of $1.11 billion of equity capital
together with $2.22 billion of debt financing to each PPIF, while total Treasury equity and debt investment in all PPIFs will equal approximately
$30 billion. Following an initial closing, each PPIF has the opportunity to conduct additional closings over the following six months and to
receive matching Treasury equity and debt financing for such additional closings.
•
The equity investment, together with warrants received by Treasury, ensures that if these PPIFs perform well, the U.S. Treasury, and thus the
taxpayer, will benefit from the upside of the performance alongside private investors.
•
Treasury carefully designed the S-PPIP terms to protect the interests of taxpayers. Fund managers may not acquire assets from or sell assets
to their affiliates or any other PPIF fund manager or private investor that has committed at least ten percent of the aggregate private capital
raised by such fund manager. Fund managers must submit regular monthly reports about assets purchased, assets disposed, asset values,
and profits and losses. Due to the possibility of actual or potential conflicts of interest inherent in any market-based investment program, fund
managers also must agree to abide by ethical standards and conflicts of interest and compliance rules and a process for ensuring adherence to
these rules developed by Treasury. In developing these requirements, Treasury worked closely with, among others, the staff of the SIGTARP
and the Federal Reserve.
Appendix 1 – page 11
Monthly 105(a) Report
April 2010
Who are the S-PPIP Fund Managers?
•
Following a comprehensive two-month application, evaluation, and selection process, during which Treasury received over 100 unique
applications to participate in the S-PPIP, in July 2009 Treasury pre-qualified the following firms to participate as fund managers in the program:
AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC; Angelo, Gordon & Co., L.P. and GE
Capital Real Estate; BlackRock, Inc.; Invesco Ltd.; Marathon Asset Management, L.P.; Oaktree Capital Management, L.P.; RLJ Western Asset
Management, LP; The TCW Group, Inc., (subsequently terminated, see below); and Wellington Management Company, LLP.
•
The fund managers for the PPIFs have established relationships with small, minority-, and women-owned businesses. Partner firms have roles
including involvement in managing the investment portfolio and cash management services, raising capital from private investors, providing
trading related-services, identifying investment opportunities, and providing investment and market research and other advisory services to the
PPIFs.
•
In December 2009, a fund managed by The TCW Group, Inc., was liquidated because TCW terminated the employment of individuals who were
“Key Persons” responsible for making the investment decisions as set forth under the Limited Partnership Agreement for the TCW PPIF. Only
$513 million of total capital had been funded. Treasury's debt and equity capital investments were repaid in full, and Treasury realized a positive
return of approximately $20.6 million on its equity investment of $156.3 million. Private investors have been offered the option to re-allocate their
underfunded capital commitments and proceeds from the TCW PPIF liquidation to any of the eight other PPIFs.
•
In March 2010, commitments for $44.5 million in direct equity investments were reallocated from TCW PPIF investors to specific PPIF fund
managers and the remaining $3.2 billion in commitments to the TCW PPIF were reallocated to the other eight PPIF fund managers.
What is the Home Affordable Modification Program (HAMP)?
•
The Home Affordable Modification Program, part of Making Home Affordable (MHA), was first announced by the Obama Administration in
February 2009 as part of its Financial Stability Plan.
•
Using TARP funds, Treasury provides incentives for mortgage servicers, borrowers and investors to modify loans that are delinquent or at
imminent risk of default to an affordable monthly payment equal to no more than 31 percent of a borrower’s gross monthly income. Borrowers
must be owner occupants, demonstrate the ability to support the reduced payment during a three-month trial, and submit required
documentation before the modification becomes permanent.
•
Homeowners participating in HAMP work with HUD-certified housing counselors and mortgage servicers. HAMP is designed to give up to 3 to 4
million homeowners an opportunity to reduce their monthly mortgage payments to more affordable levels.
•
HAMP includes both GSE and non-GSE mortgages. GSE stands for “government sponsored enterprise,” and in this report refers to Fannie Mae
and Freddie Mac. Up to $50 billion of TARP funds will be used to encourage the modification of non-GSE mortgages that financial institutions
own and hold in their portfolios (whole loans) and mortgages held in private-label securitization trusts.
Appendix 1 – page 12
Monthly 105(a) Report
April 2010
•
Servicers must enter into the Servicer Participation Agreements with Treasury on or before October 3, 2010. Servicers for loans that are owned
or securitized by GSEs are required to participate in the related GSE’s HAMP for their portfolio of GSE loans. The incentives for these GSE
HAMP modifications are funded by the related GSEs from their own resources.
•
Borrowers may be accepted into HAMP if a borrower has made the first trial period payment on or before December 31, 2012. Modification
interest rates are locked for five years from the start date of the modification. Incentive payments to investors and borrowers will continue to be
paid out over that period for up to five years, and incentive payments to servicers for up to three years. At the end of five years, the reduced
interest rate will increase by one percent per year until it reaches the cap, which is the market rate at the time the trial period began. The
capped rate is fixed for the life of the loan.
What are the additional components of HAMP and MHA?
•
The Home Price Decline Protection (HPDP) program is a component of HAMP, and the Second Lien Modification Program (2MP) and the
Home Affordable Foreclosure Alternatives Program (HAFA) are components of MHA.
HPDP provides additional incentive payments for modifications on properties located in areas where home prices have declined. The
purpose of the program is to encourage additional lender participation and HAMP modifications in areas hardest hit by falling home prices
and ensure that borrowers in those areas have the opportunity to stay in their homes, thereby minimizing foreclosures, which further depress
home values.
•
The Second Lien Modification Program (2MP) provides incentives for second-lien holders to modify or extinguish a second-lien mortgage
when a modification has been initiated on the first lien mortgage for the same property under HAMP.
•
The Home Affordable Foreclosure Alternatives Program (HAFA) simplifies and streamlines the use of short sale or deed-in-lieu options by
incorporating financial incentives to borrowers, servicers, and investors. The program also ensures pre-approved short sale terms prior to listing
the property on the market and requires that borrowers be fully released from future liability for the debt.
HAMP Enhancements for Unemployed Homeowners and Principal Write-Downs
• In March 2010, the Obama Administration announced enhancements to the Home Affordable Modification Program that will provide temporary
mortgage assistance to some unemployed homeowners, encourage servicers to write-down mortgage debt as part of a HAMP modification,
allow more borrowers to qualify for modification through HAMP, and help borrowers move to more affordable housing when modification is not
possible. 2
1. Temporary Assistance for Unemployed Homeowners While They Search for Re-Employment. Unemployed homeowners meeting
eligibility criteria will have an opportunity to have their mortgage payments temporarily reduced to an affordable level for a minimum of three
2
Further information, including the HAMP Improvements Fact Sheet, is available at http://www.FinancialStability.gov/latest/pr_03262010.html
Appendix 1 – page 13
Monthly 105(a) Report
April 2010
months, and up to six months for some borrowers, while they look for a new job. If a homeowner does not find a job before the temporary
assistance period is over or if they find a job with a reduced income, they will be evaluated for a permanent HAMP modification or may be
eligible for HAMP’s alternatives to foreclosure program. There will be no cost to the government or taxpayers from the forbearance plans.
2.
Requirement to Consider Alternative Principal Write-down Approach and Increased Principal Write-down Incentives. To expand
the use of principal write-downs, servicers will be required to consider an alternative modification approach that emphasizes principal relief,
which includes incentive payments for each dollar of principal write-down by servicers and investors. The principal reduction and the
incentives will be earned by the borrower and lender based on a pay-for-success structure. Servicers will initially treat the write-down
amount as forbearance and will forgive amounts in equal steps over three years, as long as the homeowner remains current on payments.
3. New and Revised Supplemental Directives. Also in March, four new or revised Supplemental Directives (SD) were released. 3
SD 09-09 Revised provides guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives (HAFA)
program for first lien mortgage loans that are not owned or guaranteed by the GSEs (Fannie Mae or Freddie Mac). Revised features
include:
Increased incentives to provide more homeowners with foreclosure alternatives;
An increase in payments to subordinate lien holders who agree to release borrowers from debt to facilitate greater use of foreclosure
alternatives, including short sales or deeds-in-lieu, and encourage additional outreach to homeowners unable to complete a modification.
A doubling in relocation assistance payment to help homeowners who use a foreclosure alternative to transition more quickly to housing
they can afford.
SD 09-05 Revised provides guidance to servicers for adoption and implementation of 2MP for second liens and increased incentives for
loans extinguished or partially extinguished in conjunction with 2MP.
Servicers will receive a one-time incentive fee for each fully extinguished second lien based on a formula related the borrower’s unpaid
balance and combined-loan-to- value ratio (for first and second liens), and length of delinquency.
SD 10-02 amends policies and procedures related to outreach and communication with homeowners by servicers, especially with respect to
foreclosure actions, and extends HAMP benefits to borrowers who have filed for bankruptcy court protection. Significant features include:
Prohibition of referral to foreclosure until a borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,
to protect responsible borrowers from unnecessary foreclosure actions and costs. Written certifications are required that a borrower is
not HAMP eligible before an attorney or trustee can conduct a foreclosure sale.
Servicers are required to stop foreclosure actions after a borrower enters into a trial plan based on verified income, and to consider
borrowers in bankruptcy for HAMP.
3
A listing of all Supplemental Directives, and links to PDF versions of each SD, is available at https://www.hmpadmin.com/portal/programs/directives.html
Appendix 1 – page 14
Monthly 105(a) Report
April 2010
SD 10-03 provides guidance for the HAMP pay-for-performance compensation and pay-for-success compensation to be expanded to
include borrowers and servicers of Federal Housing Administration (FHA) loans. There are no investor incentives for mortgages associated
with FHA loan.
FHA Program Adjustments to Support Refinancings for Underwater Homeowners
•
In March, the Obama Administration announced the FHA Program Adjustments to Support Refinancings for Underwater Homeowners, which
will permit participating lenders to provide additional refinancing options to homeowners who owe more than their home is worth because of
large declines in home prices. 4
•
The FHA Refinance option should be available by the fall of 2010. Treasury and FHA expect to issue detailed guidelines on the respective
elements for the FHA Refinance Option.
•
TARP funds will be made available up to a total of $14 billion to provide incentives to support the write-downs of second liens and encourage
participation by servicers, and to provide additional coverage for a share of potential losses on these loans.
Servicer performance
•
To ensure transparency and servicer accountability, servicer-specific results are publicly reported on a monthly basis. The report format now
includes the number of Trial Period Plans that have transitioned to permanent modifications as well as a break-out of the 15 metropolitan areas
with the highest program activity. The MHA Monthly Servicer Performance Reports can be found at http://www.FinancialStability.gov/
latest/reportsanddocs.html.
•
Participating servicers and state, local and community stakeholders have worked with Treasury to improve the overall effectiveness and
efficiency of HAMP, by introducing: a streamlined documentation process, including standardization of forms, reduced paperwork requirements,
servicer-to-borrower response guidelines, and electronic signature acceptance for modification documents; enhanced availability of foreign
language translations for HAMP information and document summaries; and other web tools for borrowers.
•
In December 2009, Treasury conducted a nationwide mortgage modification conversion campaign to ensure that servicers make every
reasonable effort to convert eligible borrowers from a trial to a permanent modification. The conversion campaign involved onsite monitoring of
the seven largest servicers by Treasury and Fannie Mae staff, and daily loan-level conversion reporting through the month of December. The
conversion campaign resulted in a significant increase in the number of borrowers offered permanent modifications by these servicers and
considerable improvements in the implementation and operation of modification processes going forward.
•
In January 2010, MHA released updated guidance for servicer documentation requirements in order to expedite conversions of current trial
modifications to permanent status. This guidance also implemented an important program improvement for future trial period plans by requiring
servicers to fully validate borrower financial information before offering a trial plan. In addition, servicers are allowed additional time in certain
4
See the FHA Refinance Fact Sheet available at http://MakingHomeAffordable.gov/docs/FHA_Refinance_Fact_Sheet_032510%20FINAL2.pdf.
Appendix 1 – page 15
Monthly 105(a) Report
April 2010
circumstances to retrieve documentation from applicants, notify applicants of any missing documents, and resolve any disputes over
applications. Information on this supplemental directive can be found at http://www.FinancialStability.gov/ latest/pr_01282010.html.
Compliance and second look
•
The HAMP Compliance Program is designed to ensure that servicers satisfy their obligations under HAMP requirements in order to provide a
well-controlled program that assists as many deserving homeowners as possible to retain their homes while taking reasonable steps to prevent
fraud, waste and abuse. Freddie Mac acts as Treasury’s Compliance Agent for HAMP through MHA-C, which is a separate, independent
division that conducts these compliance activities. Treasury works closely with MHA-C to design and refine the Compliance Program and
conducts quality assessments of the activities performed by MHA-C.
•
MHA-C conducts four major activities through the Compliance Program: (1) on-site reviews of the servicers’ internal controls and processes; (2)
loan file reviews, which includes a process known as “second look;” (3) net present value (NPV) testing and assessments, which consist of
testing servicers’ proprietary systems to determine if HAMP NPV requirements were appropriately implemented; and (4) as required by MHA-C,
targeted reviews on one or more specific processes or types of reviews listed above based on compliance trends, risk analysis or actual
compliance activities results.
•
Following these reviews, MHA-C provides Treasury with assessments of each servicer’s compliance with HAMP requirements. If appropriate,
Treasury will implement remedies for non-compliance. These remedies may include withholding or reducing incentive payments to servicers,
requiring repayments of prior incentive payments made to servicers with respect to affected loans, or requiring additional servicer oversight.
Details on the Home Affordable Modification Program are available at http://www.FinancialStability.gov/roadtostability/homeowner.html and at
http://www.makinghomeaffordable.gov.
Housing Finance Agency Innovation Funds for the Hardest Hit Housing Markets (HFA Hardest-Hit Funds)
What is the First HFA Hardest-Hit Fund?
In February 2010, the Obama Administration announced funding for innovative measures to help address the housing problems facing those states
that have suffered an average home price drop of more than 20 percent from their respective peak of the housing bubble.
•
$1.5 billion of investment authority under EESA will be available to work with state Housing Finance Agencies (HFAs) to tailor housing
assistance to local needs.
•
California, Florida, Arizona, Michigan, and Nevada, states where house prices have fallen more than 20% from their peak are eligible for this
funding. Funds will be allocated among eligible states according to a formula based on home price declines and unemployment.
•
HFAs must submit program designs to Treasury so that Treasury can evaluate the program’s compliance with EESA requirements. All funded
program designs will be posted online.
Appendix 1 – page 16
Monthly 105(a) Report
April 2010
Some of the possible types of transactions that would be acceptable under EESA are: mortgage modifications; mortgage modifications with
principal forbearance; short sales and deeds-in-lieu of foreclosure; incentives to provide principal reduction for borrowers owing more than
their home is now worth (negative equity); measures for unemployed homeowners to help them avoid preventable foreclosures; and
programs that provide incentives to reduce or modify second liens.
•
To receive funding, programs must satisfy the requirements for funding under EESA. These requirements include that the recipient of funds
must be an eligible financial institution and that the funds must be used to pay for programs designed to prevent avoidable foreclosures and
other permitted uses under EESA.
•
On March 5, 2010, Treasury announced the allocations of funds among the states and published guidelines for HFA proposal submissions. Set
forth below is a summary of the methodology used to determine calculations:
Housing Price Decline
Housing price
decline from
peak
Unemployment
December
Ratio relative
Ratio relative
2009
to highest
Sum of ratios
to largest unemployment unemployment
(State's
decline
rate
rate
weight)
Number of
delinquent
loans in Q4
2009
Weighted
number of
delinquent
loans
Weighted
share of
delinquent
loans in these
states
Allocation
($mm)
Nevada
‐49.9%
1.00
13.0%
0.89
1.9
62,622
118,382
6.9%
$102.8
California
‐38.9%
0.78
12.4%
0.85
1.6
494,640
805,978
46.6%
$699.6
Florida
‐37.4%
0.75
11.8%
0.81
1.6
309,022
481,558
27.9%
$418.0
Arizona
‐36.8%
0.74
9.1%
0.62
1.4
105,853
144,073
8.3%
$125.1
Michigan
‐24.1%
0.48
14.6%
1.00
1.5
120,030
178,000
10.3%
Total
$154.5
$1,500.0
What is the Second HFA Hardest-Hit Fund?
In March, the Obama Administration announced an expansion of the initiative to target additional states with high shares of their populations living in
local areas of concentrated economic distress.
•
The second HFA Hardest-Hit Fund will include up to $600 million in funding for innovative measures to help families stay in their homes or
otherwise avoid foreclosure in five states that have areas of concentrated economic distress. The $600 million in funds is equivalent on a per
person basis to the $1.5 billion awarded in the first HFA Hardest-Hit Fund.
•
While the first HFA Hardest-Hit Fund targeted five states affected by home price declines greater than 20 percent, the second HFA Hardest-Hit
Fund targets states with the highest concentration of their population living in counties with unemployment rates greater than 12 percent, on
Appendix 1 – page 17
Monthly 105(a) Report
April 2010
average over the months of 2009. 5 The five states that will receive allocations based on this criterion are: North Carolina, Ohio, Oregon, Rhode
Island, and South Carolina. Set forth below is a summary of the methodology used to determine calculations:
State Totals
State
Rhode Island
South Carolina
Orgeon
North Carolina
Ohio
Total
State
Population
in 2009
1,053,209
4,561,242
3,825,657
9,380,884
11,542,645
Population
Living in High
Unemp Counties
627,690
2,022,492
1,281,675
2,332,246
2,514,678
Economic Distress
% of State Pop
Living in High
Unemp Counties
60%
44%
34%
25%
22%
Allocation
% of Total Pop in
High Unemp
Allocation
Counties
Cap
for Top 5 States
($millions)
7%
$43
23%
$138
15%
$88
27%
$159
29%
$172
$600
•
To receive funding, programs must satisfy the requirements for funding under EESA. These requirements include that the recipient of funds
must be an eligible financial institution and that the funds must be used to pay for programs designed to prevent avoidable foreclosures and
other permitted uses under EESA.
•
The objective of the HFA Hardest Hit Funds is to allow HFAs to develop creative, effective approaches to the housing crisis that consider local
conditions. Treasury has outlined some of the possible types of transactions that would meet EESA requirements:
Assistance to unemployed borrowers to help them avoid foreclosure; modifications of mortgage loans held by HFAs or other financial
institutions or incentives for servicers/investors to modify loans; mortgage modifications with principal forbearance by paying down all or a
portion of an overleveraged loan and taking back a note from the borrower for that amount in order to facilitate additional modifications;
assistance with short sales and deeds-in-lieu of foreclosure to prevent avoidable foreclosures; incentives for financial institutions to writedown a portion of unpaid principal balance for homeowners with severe negative equity; or incentives to reduce or modify second liens.
Other innovative ideas and transaction types (including innovations related to the existing “Making Home Affordable” programs) will be
evaluated on a case-by-case basis for compliance with EESA.
•
Treasury will ensure accountability and transparency of the HFA Hardest-Hit Fund program: all funded program designs and effectiveness
metrics will be posted online and program activity will be subject to oversight under EESA.
5
States that were allocated funds under the first HFA Hardest-Hit Fund are not eligible for the second HFA Hardest-Hit Fund.
Appendix 1 – page 18
Monthly 105(a) Report
April 2010
Office of the Special Master for TARP Executive Compensation
What is the scope of the Special Master's review?
•
In June 2009, Treasury published the Interim Final Rule (the “Rule”) on TARP Standards for Compensation and Corporate Governance,
promulgated under the EESA as amended by the American Recovery and Reinvestment Act of 2009. The Rule contains distinct requirements
for recipients of TARP funding under certain programs, including CPP participants and recipients of exceptional financial assistance. The
exceptional assistance recipients currently include the following firms: AIG, Chrysler, Chrysler Financial, GM and GMAC. Bank of America and
Citigroup ceased to be exceptional assistance recipients upon their respective repayments of TARP obligations arising from exceptional
assistance programs in December 2009.
•
The Rule created the Office of the Special Master and provided the Special Master with specific powers designed to ensure that executive pay
at these firms is in line with long-term value creation and financial stability. These include:
Review of Payments: Each recipient of exceptional assistance must obtain the Special Master’s approval of compensation structures,
including payments made pursuant to those structures, for the senior executive officers and 20 next most highly paid employees (“Top 25”);
Review of Structures: Each recipient of exceptional assistance must obtain the Special Master’s approval of compensation structures for all
executive officers and the 100 most highly compensated employees (Covered 26 – 100);
Interpretation: The Special Master has interpretive authority over the executive compensation provisions of EESA and the Interim Final Rule,
and authority to make all determinations as to the application of those provisions to particular facts; and
Prior Payments: The “lookback” provision (i.e., Section 111(f)) of EESA requires a review of bonuses, retention awards, and other
compensation paid to the senior executive officers and 20 next most highly compensated employees of each recipient of TARP assistance
before February 17, 2009, in order for the Special Master to determine whether the payments were contrary to the public interest. If a
payment is determined to be contrary to the public interest, the Special Master will be responsible for negotiating for reimbursements of such
payments. In March 2010, the Special Master issued a letter to 419 TARP participants together with a Compensation Review Data Request
Form for each TARP participant to provide information to aid the Special Master in his administration of the lookback provision. Under the
Rule, this information was required to be provided to the Special Master in April 2010.
•
The Rule also requires that the compensation committee, CEO, and CFO, of each TARP recipient provide certain certifications to Treasury with
respect to compliance with the Rule. These certifications are due within 90 days (in the case of the CEO and CFO certifications) or 120 days (in
the case of the compensation committee) of the completion of the TARP recipient’s fiscal year.
•
In addition to the executive compensation requirements, all TARP recipients were required to adopt a luxury expenditure policy consistent with
the requirements of the Rule, provide the policy to Treasury, and post the policy on their Internet website, in each case within 90 days following
publication of the Rule (or, if later, 90 days following the closing date of the agreement between the TARP recipient and Treasury). These
Appendix 1 – page 19
Monthly 105(a) Report
April 2010
policies are generally required to address expenses including entertainment or other events, office and facility renovations, and aviation or other
transportation services.
Determinations for the Top 25 Employees
•
On October 22, 2009, the Special Master for TARP Executive Compensation, Kenneth R. Feinberg, released determinations on the
compensation packages for the five senior executive officers and the next 20 most highly compensated employees at the seven firms that were
then exceptional assistance recipients. The Office of the Special Master generally rejected the companies’ initial proposals for these Top 25
executives and approved a modified set of compensation structures with the following features:
Cash salaries generally no greater than $500,000, with the remainder of compensation in equity.
Most equity compensation paid as vested “stock salary,” which executives must hold until 2011, after which it can be transferred in three
equal, annual installments (subject to acceleration of one year upon the company’s repayment of federal assistance).
Annual incentives payable in “long-term restricted stock,” which is forfeited unless the employee provides three years of service after it is
granted, in amounts determined based on objective performance criteria. Actual payment of the restricted stock is subject to the company’s
repayment of TARP funds (the stock may be paid in 25% installments for each 25% of TARP obligations that are repaid).
$25,000 limit on perquisites and “other” compensation, absent special justification.
No further accruals or company contributions to executive pension and retirement programs.
Determinations for the Covered Employees 26 - 100
•
On December 11, 2009, the Special Master issued determinations on the compensation structures for the executive officers and the 26 – 100
most highly compensated employees (“Covered Employees 26-100”) at each of the six firms that were then exceptional assistance recipients.
Unlike the October rulings, which addressed specific amounts payable to the Top 25 executives, Treasury regulations require the Special
Master only to address compensation structures for Covered Employees 26 – 100. These determinations covered four companies: AIG,
Citigroup, GM, and GMAC. Chrysler and Chrysler Financial were (with the exception of one employee) not required to obtain the Special
Master’s approval during this round because total pay for each executive did not exceed the $500,000 “safe harbor” limitation in Treasury's
compensation regulations. As detailed below, because of Bank of America’s repayment of its TARP obligations, its executive officers and 26–
100 most highly compensated employees were no longer subject to the Special Master's review.
•
The 2009 compensation structures approved by the Special Master for the Covered Employees 26 –100 have the following general features:
Short-term cash compensation is restricted. Cash salaries are generally limited to $500,000 other than in exceptional cases, and overall
cash is limited in most cases to 45% of total compensation in cash. All other pay must be in company stock;
Appendix 1 – page 20
Monthly 105(a) Report
April 2010
Incentive compensation without real achievement of performance is forbidden. Total incentives are limited to a fixed pool, incentive
payments may be made only if objective goals are achieved, and all such payments must be subject to “clawback” if results prove illusory;
Compensation structures must have a long-term focus. In most cases, at least 50 percent of total compensation must be held for three
years, at least 50 percent of incentive pay must be granted in long-term stock, and any cash incentives must be delivered over at least two
years—single, lump-sum cash bonuses are not permitted; and
Pay practices that are not aligned with shareholder and taxpayer interests, such as golden parachutes, supplemental executive retirement
benefits, excessive perquisites and tax gross-ups are frozen or forbidden.
•
In addition to determinations for the Covered Employees 26 –100 groups, the Special Master issued several supplemental determinations in
December, including determinations approving pay packages for the new chief executive officer of GMAC and the new chief financial officer of
GM. The pay packages approved by the Special Master for the newly hired executives generally conform to the principles and structures of the
Top 25 determinations. All the Special Master’s determinations are available at the website identified below.
Effects of TARP Repayment
•
Prior to the Special Master’s issuance of determinations for the Covered Employees 26–100 groups, Bank of America repaid its TARP
obligations. As a result, the compensation structures for Bank of America’s Covered Employees 26–100 were no longer subject to the Special
Master’s review, and no determination in that regard was issued. Payments to Bank of America’s Top 25 relating to service prior to the
repayment, however, remain subject to the Special Master’s October determinations. With respect to its Top 25, Bank of America agreed to
comply with the Rule and with the October determinations as if the repayment occurred on December 31, 2009.
•
After the Special Master issued determinations for the Covered Employees 26–100 groups, Citigroup repaid certain TARP obligations, and
ceased to be an "exceptional assistance recipient” for purposes of the Rule. As a result of the repayment, Special Master approval is not
required for future compensation structures and payments to Citigroup executives. Payments and compensation structures for Citigroup’s Top
25 and Covered Employees 26–100 relating to service prior to the repayment, however, remain subject to the Special Master’s October and
December determinations, respectively. Citigroup agreed to comply with the October and December determination letters and memoranda
issued by the Special Master with respect to Citigroup as if Citigroup were receiving exceptional assistance through December 31, 2009. The
executive compensation restrictions that apply to TARP recipients that are not “exceptional assistance recipients” will continue to apply to
Citigroup until it extinguishes its remaining TARP obligations.
2010 Rulings
•
In March 2010, the Office of the Special Master issued rulings for the 2010 compensation for the Top 25 executives at the five remaining firms
receiving exceptional assistance: AIG, Chrysler, Chrysler Financial, GM, and GMAC. The rulings have the following general features:
Decreased total cash compensation by 33 percent compared to the cash compensation these individual executives received in 2009;
Appendix 1 – page 21
Monthly 105(a) Report
April 2010
Reduced total compensation at AIG, GMAC, and Chrysler Financial by 15 percent compared to the pay these executives received in 2009;
and
Kept cash salaries at $500,000 or less, other than in exceptional cases.
•
In April 2010, the Office of the Special Master issued rulings for 2010 compensation structures for Covered Employees 26-100 at the five
remaining firms receiving exceptional assistance. These rulings reaffirmed that the principles and requirements of the 2009 determinations for
Covered Employees 26-100 must continue to apply in 2010. These principles include:
Cash salaries are limited to $500,000 per year, other than in exceptional cases, and overall cash is limited in most cases to 45% of total
compensation;
Compensation must emphasize long-term results: at least 50% of incentive payments must be delivered in long-term stock; and in most
cases, half of total pay must not be transferable for at least three years; and
The restrictions described in the Special Master’s 2009 determinations relating to perquisites, severance, hedging transactions, tax “grossups" and supplemental retirement plans must continue to apply.
Information regarding the determination letters and executive compensation is available at:
http://www.FinancialStability.gov/about/executivecompensation.html.
How Treasury Exercises Its Voting Rights
•
Treasury is a shareholder in the new General Motors, the new Chrysler, GMAC and Citigroup. The Obama Administration has stated that core
principles will guide Treasury’s management of financial interests in private firms. One such principle is that the United States government will
not interfere with or exert control over day-to-day company operations and, in the event the government obtains ownership interests, it will vote
only on key governance issues. These core principles also include Treasury's commitment to seek to dispose of its ownership interests as soon
as practicable. Treasury will follow these principles in a manner consistent with the obligation to promote the liquidity and stability of the
financial system.
•
Treasury does not participate in the day-to-day management of any company in which it has an investment nor is any Treasury employee a
director of any such company. Treasury’s investments have generally been in the form of non-voting securities or loans. For example, the
preferred shares that Treasury holds in financial institutions under the Capital Purchase Program do not have voting rights except in certain
limited circumstances, such as amendments to the charter of the company, or in the event dividends are not paid for several quarters, in which
case Treasury has the right to elect two directors to the board.
•
Treasury has announced that it will follow the following principles in exercising its voting rights: (1) Treasury intends to exercise its right to vote
only on certain matters consisting of the election or removal of directors; certain major corporate transactions such as mergers, sales of
Appendix 1 – page 22
Monthly 105(a) Report
April 2010
substantially all assets, and dissolution; issuances of equity securities where shareholders are entitled to vote; and amendments to the charter
or bylaws; (2) on all other matters, Treasury will either abstain from voting or vote its shares in the same proportion (for, against or abstain) as all
other shares of the company's stock are voted.
•
For public companies such as Citigroup, Treasury has entered into an agreement in which these principles are set forth. For private companies
such as GM, GMAC and Chrysler, Treasury follows the principles voluntarily or as set forth in a stockholder agreement. In GM, they are largely
reflected as terms following an initial public offering (IPO).
•
In the case of AIG:
The U.S. Treasury is the beneficiary of a trust created by the Federal Reserve Bank of New York (FRBNY). That trust owns shares having
79.8% of the voting rights of the common stock. The FRBNY has appointed three independent trustees who have the power to vote the
stock and dispose of the stock with prior approval of FRBNY and after consultation with Treasury. The trust agreement provides that the
trustees cannot be employees of Treasury or the FRBNY. The trust exists for the benefit of the U.S. Treasury, and the Department of the
Treasury does not control the trust and it cannot direct the trustees.
Treasury owns preferred stock in AIG which does not have voting rights except in certain limited circumstances (such as amendments to the
charter). Treasury has the right to appoint directors because AIG failed to pay dividends for four quarters on the preferred stock held by
Treasury. On April 1, 2010, Treasury exercised its right to appoint two directors to the American International Group, Inc. (AIG) board of
directors.
Appendix 1 – page 23
Monthly 105(a) Report
April 2010
Appendix 2
Making Home Affordable Monthly Servicer Report
Making Home Affordable Program
Servicer Performance Report Through March 2010
Report Highlights
Inside:
Over 230,000 Homeowners Granted Permanent Modifications
Administration Housing Initiatives
2
• More than 230,000 total permanent modifications have been granted to homeowners, who are
guaranteed lower payments for five years.
• In addition, more than 108,000 permanent modifications have been approved by servicers and
are pending borrower acceptance.
Economic Indicators
3
HAMP Program Snapshot
4
• More than 1.1 million trial modifications have begun under the program.
• 57,000 new trial modifications were added in March, down from 72,000 in February, reflecting
servicers increasingly requiring upfront documentation from homeowners to comply with
pending HAMP policy requirements.
• Borrowers realize immediate relief with the first trial payment.
• More than 1.4 million homeowners have received offers for trial modifications.
• Of the 1 million borrowers in active modifications (trial and permanent), more than 227,000
borrowers are in permanent modifications.
• The lower monthly mortgage payments for homeowners in HAMP represent a cumulative
reduction of over $3 billion.
Waterfall of HAMP‐Eligible
Borrowers
5
Characteristics of Permanent
Modifications
6
Selected Outreach Measures
6
Servicer Activity
7
Servicers Making Progress on Trial Modification Decisions
HAMP Activity by State
8
HAMP Activity by Metropolitan
Area
9
Modifications by Investor Type
9
Over 1.1 Million Trial Modifications for Homeowners
• Over 60,000 trial modifications converted to permanent modifications in March, an increase of
almost 15% from the nearly 53,000 in February.
HAMP Is One Part of the Administration Initiatives to Promote
Housing and Financial Stability (see Page 2)
List of Non‐GSE Participants
10
1
Making Home Affordable Program
Servicer Performance Report Through March 2010
Overview of Administration Housing Stability Initiatives
Initiatives to Support Access to Affordable Mortgage
Credit and Housing
Lower Mortgage Rates and Access to Credit:
• Continued financial support to maintain affordable
mortgage rates through the Government-Sponsored
Enterprises (GSEs).
• Interest rates remain near historic lows. Every 1%
reduction in interest rate saves a new borrower a median of
$1,500 annually in mortgage payments.
• Access to sustainable mortgages through the Federal
Housing Administration (FHA).
• FHA Refinance options to help homeowners owing more
than their homes are worth.
State and Local Housing Initiatives:
• Access for Housing Finance Agencies to provide
mortgages to first-time homebuyers, refinance
opportunities for at-risk borrowers, and affordable rental
housing. Over 90 HFAs across 45 states are participating.
Tax Credits for Housing:
Initiatives to Prevent Avoidable Foreclosures and
Stabilize Neighborhoods
Making Home Affordable – Modifications:
• Offering up to 3-4 million homeowners assistance to help
prevent avoidable foreclosures through 2012.
• More than 1.1 million homeowners have started trial
modifications and over 1.4 million offers for trial
modifications have been extended to borrowers.
• Homeowners in permanent modifications have a median
payment reduction of over $500 per month. Homeowners in
trial and permanent modifications have had a reduction of
over $3 billion in monthly mortgage payments in aggregate.
Refinancing:
• Refinancing flexibilities and low mortgage rates have
allowed over 4 million borrowers with GSE mortgages to
refinance, saving an average of $150 per month and more
than $7.0 billion over the past year.
Neighborhood Stabilization and Community
Development Programs:
• Homebuyer credit to help hundreds of thousands of
American families buy new homes.
• Over $5 billion in Recovery Act support for the hardest hit
communities to help stabilize neighborhoods.
• Low-Income Housing Tax Credit (LIHTC) programs to
support affordable rental housing, with total funding of $5
billion.
• $2.1 billion HFA Innovation Fund for the Hardest Hit
Housing Markets to support innovative foreclosure
prevention efforts.
2
Making Home Affordable Program
Servicer Performance Report Through March 2010
Mortgage Rates
Housing Inventory
14
12
Conventional 30‐
year Fixed Rate
10
Months
Percent
20
18
16
14
12
10
8
6
4
2
0
8
Months' supply of existing
homes at the current sales pace
6
4
10‐year Treasury Rate
Months' supply of new homes
at the current sales pace
2
0
1999
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008
Source: Federal Reserve.
Home Prices
1999
2005
2008
Source: National Association of Realtors.
New and Existing Home Sales
Index: Jan 2000 = 100
1,600
Case/Shiller
20‐city composite
1,400
7,000
Sales of existing homes
(right axis)
6,000
1,200
5,000
1,000
FHFA
purchase‐only
index
Loan Performance
National Home
Price Index
Thousands
230
210
190
170
150
130
110
90
70
50
2002
4,000
Sales of new
homes (left axis)
800
3,000
600
2,000
400
1,000
200
0
2002
2005
Sources: S&P/Case-Shiller Home Price Index; LP/Haver Analytics; FHFA.
Note: Shaded areas indicate recessions.
2008
1999
0
2002
2005
2008
Source: National Association of Realtors, Census Bureau.
3
Making Home Affordable Program
Servicer Performance Report Through March 2010
Home Affordable Modification Program (HAMP) Snapshot
Program Inception Through March 20101
HAMP Trials Started
(Cumulative, by Month)
1,400,000
Number of Trial Period Plan Offers
Extended to Borrowers (Cumulative) 2
1,436,802
1,166,925
1,109,588
1,028,887
1,200,000
1,000,000
All HAMP Trials Started Since Program
Inception
939,949
825,188
1,166,925
800,000
712,969
600,000
Trials Converted to Permanent
Modifications
554,293
419,163
230,801
400,000
274,116
155,108
200,000
1 As
reported by the HAMP system of record except where noted.
Survey data provided by servicers.
54,562
2 Source:
0
May and
Prior
Home Affordable Modification Program (HAMP) Snapshot
As of March 20101
Active Modifications (Trial and Permanent)
1,008,873
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Permanent Modifications Started
(Cumulative, by Month)
227,922
Pending Permanent Modifications2
108,212
230,801
780,951
Active Permanent Modifications
March
Source: All trial modifications started by month first payment posted; based on numbers reported by servicers to the HAMP
system of record.
250,000
Active Trial Modifications
Feb.
200,000
170,207
150,000
117,302
Trial Modifications Canceled
Permanent Modifications Canceled3
155,173
100,000
66,938
2,879
50,000
31,424
1 As
reported by the HAMP system of record.
2 As reported by the top 21 servicers based on cap allocation; pending permanent modifications have been approved
by the servicer but have not yet been accepted by the borrower. While pending, modifications are reflected in the
count of active trials.
3 Includes 37 loans paid off.
Additional information on HAMP can be found on MakingHomeAffordable.gov
Borrowers may call the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673).
4,742
15,649
0
September
and Prior
Source: HAMP system of record.
October
November
December
January
February
March
4
Making Home Affordable Program
Servicer Performance Report Through March 2010
Waterfall of HAMP-Eligible Borrowers
Not all 60-day delinquent loans are eligible for HAMP. Other characteristics may preclude borrower eligibility. Based on the
estimates, of the 6.0 million borrowers who were 60 days delinquent in the 4th quarter of 2009, 1.7 million borrowers are eligible for
HAMP. As this represents a point-in-time snapshot of the delinquency population and estimated HAMP eligibility, we expect that
more borrowers will become eligible for HAMP from now through 2012.
7
6
Loans (Millions)
5
6.0
5.1
4.3
4
3.5
3
3.4
HAMPEligible 60+
Day
Delinquent
Loans (GSE
and SPA
Servicers)
2
1
HAMP
Estimated
Eligible 60+
Day
Delinquent
Borrowers
= Estimate
2.5
2.1
1.7
1.7
0
1st Lien, 60+ Days
Less: Non‐
Delinquent
Participating HAMP
Servicer
Less: FHA or VA
Less: Non‐Owner
Occupied at
Origination
Less: Jumbo Non‐ Less: DTI Less Than Less: Negative NPV
Less: Vacant
Conforming Loans
31%
Properties and
and Loans
Other Exclusions*
Originated After
1/1/2009
Estimated HAMP‐
Eligible Borrowers
•Other exclusions include: no longer owner-occupied; investor’s pooling and servicing agreement precludes modification; and manufactured housing loans with
titling/chattel issues that exclude them from HAMP.
Sources: Fannie Mae; monthly survey of participating servicers for February 28,2010. Total 60+ delinquent figure from 4th quarter 2009 MBA delinquency survey.
Excluded loans are as reported by servicers by survey who have signed a servicer participation agreement for HAMP.
5
Making Home Affordable Program
Servicer Performance Report Through March 2010
Predominant Hardship Reasons for Permanent Modifications
Modification Characteristics
• Lower monthly mortgage payments for borrowers in
active trial and permanent modifications represent a
cumulative reduction of more than $3 billion.
Loss of Income
• The median savings for borrowers in permanent
modifications is $512.39, or 36% of the median beforemodification payment.
1
59.1%
Excessive
Obligation
10.5%
Permanent Modifications by Modification Steps:
Interest Rate Reduction
Term Extension
Illness of Principal
Borrower
100%
38.9%
2.8%
0%
Principal Forbearance
27.6%
20%
40%
60%
80%
1 Includes borrowers who are employed but have faced a reduction in hours and/or wages as well as those who
have lost their jobs.
Note: Does not include 19.9% of permanent modifications reported as Other.
Select Median Characteristics of Permanent Modifications
Loan Characteristic
Front-End Debt-to-Income
Ratio1
Back-End Debt-to-Income
Ratio2
Median Monthly Payment3
Before
After
Modification Modification
Selected Outreach Measures
Median
Decrease
44.8%
31.0%
61.3%
$1,428.46
$841.61
‐$512.39
73,545,446
Percentage to Goal of 3-4 Million Modification
Offers by 20122
1
Ratio of housing expenses (principal, interest, taxes, insurance and homeowners
association and/or condo fees) to monthly gross income.
2 Ratio of total monthly debt payments (including mortgage principal and interest, taxes,
insurance, homeowners association and/or condo fees, plus payments on installment
debts, junior liens, alimony, car lease payments and investment property payments) to
monthly gross income. Borrowers who have a back-end debt-to-income ratio of greater
than 55% are required to seek housing counseling under program guidelines.
3 Principal and interest payment.
7,064,803
Page views on MHA.gov (cumulative)
‐14.4 pct pts
4,077,912
Page views on MHA.gov (March 2010)
‐13.9 pct pts
77.5%
Servicer Solicitation of Borrowers (cumulative
since program inception)1
36-48%
1
Source: survey data provided by servicers. Servicers are encouraged by HAMP to
solicit information from borrowers 60+ days delinquent, regardless of eligibility for a
HAMP modification.
2 In 2009, Treasury set a goal of offering help to 3-4 million borrowers through the
end of 2012, as measured by trial plan offers extended to borrowers.
6
Making Home Affordable Program
Servicer Performance Report Through March 2010
HAMP Modification Activity by Servicer
Servicer
American Home Mortgage
Servicing Inc
Aurora Loan Services, LLC
Bank of America, NA5
Estimated
Eligible 60+
Day
Delinquency1
Trial Plan
Offers
Extended2
All HAMP
Trials
Started3
Active Trial
Modifications3
Permanent
Modifications3
Pending
Permanent
Modifications4
Active Trials +
Permanents as
Share of Eligible
60+ Day
Delinquencies
121,342
18,214
15,001
10,740
4,194
7,397
12%
75,550
47,508
41,286
15,335
9,887
1,497
33%
1,085,894
388,043
289,351
250,658
32,900
38,074
Active Modifications as a Share of Estimated
Eligible 60+ Day Delinquencies1
26%
GMAC
48%
CitiMortgage
47%
Bayview
45%
Select Portfolio
Bank United
5,277
1,667
1,389
635
736
528
26%
Bayview Loan Servicing, LLC
9,685
2,711
4,630
3,567
819
91
45%
J.P. Morgan Chase
Carrington Mortgage Services LLC
18,235
3,082
1,708
298
1,398
48
9%
CCO Mortgage
5,880
1,842
1,476
1,230
246
487
42%
Wells Fargo
25%
38%
37%
Saxon
CitiMortgage, Inc.
246,582
153,113
142,804
92,597
22,455
9,533
47%
GMAC Mortgage, Inc.
66,750
51,420
40,494
14,742
17,102
2,776
48%
Aurora
Green Tree Servicing LLC
12,336
6,795
5,129
3,628
556
1,470
34%
HomEq Servicing
40,568
4,879
2,116
1,311
713
1,117
36%
Green Tree
5%
34%
33%
OneWest
J.P. Morgan Chase Bank, NA6
431,341
247,530
186,769
129,992
31,460
17,894
37%
Litton Loan Servicing LP
105,593
36,430
30,169
19,734
5,469
878
24%
Ocwen
Nationstar Mortgage LLC
45,616
23,870
20,198
8,241
5,740
877
31%
Ocwen Financial Corporation, Inc.
61,949
21,767
17,720
5,771
11,060
2,764
32%
Nationstar
27%
OneWest Bank
109,555
56,302
38,598
28,214
6,883
5,673
32%
PNC Mortgage7
44,303
21,731
17,562
10,979
743
853
26%
Saxon Mortgage Services, Inc.
68,028
43,164
38,584
15,973
8,721
4,061
36%
Select Portfolio Servicing
55,543
58,953
35,071
11,568
11,483
1,639
31%
27%
PNC Mortgage
26%
US Bank
42%
US Bank NA
34,160
Wachovia Mortgage, FSB8
Wells Fargo Bank,
NA9
Other SPA servicers10
Other GSE
Total
Servicers11
11,890
9,157
4,817
4,191
1,393
26%
65,426
6,665
3,902
3,894
6
0
6%
378,480
225,610
165,217
114,918
30,014
9,162
38%
22,895
3,616
2,916
1,283
1,411
NA
26%
Bank of America
26%
Bank United
26%
CCO
12%
287,624
NA
55,678
3,398,612 1,436,802 1,166,925
1 Estimated
eligible 60+ day delinquent mortgages as reported by servicers as of
February 28, 2010, include conventional loans:
in foreclosure and bankruptcy.
with a current unpaid principal balance less than $729,750 on a one-unit
property, $934,200 on a two-unit property, $1,129,250 on a three-unit property
and $1,403,400 on a four-unit property.
on a property that was owner-occupied at origination.
originated prior to January 1, 2009.
Estimated eligible 60+ day delinquent loans excludes:
FHA and VA loans.
loans that are current or less than 60 days delinquent, which may be eligible for
HAMP if a borrower is in imminent default.
For servicers enrolling after January 1, 2010 that did not participate in the 60+ day
delinquency survey, the delinquency count is from the servicer registration form.
2 As reported in the weekly servicer survey through April 1, 2010.
3 Active trial and permanent modifications as reported into the HAMP system of record
30,826
19,735
NA
18%
780,951
227,922
108,212
30%
by servicers.
As reported by servicers. Pending permanent modifications have been approved by
the servicer but have not yet been accepted by the borrower. While pending,
modifications are reflected in the count of active trials. This metric will be reported
through March 2010.
5 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP,
Home Loan Services and Wilshire Credit Corporation.
6 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.
7 Formerly National City Bank.
8 Wachovia Mortgage, FSB consists of Pick-a-Payment loans.
9 Wells Fargo Bank, NA includes a portion of the loans previously included in
Wachovia Mortgage, FSB.
10 Other SPA servicers are entities with less than 5,000 estimated eligible 60+ day
delinquencies that have signed participation agreements with Treasury and Fannie
Mae. A full list of participating servicers is in the Appendix.
11 Includes servicers of loans owned or guaranteed by Fannie Mae and Freddie Mac.
4
Active Modifications In:
25%
Litton
January
24%
American Home
February
12%
Carrington
9%
Wachovia
March
6%
HomEq
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90% 100%
% of Eligible 60+ Day Loans
Note: Includes active trial and permanent modifications. Servicer combinations are the
same as the table at left.
Modifications through January as share of 60+ day delinquencies on December 31, 2009.
Modifications through February as share of 60+ day delinquencies on January 31, 2010.
Modifications through March as share of 60+ delinquencies on February 28, 2010.
7
Making Home Affordable Program
Servicer Performance Report Through March 2010
HAMP Activity by State
HAMP Activity by State
State
AK
Active
Trials
450
Permanent
Modifications
102
State
MT
Active
Trials
1,090
Permanent
Modifications
260
Total
552
Total
1,350
AL
5,531
1,428
6,959
NC
16,457
4,677
21,134
AR
2,245
603
2,848
ND
205
43
248
AZ
37,269
12,722
49,991
NE
1,229
346
1,575
CA
159,780
47,933
207,713
NH
3,379
1,147
4,526
CO
10,929
3,422
14,351
NJ
26,154
7,458
33,612
CT
9,982
2,948
12,930
NM
2,907
758
3,665
DC
1,501
372
1,873
NV
20,661
6,400
27,061
DE
2,533
801
3,334
NY
37,449
8,380
45,829
FL
95,400
28,286
123,686
OH
17,042
5,134
22,176
GA
31,433
8,668
40,101
OK
2,522
560
3,082
HI
2,876
837
3,713
OR
8,955
2,678
11,633
IA
2,575
619
3,194
PA
18,038
4,792
3,172
944
4,116
RI
3,558
1,216
4,774
IL
41,441
11,773
53,214
SC
8,390
2,327
8,430
2,373
10,803
SD
398
85
2,434
602
3,036
TN
8,697
2,561
11,258
KY
3,384
919
4,303
TX
27,646
5,433
33,079
LA
4,777
1,108
5,885
UT
6,803
2,149
8,952
MA
17,689
5,635
23,324
VA
19,152
6,190
25,342
MD
25,429
7,868
33,297
VT
552
195
35,001 and higher
10,001 – 20,000
483
KS
20,001 – 35,000
5,001 – 10,000
10,717
IN
5,000 and lower
Note: Includes active trial and
permanent modifications from the
official HAMP system of record.
22,830
ID
HAMP Modifications
747
ME
2,009
711
2,720
WA
15,387
4,676
20,063
MI
25,808
7,906
33,714
WI
7,720
2,347
10,067
MN
13,852
4,948
18,800
WV
1,316
373
1,689
MO
9,704
2,623
12,327
WY
403
137
540
MS
3,053
899
3,952
Other*
1,155
550
Mortgage Delinquency Rates by State
1,705
60+ Day Delinquency Rate
* Includes Guam, Puerto Rico and the U.S. Virgin Islands.
Source: Mortgage Bankers
Association. Data is latest
available and is as of 4th
Quarter 2009.
5.0% and lower
10.01% - 15.0%
20.01%
5.01% - 10.0%
15.01% - 20.0%
and higher
8
Making Home Affordable Program
Servicer Performance Report Through March 2010
15 Metropolitan Areas With Highest HAMP Activity
Metropolitan Statistical Area
New York-Northern New JerseyLong Island, NY-NJ-PA
Los Angeles-Long Beach-Santa
Ana, CA
Chicago-Naperville-Joliet,
IL-IN-WI
Riverside-San Bernardino-Ontario,
CA
Miami-Fort Lauderdale-Pompano
Beach, FL
Active
Trials
49,457
Total
Permanent
HAMP
Modifications Activity
12,247
61,704
HAMP Modifications by Investor Type (20 Largest Servicers)
% of All
HAMP
Activity
6.1%
Bank of America,
GSE
NA1
12,887
60,142
6.0%
39,914
11,333
51,247
5.1%
35,559
11,992
47,551
4.7%
36,856
10,206
47,062
4.7%
Phoenix-Mesa-Scottsdale, AZ
30,523
10,533
41,056
4.1%
Washington-Arlington-Alexandria,
DC-VA-MD-WV
26,811
8,282
35,093
3.5%
Atlanta-Sandy Springs-Marietta, GA
25,382
7,041
32,423
3.2%
Las Vegas-Paradise, NV
17,236
5,200
22,436
2.2%
Detroit-Warren-Livonia, MI
16,337
4,637
20,974
2.1%
Orlando-Kissimmee, FL
15,287
4,723
20,010
2.0%
13,802
3,839
17,641
1.7%
12,490
4,024
16,514
1.6%
12,031
3,653
15,684
1.6%
11,653
3,882
15,535
1.5%
A complete list of HAMP activity for all MSAs is available at
http://makinghomeaffordable.gov/docs/MSA%20Data%20March.pdf
Private Portfolio
Total
181,003
2
47,255
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Boston-Cambridge-Quincy,
MA-NH
Tampa-St. Petersburg-Clearwater,
FL
Sacramento-Arden-ArcadeRoseville, CA
Servicer
Wells Fargo Bank, NA
JP Morgan Chase NA3
CitiMortgage, Inc.
OneWest Bank
GMAC Mortgage, Inc.
Aurora Loan Services, LLC
Litton Loan Servicing LP
Saxon Mortgage Services Inc.
Select Portfolio Servicing
Ocwen Financial Corporation, Inc.
American Home Mortgage
Servicing Inc
Nationstar Mortgage LLC
PNC Mortgage4
US Bank NA
Bayview Loan Servicing, LLC
Green Tree Servicing LLC
Wachovia Mortgage, FSB5
HomEq Servicing
Carrington Mortgage Services LLC
Remainder of HAMP Servicers
Total
88,367
14,188
283,558
104,426
75,013
78,658
18,186
18,888
14,187
2,007
1,667
35,110
63,949
7,716
14,508
12,956
10,730
23,196
22,312
5,396
22,490
28,678
2,403
0
305
0
715
144,932
161,452
115,052
35,097
31,844
25,222
25,203
24,694
553
19,761
2,737
23,051
4,656
12,108
67
16,831
989
13,945
0
14,934
10,194
10,424
6,539
1
3,914
93
0
0
52,688
584,086
3,769
113
26
4,355
260
220
1,985
1,696
73
337,155
18
1,185
2,443
30
10
3,587
39
0
3,341
87,632
13,981
11,722
9,008
4,386
4,184
3,900
2,024
1,696
56,102
1,008,873
1 Bank
of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loans Services and
Wilshire Credit Corporation.
2 Wells Fargo Bank, NA includes a portion of the loans previously included in Wachovia Mortgage, FSB.
3 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.
4 Formerly National City Bank.
5 Wachovia Mortgage, FSB consists of Wachovia Mortgage FSB Pick-a-Payment loans.
Note: Figures reflect active trials and permanent modifications.
9
Making Home Affordable Program
Servicer Performance Report Through March 2010
Appendix: Non-GSE Participants in HAMP
Allstate Mortgage Loans & Investments, Inc.
American Eagle Federal Credit Union
American Home Mortgage Servicing, Inc
AMS Servicing, LLC
Aurora Loan Services, LLC
Bank of America, N.A.1
Bank United
Bay Federal Credit Union
Bay Gulf Credit Union
Bayview Loan Servicing, LLC
Carrington Mortgage Services, LLC
CCO Mortgage
Central Florida Educators Federal Credit Union
Central Jersey Federal Credit Union
Chase Home Finance, LLC
CitiMortgage, Inc.
Citizens 1st National Bank
Citizens First Wholesale Mortgage Company
Community Bank & Trust Company
CUC Mortgage Corporation
Digital Federal Credit Union
DuPage Credit Union
Eaton National Bank & Trust Co
Farmers State Bank
Fidelity Homestead Savings Bank
First Bank
First Federal Savings and Loan
First Federal Savings and Loan Assn. of Lakewood
First Keystone Bank
First National Bank of Grant Park
Franklin Credit Management Corporation
Fresno County Federal Credit Union
Glass City Federal Credit Union
Glenview State Bank
GMAC Mortgage, Inc.
Golden Plains Credit Union
Grafton Suburban Credit Union
Great Lakes Credit Union
Greater Nevada Mortgage Services
Green Tree Servicing LLC
Harleysville National Bank & Trust Company
Hartford Savings Bank
Hillsdale County National Bank
Home Financing Center, Inc
HomEq Servicing
HomeStar Bank & Financial Services
Horicon Bank
Horizon Bank, NA
Iberiabank
IBM Southeast Employees' Federal Credit Union
IC Federal Credit Union
Idaho Housing and Finance Association
iServe Residential Lending LLC
iServe Servicing Inc.
J.P.Morgan Chase Bank, NA2
Lake City Bank
Lake National Bank
Litton Loan Servicing
Los Alamos National Bank
Marix Servicing, LLC
Members Mortgage Company, Inc
Metropolitan National Bank
Mission Federal Credit Union
MorEquity, Inc.
Mortgage Center, LLC
Mortgage Clearing Corporation
National City Bank
Nationstar Mortgage LLC
Navy Federal Credit Union
Oakland Municipal Credit Union
Ocwen Financial Corporation, Inc.
OneWest Bank
ORNL Federal Credit Union
Park View Federal Savings Bank
PennyMac Loan Services, LLC
PNC Bank, National Association
Purdue Employees Federal Credit Union
QLending, Inc.
Quantum Servicing Corporation
Residential Credit Solutions
RG Mortgage Corporation
Roebling Bank
RoundPoint Mortgage Servicing Corporation
Saxon Mortgage Services, Inc.
Schools Financial Credit Union
SEFCU
Select Portfolio Servicing
Servis One Inc., dba BSI Financial Services, Inc.
ShoreBank
Silver State Schools Credit Union
Sound Community Bank
Specialized Loan Servicing, LLC
Spirit of Alaska Federal Credit Union
Stanford Federal Credit Union
Sterling Savings Bank
Technology Credit Union
Tempe Schools Credit Union
The Bryn Mawr Trust Co.
The Golden 1 Credit Union
U.S. Bank National Association
United Bank of Georgia
United Bank Mortgage Corporation
Urban Trust Bank
Vantium Capital, Inc.
Verity Credit Union
Vist Financial Corp.
Wells Fargo Bank, NA3
Wescom Central Credit Union
Yadkin Valley Bank
1
Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing
LP, Home Loan Services and Wilshire Credit Corporation.
2 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.
3 Wells Fargo Bank, NA includes Wachovia Mortgage FSB and Wachovia Bank NA.
10
Monthly 105(a) Report
April 2010
Appendix 3
Legacy Securities Public-Private Investment Program Quarterly Report
LEGACY SECURITIES PUBLIC-PRIVATE
INVESTMENT PROGRAM
Program Update – Quarter Ended March 31, 2010
g
p
Q
,
April 20, 2010
OVERVIEW
Introduction
This is the second quarterly report on the Legacy Securities Public-Private Investment Program (“PPIP”).
This report includes a summary of PPIP capital activity, portfolio holdings and current pricing, and fund
performance. Treasury expects to provide additional information as the program matures in subsequent
quarterly reports.
PPIP Overview
PPIP is designed to support market functioning and facilitate price discovery in the mortgage-backed
securities markets, allowing banks and other financial institutions to re-deploy capital and extend new
credit to households and businesses. The investment objective of PPIP is to generate attractive returns for
businesses
taxpayers and private investors through long-term opportunistic investments in Eligible Assets (as defined
below) by following predominantly a buy and hold strategy. Under the program, Treasury will invest up to
$30 billion of equity and debt in public-private investment funds (“PPIFs”) established by private sector
fund managers for the purpose of p
g
p p
purchasing Eligible Assets. The fund managers and p
g g
g
private investors
will also provide capital to the funds. PPIFs have eight-year terms which may be extended for consecutive
periods of up to one-year each, up to a maximum of two years. To qualify for purchase by a PPIF, the
securities must have been issued prior to 2009 and have originally been rated AAA – or an equivalent
rating by two or more nationally recognized statistical rating organizations – without ratings enhancement
and must be secured directly by the actual mortgage loans, leases, or other assets (“Eligible Assets”).
Please see page 8 of this program update for a glossary of terms used throughout this document.
Additional information on PPIP can also be found at www.financialstability.gov.
Neither this report nor the information contained herein constitutes an offer to sell or the solicitation of an
offer to buy any securities. Any such offer or solicitation with respect to any PPIF may only be made by
the applicable fund manager. This presentation has not been reviewed by any of the fund managers.
2
CAPITAL ACTIVITY
Set forth below is a summary of equity and debt capital by PPIF. As of March 31, 2010, the PPIFs
have completed initial and subsequent closings on approximately $6.3 billion of private sector equity
capital, which was matched 100 percent by Treasury, representing $12.5 billion of total equity
capital. Treasury has also provided $12.5 billion of debt capital, representing $25.1 billion of total
purchasing power. As of March 31, 2010, PPIFs have drawn-down approximately $10.5 billion of
total capital which has been invested in Eligible Assets and cash equivalents pending investment.
Summary of Capital by PPIF ($ in Millions)
Closed Equity and Debt Capital (1)
Private
Treasury
Treasury Purchasing
Power
Equity
Equity
Debt
924 $
924 $
1,848 $
3,696
Fund
AG GECC PPIF Master Fund, L.P.
Closing
Date
10/30/09
AllianceBernstein Legacy Securities Master Fund, L.P.
10/02/09
1,060
1,060
2,121
4,241
Blackrock PPIF, L.P.
10/02/09
695
695
1,390
2,780
Invesco Legacy Securities Master Fund, L.P.
09/30/09
856
856
1,712
3,424
Marathon Legacy Securities Public-Private Investment Partnership, L.P.
11/25/09
422
422
845
1,689
Oaktree PPIP Fund, L.P.
12/18/09
637
637
1,274
2,549
RLJ Western Asset Public/Private Master Fund, L.P.
11/05/09
606
606
1,211
2,422
Wellington Management Legacy Securities PPIF Master Fund, LP
W lli
M
L
S
ii
M
F d
10/01/09
1,067
1 067
1,067
1 067
2,134
2 134
4,268
4 268
$
Total Closed
$
6,268 $
6,268 $
12,535 $
25,070
Total Program
$
10,000 $
10,000 $
20,000 $
40,000
(1)
Excludes $4.1 billion in total purchasing power within UST/TCW Senior Mortgage Securities Fund, L.P., which was wound-up and liquidated during
the quarter. Treasury's capital commitments to this fund have been re-allocated to the other PPIFs. Treasury realized a profit of $20.1 million on its $156.3
q
y
p
y
p
million equity investment in UST/TCW Senior Mortgage Securities Fund, L.P., equal to a 12.9% cumulative return on Treasury's equity.
3
PORTFOLIO HOLDINGS – SUMMARY BY SECTOR
The total market value of Non-Agency RMBS and CMBS held by all PPIFs was approximately $10.0
billion as of March 31, 2010. Approximately 88% of the portfolio holdings are Non-Agency RMBS and
12% are CMBS. The charts below show composition of Eligible Assets by sector(1).
Non-Agency RMBS(2)– $8.8 billion
CMBS – $1.2 billion
$653
7%
$1,129
$
13%
$141
12%
$309
26%
$3,175
36%
$346
29%
$3,828
$3 828
44%
Prime
Alt-A
Subprime
($ in Millions)
$393
33%
Option ARM
Super Senior
(1) Please see page 8 for a glossary of Non-agency RMBS and CMBS sector definitions.
(2) Non-agency RMBS chart excludes $2 million of Other RMBS.
AM
AJ
Other CMBS
($ in Millions)
4
PORTFOLIO HOLDINGS – NON-AGENCY RMBS
The charts below illustrate the range of market prices of Non-Agency RMBS held by all PPIFs as of
March 31, 2010. P i
M h 31 2010 Prices are expressed as a percent of par value.
d
t f
l
Prime
100.0%
Alt-A
100.0%
Median Price: 76.8
80.0%
80.0%
58.1%
60.0%
60.0%
34.7%
40.0%
20.0%
2.9%
50.2%
40.0%
20.0%
4.3%
0.0%
31.3%
10.4%
8.1%
0.0%
< 40
40 - 60
60 - 80
80 - 100
Subprime
100.0%
Median Price: 62.9
< 40
40 - 60
60 - 80
80 - 100
Option ARM
100.0%
Median Price: 56.5
80.0%
80.0%
60.0%
Median Price: 59.0
60.0%
40.0%
26.4%
27.6%
33.0%
40.0%
28.8%
17.2%
20.0%
56.8%
56 8%
20.0%
6.8%
3.4%
3 4%
0.0%
0.0%
< 40
40 - 60
60 - 80
80 - 100
< 40
40 - 60
Note: Pricing is based on UST valuation process on a consistent basis across all PPIFs. Excludes Other RMBS.
60 - 80
80 - 100
5
PORTFOLIO HOLDINGS – CMBS
The charts below illustrate the range of market prices of CMBS held by all PPIFs as of March 31,
2010. P i
2010 Prices are expressed as a percent of par value.
d
t f
l
Super Senior
100.0%
AM
100.0%
Median Price: 90.1
100.0%
80.0%
80.0%
60.0%
60.0%
40.0%
40.0%
20.0%
Median Price: 79.6
20.0%
0.0%
0.0%
0.0%
< 40
0.0%
40 - 60
60 - 80
0.0%
80 - 100
50.0%
0.0%
40 - 60
60 - 80
80 - 100
2.6%
< 40
47.4%
AJ
100.0%
Median Price: 62.5
80.0%
60.0%
43.5%
40.0%
30.4%
26.1%
20.0%
0.0%
0.0%
0 0%
< 40
40 - 60
60 - 80
80 - 100
Note: Pricing is based on UST valuation process on a consistent basis across all PPIFs. Excludes Other CMBS.
6
PERFORMANCE
Set forth below is a summary of performance since inception (the date on which each PPIF made its
initial capital draw) as reported by each fund manager. Performance will vary among PPIFs due to
different risk/return objectives, leverage ratios, and sector allocations among other reasons. The
influence of these factors as well as others on performance may evolve over time based on market
conditions. Moreover, PPIFs are in the early stages of their three-year investment periods (the time
period during which Eligible Assets may be purchased) and early performance may be
disproportionately impacted by structuring and transaction costs and the pace of capital deployment
by each PPIF. Because of this, industry practice counsels that, at this stage, any performance
analysis done on these funds would not generate meaningful results and it would be premature to
draw any long-term conclusions about the performance of individual PPIFs or PPIP in general from
the data reported below. It should be noted that the current and past performance of a PPIF is not
indicative of its future performance.
Performance Since Inception ( of March 31, 2010)
p
(As
,
)
Cumulative Net
Performance
Fund
AG GECC PPIF Master Fund, L.P.
AllianceBernstein Legacy Securities Master Fund, L.P.
Blackrock PPIF, L.P.
Invesco Legacy Securities Master Fund, L.P.
Marathon Legacy Securities Public-Private Investment Partnership, L.P.
Oaktree PPIP Fund, L.P.
RLJ Western Asset Public/Private Master Fund, L.P.
Wellington Management Legacy Securities PPIF Master Fund, LP
Inception Date
11/12/09
10/23/09
10/16/09
10/13/09
12/15/09
02/19/10
11/23/09
10/19/09
Since Inception (1)
20.6%
5.1%
11.8%
10.1%
5.1%
1.1%
6.8%
6.4%
(1)
Performance is net of management fees and expenses attributable to Treasury. Returns equal to ending period market value of equity divided by beginning period market
value of equity, adjusted for capital draws, distributions, and expenses, calculated on a consistent basis across all PPIFs
7
GLOSSARY OF TERMS
Non-Agency Residential Mortgage-Backed Securities (RMBS)
Non-Agency R id i l M
N A
Residential Mortgage B k d S
Backed Securities (RMBS) T
i i (RMBS): Type of mortgage-backed security
f
b k d
i
that is secured by loans on residential properties that are not issued or guaranteed by Fannie Mae, Freddie
Mac or Ginnie Mae, or any other United States federal government-sponsored enterprise (GSE) or a
United States federal government agency. Non-Agency RMBS are typically classified by underlying
collateral / type of mortgage (i.e. Prime, Alt-A, Subprime, Option ARM).
Prime: M
Pi
Mortgage l
loan made to a b
d
borrower with good credit that generally meets the l d ’ strictest
ih
d di h
ll
h lender’s i
underwriting criteria. Non-Agency Prime loans generally are loans that exceed the dollar amount eligible
for purchase by the GSEs (jumbo loans), but may include lower balance loans as well.
Alt-A: Mortgage loan made to a borrower with good credit but with limited documentation, or other
characteristics that do not meet the standards for Prime loans. An Alt-A loan may have a borrower with a
lower FICO score, a hi h r l
l
r
r
higher loan-to-value r ti or li it d or no d
t
l ratio, r limited r
documentation compared t a Prime loan.
t ti
p r d to Pri l
Subprime: Mortgage loan made to a borrower with poor credit, typically having a FICO score of 620 or
less.
Option ARM: Mortgage loan that gives the borrower a set of choices of how much interest and principal
to pay each month. This may result in negative amortization (i.e. an increasing loan principal balance over
time).
i )
Commercial Mortgage-Backed Securities (CMBS)
Commercial Mortgage Backed Securities (CMBS): Type of mortgage-backed security that is secured
by loans on commercial properties such as office buildings, retail buildings, apartment buildings, hotels,
y
p p
g
g p
g
etc. CMBS are typically classified by position in the capital structure (i.e. Super Senior, AM, AJ).
Super Senior: Most senior originally rated AAA bonds in a CMBS securitization with the highest level of
credit enhancement. Credit enhancement refers to the percentage of the underlying mortgage pool by
balance that must be written down before the bond experiences any losses. Super Senior bonds often
comprised 70% of a securitization and therefore had 30% credit enhancement at issuance.
AM: Mezzanine-level originally rated AAA bond. AM bonds often comprised 10% of a CMBS
securitization and therefore had 20% credit enhancement at issuance, versus 30% for Super Senior bonds.
AJ: The most junior bond in a CMBS securitization that attained a AAA rating at issuance.
8
Monthly 105(a) Report
April 2010
Appendix 4
Financial Statement
United States Department of Treasury
Office of Financial Stability
Troubled Asset Relief Program
Report of Administrative Obligations and Expenditures [Section 105(a)(2)]
For Period Ending
April 30, 2010
PERSONNEL SERVICES
NON-PERSONNEL
SERVICES
Budget
Object Class
(BOC)
1100 & 1200
2100
2200
2300
2400
2500
2600
3100
3200
4300
Budget Object Class Title
PERSONNEL COMPENSATION & BENEFITS
PERSONNEL SERVICES Total:
TRAVEL & TRANSPORTATION OF PERSONS
TRANSPORTATION OF THINGS
RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES
PRINTING & REPRODUCTION
OTHER SERVICES
SUPPLIES AND MATERIALS
EQUIPMENT
LAND & STRUCTURES
INTEREST & DIVIDENDS
NON-PERSONNEL SERVICES Total:
GRAND TOTAL:
$
$
$
$
Obligations
31,754,464
31,754,464
621,322
11,960
669,885
395
114,337,059
366,047
232,054
13
116,238,735
$
$147,993,199
,
,
The amounts presented above are cumulative from the initiation of the TARP.
*Current month activity includes recognition of FY10 DO-IAA obligation for $ 23.7M (effective at the beginning of FY10).
$
$
$
$
Expenditures
31,523,001
31,523,001
582,305
11,960
553,150
395
66,690,257
362,023
222,675
13
68,422,778
99,945,779
,
,
For Period Ending
May 31, 2010
$
Projected
Obligations
34,211,000
34,211,000
687,000
12,000
670,000
400
117,552,000
381,000
232,000
13
119,534,413
$
Projected
Expenditures
34,071,000
34,071,000
635,000
12,000
558,000
400
71,658,000
376,000
223,000
13
73,462,413
$
153,745,413
,
,
$
107,533,413
,
,
$
$
$
$
$
$
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Agreements Under TARP [Section 105(a)(3)(A)]
For Period Ending April 30, 2010
Date
Approved
or Renewed
10/10/2008
10/11/2008
10/14/2008
10/16/2008
10/18/2008
10/23/2008
10/29/2008
10/29/2008
10/31/2008
11/7/2008
11/14/2008
11/14/2008
12/3/2008
12/5/2008
12/5/2008
12/10/2008
12/12/2008
12/15/2008
12/24/2008
1/6/2009
1/6/2009
1/7/2009
1/9/2009
1/27/2009
1/27/2009
2/2/2009
2/9/2009
2/12/2009
2/18/2009
2/18/2009
2/20/2009
2/20/2009
2/22/2009
3/6/2009
3/16/2009
3/23/2009
3/30/2009
3/30/2009
3/30/2009
3/30/2009
3/31/2009
4/3/2009
4/17/2009
4/17/2009
4/21/2009
4/21/2009
4/21/2009
5/4/2009
5/14/2009
5/14/2009
5/22/2009
5/26/2009
5/26/2009
6/5/2009
6/8/2009
6/29/2009
7/15/2009
7/17/2009
7/30/2009
7/30/2009
7/30/2009
8/11/2009
8/18/2009
9/2/2009
9/10/2009
9/14/2009
9/30/2009
11/29/2009
12/8/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
1/4/2010
1/15/2010
1/29/2010
2/16/2010
3/29/2010
4/12/2010
4/13/2010
4/14/2010
4/20/2010
4/20/2010
4/22/2010
4/23/2010
Type of
Transaction
BPA
BPA
Financial Agent
BPA
BPA
IAA
BPA
BPA
Contract
BPA
IAA
Procurement
IAA
IAA
Procurement
BPA
IAA
IAA
Procurement
IAA
IAA
Procurement
IAA
BPA
Procurement
IAA
Contract
Contract
Financial Agent
Financial Agent
IAA
Contract
Contract
Contract
Financial Agent
Procurement
Contract
Contract
Contract
Contract
BPA
Procurement
Procurement
IAA
Financial Agent
Financial Agent
Financial Agent
IAA
Contract
IAA
IAA
Contract
C t t
Contract
Contract
IAA
IAA
Contract
Contract
Contract
Contract
Contract
IAA
Contract
Contract
Contract
Contract
Contract
IAA
BPA
Financial Agent
Financial Agent
Financial Agent
Financial Agent
Financial Agent
Financial Agent
IAA
Contract
Contract
Contract
Contract
Contract
BPA
Contract
IAA
BPA
Contract
Contract
Vendor
Simpson, Thacher & Bartlett
EnnisKnupp
Bank of New York Mellon
PricewaterhouseCoopers
Ernst & Young
GSA - Turner Consulting*
Hughes Hubbard & Reed
Squire Sanders & Dempsey
Lindholm & Associates*
Thacher Proffitt & Wood**
Securities and Exchange Commission
CSC Systems and Solutions
Trade and Tax Bureau - Treasury
Department of Housing and Urban Development
Washington Post
Thacher Proffitt & Wood**
Pension Benefit Guaranty Corp.
Office of Thrift Supervision
Cushman and Wakefield of VA, Inc.
Office of the Controller of the Currency
State Department
Colonial Parking
Internal Revenue Service
Cadwalader Wickersham & Taft, LLP
Whitaker Brothers Bus. Machines*
Government Accountability Office
Pat Taylor and Associates, Inc*
Locke Lord Bissell & Lidell LLP
Freddie Mac
Fannie Mae
Congressional Oversight Panel
Simpson, Thacher & Bartlett
Venable LLP
Boston Consulting Group
EARNEST Partners
Heery International Inc.
McKee Nelson, LLP***
Sonnenschein Nath & Rosenthal
Cadwalader Wickersham & Taft, LLP
Haynes and Boone LLP
FI Consulting*
American Furniture Rentals*
Herman Miller
Bureau of Printing and Engraving
AllianceBernstein
FSI Group
Piedmont Investment Advisors
Federal Reserve
Phacil*
Department of Treasury - US Mint
Department of Justice - ATF
Anderson, McCoy & Orta, LLP*
A d
M C
Ot
Simpson, Thacher & Bartlett
Department of Treasury - Internal Revenue Service
Department of Treasury - Financial Management Service
Department of Interior
Judicial Watch
Korn Ferry International
Cadwalader Wickersham & Taft, LLP
Debevoise & Plimpton, LLP
Fox Hefter Swibel Levin & Carol, LLP
NASA
Mercer, Inc.
Knowledge Mosaic Inc.*
Equilar, Inc.*
PricewaterhouseCoopers
SNL Financial LC
Department of the Treasury - Departmental Offices
Anderson, McCoy & Orta, LLP*
Avondale Investments, LLC*
Bell Rock Capital, LLC*
Howe Barnes Hoefer and Arnett, Inc.
KBW Asset Management, Inc.
Lombardia Capital Partners, LLC*
Paradigm Asset Management, LLC*
Federal Maritime Commission
Association of Government Accountants
NNA Inc.
The MITRE Corporation
Morgan Stanley
EnnisKnupp
Qualx Corporation
Squire Sanders & Dempsey
FMS-Gartner
Microlink LLC
Digital Management Inc.
RDA Corporation
Purpose
Legal Services
Investment and Advisory Services
Custodian and Cash Management
Internal Control Services
Accounting Services
Archiving Services
Legal Services
Legal Services
Human Resources Services
Legal Services
Detailees
IT Services
IT Services
Detailees
Vacancy Announcement
Legal Services
Legal Services
Detailees
Painting
Detailees
Detailees
Parking
Detailees
Legal Services
Office Machines
Oversight
Temporary Employee Services
Legal Services
Homeownership Program
Homeownership Program
Oversight
Legal Services
Legal Services
Management Consulting Support
Asset Management Services
Architects
Legal Services
Legal Services
Legal Services
Legal Services
Modeling and Analysis
Office Furniture
Office Furniture
Detailee
Asset Management Services
Asset Management Services
Asset Management Services
Detailee
FOIA Services
Administrative Support
Detailee
Legal Services
L
lS i
Legal Services
Administrative Support
Administrative Support
Administrative Support
Legal Advisory
Administrative Support
Legal Advisory
Legal Advisory
Legal Advisory
Detailee
Administrative Support
Administrative Support
Administrative Support
Asset Management Services
Financial Advisory
Administrative Support
Legal Services
Financial Advisory
Financial Advisory
Financial Advisory
Financial Advisory
Financial Advisory
Financial Advisory
Detailee
Administrative Support
Administrative Support
Administrative Support
Asset Management Services
Financial Advisory
Administrative Support
Legal Advisory
Administrative Support
Administrative Support
Administrative Support
Administrative Support
* Small or Women-, or Minority-Owned Small Business
**Contract responsibilities assumed by Sonnenschein Nath & Rosenthal via novation.
***Contract responsibilities assumed by Bingham McCutchen, LLP via novation.
The Departmental Offices Interagency Agreement was awarded on 11/29/2009. However, due to a system interface issue, the obligation was not reflected in the Oracle Financial system until the current reporting period.
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Insurance Contracts [Section 105(a)(3)(B)]
For Period Ending April 30, 2010
Name
Amount
Termination of the $5,000,000,000 Master Agreement between
Citigroup and the UST, and FDIC occurred on December 23,
2009 due to the improvement of Citigroup's financial condition
and financial market stability.
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Transactions Report [Section 105(3)(C, D, G)]
For Period Ending April 30, 2010
CAPITAL PURCHASE PROGRAM
Seller
Purchase Details
Name of Institution
City
State
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Footnote
Purchase Date
1b
10/28/2008
10/28/2008
Bank of America Corporation
The Bank of New York Mellon Corporation
Charlotte
New York
NC
NY
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
15,000,000,000
3,000,000,000
Par
Par
10/28/2008
Citigroup Inc.
New York
NY
Common Stock w/ Warrants
$
25,000,000,000
Par
10/28/2008
10/28/2008
10/28/2008
10/28/2008
10/28/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Morgan Stanley
State Street Corporation
Wells Fargo & Company
Bank of Commerce Holdings
1st FS Corporation
UCBH Holdings, Inc.
Northern Trust Corporation
SunTrust Banks, Inc.
New York
New York
New York
Boston
San Francisco
Redding
Hendersonville
San Francisco
Chicago
Atlanta
NY
NY
NY
MA
CA
CA
NC
CA
IL
GA
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
$
$
10,000,000,000
25,000,000,000
10,000,000,000
2,000,000,000
25,000,000,000
17,000,000
16,369,000
298,737,000
1,576,000,000
3,500,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
11/14/2008
Broadway Financial Corporation
Los Angeles
CA
Preferred Stock
$
9,000,000
Washington Federal, Inc.
BB&T Corp.
M&T Bank Corporation (Provident Bancshares
Corp.)
Umpqua Holdings Corp.
Comerica Inc.
Regions Financial Corporation
Capital One Financial Corporation
First Horizon National Corporation
Huntington Bancshares
KeyCorp
Seattle
Winston-Salem
WA
NC
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
200,000,000
3,133,640,000
Par
Par
Baltimore
Portland
Dallas
Birmingham
McLean
Memphis
Columbus
Cleveland
MD
OR
TX
AL
VA
TN
OH
OH
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
151,500,000
214,181,000
2,250,000,000
3,500,000,000
3,555,199,000
866,540,000
1,398,071,000
2,500,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Remaining Capital
Amount
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
11/14/2008
11/14/2008
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Final Disposition
Remaining
Investment
Description
11, 23 4/26/2010
14
3a 11/24/2009
12/9/2009
6/17/2009
4
4
$
$
15,000,000,000
3,000,000,000
$
$
0
0
Warrants
Warrants
3/3/2010
8/5/2009
Warrants
Warrants
$
$
$
$
$
10,000,000,000
25,000,000,000
10,000,000,000
2,000,000,000
25,000,000,000
$
$
$
$
$
0
0
0
0
0
Warrants
Warrants
Warrants
Warrants
Warrants
7/22/2009
12/10/2009
8/12/2009
7/8/2009
Warrants
Warrants
Warrants
Warrants
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/21/2008
11/21/2008
11/21/2008
Valley National Bancorp
Zions Bancorporation
Marshall & Ilsley Corporation
U.S. Bancorp
TCF Financial Corporation
First Niagara Financial Group
HF Financial Corp.
Centerstate Banks of Florida Inc.
Wayne
Salt Lake City
Milwaukee
Minneapolis
Wayzata
Lockport
Sioux Falls
Davenport
NJ
UT
WI
MN
MN
NY
SD
FL
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
300,000,000
1,400,000,000
1,715,000,000
6,599,000,000
361,172,000
184,011,000
25,000,000
27,875,000
Par
Par
Par
Par
Par
Par
Par
Par
6/17/2009
6/17/2009
6/17/2009
6/17/2009
12/23/2009
4
6/17/2009
4
$
1,576,000,000
$
0
Warrants
8/26/2009
5/27/2009
6/17/2009
4
$
$
200,000,000
3,133,640,000
$
$
0
0
Warrants
Warrants
2/17/2010
3/17/2010
5
$
$
214,181,000
2,250,000,000
$
$
0
0
6/17/2009
4
$
3,555,199,000
$
0
4
$
75,000,000
$
225,000,000
9/23/2009
4
$
125,000,000
$
100,000,000
12/23/2009
11/14/2008
4
$
100,000,000
$
0
6/17/2009
4/22/2009
5/27/2009
6/3/2009
9/30/2009
4
$
$
$
$
$
6,599,000,000
361,172,000
184,011,000
25,000,000
27,875,000
$
$
$
$
$
0
0
0
0
0
4
4
5
4
4
4
4
5
4
5
4
City National Corporation
Beverly Hills
CA
Preferred Stock w/ Warrants
$
400,000,000
Par
$
200,000,000
$
3/3/2010
11/21/2008
A $
R $
186,342,969
136,000,000
23
6/3/2009
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
1b
4
$
200,000,000
$
0
0
12/30/2009
11/21/2008
11/21/2008
First Community Bankshares Inc.
Western Alliance Bancorporation
Bluefield
Las Vegas
VA
NV
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
41,500,000
140,000,000
Par
Par
7/8/2009
5
$
41,500,000
$
11/21/2008
Webster Financial Corporation
Waterbury
CT
Preferred Stock w/ Warrants
$
400,000,000
Par
3/3/2010
4
$
100,000,000
$
11/21/2008
Pacific Capital Bancorp
Santa Barbara
CA
Preferred Stock w/ Warrants
$
180,634,000
200,000,000
$
$
$
$
1,100,000,000
950,318,243
950,000,000
60,000,000
Warrants
R $
87,000,000
3/9/2010
7/22/2009
Warrants
Warrants
A $
R $
15,623,222
67,010,402
Warrants
Warrants
3/31/2010
Warrants
R $
4,500,000
Warrants
12/3/2009
Warrants
A
7/15/2009
12/15/2009
6/24/2009
6/30/2009
10/28/2009
Warrants
Warrants
Warrants
Warrants
Warrants
R
A
R
R
R
4/7/2010
Warrants
9
9
R
A
R
R
$148,731,030
Preferred Stock w/
Warrants
Preferred Stock w/
Warrants
Warrants
Warrants
Warrants
Warrants
Warrants
Warrants
Preferred Stock w/
Warrants
Warrants
Warrants
9
9
$
$
$
$
$
139,000,000
9,599,964
2,700,000
650,000
212,000
R $
18,500,000
Par
300,000,000
Preferred Stock w/
Warrants
Page 4 of 37
Seller
Footnote
Purchase Date
Purchase Details
Name of Institution
City
State
Investment Description
Investment Amount
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
Heritage Commerce Corp.
Ameris Bancorp
Porter Bancorp Inc.
Banner Corporation
Cascade Financial Corporation
Columbia Banking System, Inc.
Heritage Financial Corporation
First PacTrust Bancorp, Inc.
Severn Bancorp, Inc.
San Jose
Moultrie
Louisville
Walla Walla
Everett
Tacoma
Olympia
Chula Vista
Annapolis
CA
GA
KY
WA
WA
WA
WA
CA
MD
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
$
40,000,000
52,000,000
35,000,000
124,000,000
38,970,000
76,898,000
24,000,000
19,300,000
23,393,000
Boston Private Financial Holdings, Inc.
Boston
MA
Preferred Stock w/ Warrants
$
154,000,000
Par
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
Associated Banc-Corp
Trustmark Corporation
First Community Corporation
Taylor Capital Group
Nara Bancorp, Inc.
Green Bay
Jackson
Lexington
Rosemont
Los Angeles
WI
MS
SC
IL
CA
$
$
$
$
$
525,000,000
215,000,000
11,350,000
104,823,000
67,000,000
Par
Par
Par
Par
Par
12/5/2008
Midwest Banc Holdings, Inc.
Melrose Park
IL
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Mandatory Convertible Preferred Stock w/
Warrants
$
89,388,000
MB Financial Inc.
First Midwest Bancorp, Inc.
United Community Banks, Inc.
WesBanco, Inc.
Encore Bancshares Inc.
Manhattan Bancorp
Iberiabank Corporation
Chicago
Itasca
Blairsville
Wheeling
Houston
El Segundo
Lafayette
IL
IL
GA
WV
TX
CA
LA
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
196,000,000
193,000,000
180,000,000
75,000,000
34,000,000
1,700,000
90,000,000
Par
Par
Par
Par
Par
Par
Par
12/5/2008
Eagle Bancorp, Inc.
Bethesda
MD
Preferred Stock w/ Warrants
$
38,235,000
Par
12/23/2009
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
Sandy Spring Bancorp, Inc.
Coastal Banking Company, Inc.
East West Bancorp
South Financial Group, Inc.
Great Southern Bancorp
Cathay General Bancorp
Southern Community Financial Corp.
Olney
Fernandina Beach
Pasadena
Greenville
Springfield
Los Angeles
Winston-Salem
MD
FL
CA
SC
MO
CA
NC
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
83,094,000
9,950,000
306,546,000
347,000,000
58,000,000
258,000,000
42,750,000
CVB Financial Corp
Ontario
CA
Preferred Stock w/ Warrants
$
130,000,000
Par
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
Par
12/5/2008
Final Disposition
Final
Disposition
Date
Par
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
Remaining Capital
Amount
Remaining
Investment
Description
Par
Par
Par
Par
Par
Par
Par
Par
Par
11/21/2008
20
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Preferred Stock w/
Warrants
1/13/2010
4
$
50,000,000
$
12/9/2009
4
$
215,000,000
$
0
Warrants
12/30/2009
Warrants
R $
10,000,000
9/9/2009
4
$
75,000,000
$
0
Warrants
12/23/2009
Warrants
R $
950,000
9/16/2009
3/31/2009
4
$
$
1,700,000
90,000,000
$
$
0
0
10/14/2009
5/20/2009
Warrants
Warrants
R $
R $
63,364
1,200,000
$
15,000,000
$
23,235,000
Warrants
Warrants
Preferred Stock w/
Warrants
$
97,500,000
$
32,500,000
10/28/2009
Warrants
R $
1,307,000
5
5
104,000,000
4
9
9
9/2/2009
17
12
24
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/12/2008
First Defiance Financial Corp.
First Financial Holdings Inc.
Superior Bancorp Inc.
Southwest Bancorp, Inc.
Popular, Inc.
Blue Valley Ban Corp
Central Federal Corporation
Bank of Marin Bancorp
BNC B
Bancorp
Central Bancorp, Inc.
Southern Missouri Bancorp, Inc.
State Bancorp, Inc.
TIB Financial Corp
Unity Bancorp, Inc.
Old Line Bancshares, Inc.
FPB Bancorp, Inc.
Sterling Financial Corporation
Oak Valley Bancorp
Old National Bancorp
Defiance
Charleston
Birmingham
Stillwater
San Juan
Overland Park
Fairlawn
Novato
Thomasville
Th
ill
Somerville
Poplar Bluff
Jericho
Naples
Clinton
Bowie
Port St. Lucie
Spokane
Oakdale
Evansville
OH
SC
AL
OK
PR
KS
OH
CA
NC
MA
MO
NY
FL
NJ
MD
FL
WA
CA
IN
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Trust Preferred Securities w/ Warrants
Preferred Stock w/ Warrants
Trust Preferred Securities w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred St k w/ Warrants
P f
d Stock / W
t
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
37,000,000
65,000,000
69,000,000
70,000,000
935,000,000
21,750,000
7,225,000
28,000,000
31,260,000
31 260 000
10,000,000
9,550,000
36,842,000
37,000,000
20,649,000
7,000,000
5,800,000
303,000,000
13,500,000
100,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
P
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
4
$
32,500,000 $
0
Preferred Stock w/
Warrants
Warrants
3/31/2009
4
$
28,000,000
$
0
Warrants
7/15/2009
4
$
7,000,000
$
0
Warrants
9/2/2009
Warrants
R $
225,000
3/31/2009
4
$
100,000,000
$
0
Warrants
5/8/2009
Warrants
R $
1,200,000
8/26/2009
Page 5 of 37
Seller
Footnote
Purchase Date
Name of Institution
Purchase Details
City
State
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
22
Capital Bank Corporation
Pacific International Bancorp
SVB Financial Group
LNB Bancorp Inc.
Wilmington Trust Corporation
Susquehanna Bancshares, Inc
Signature Bank
HopFed Bancorp
Citizens Republic Bancorp, Inc.
Indiana Community Bancorp
Bank of the Ozarks, Inc.
Center Financial Corporation
NewBridge Bancorp
Sterling Bancshares, Inc.
The Bancorp, Inc.
TowneBank
Wilshire Bancorp, Inc.
Valley Financial Corporation
Raleigh
Seattle
Santa Clara
Lorain
Wilmington
Lititz
New York
Hopkinsville
Flint
Columbus
Little Rock
Los Angeles
Greensboro
Houston
Wilmington
Portsmouth
Los Angeles
Roanoke
NC
WA
CA
OH
DE
PA
NY
KY
MI
IN
AR
CA
NC
TX
DE
VA
CA
VA
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/12/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
Independent Bank Corporation
p
p
Pinnacle Financial Partners, Inc.
First Litchfield Financial Corporation
National Penn Bancshares, Inc.
Northeast Bancorp
Citizens South Banking Corporation
Virginia Commerce Bancorp
Fidelity Bancorp, Inc.
LSB Corporation
Intermountain Community Bancorp
Community West Bancshares
Synovus Financial Corp.
Tennessee Commerce Bancorp, Inc.
Community Bankers Trust Corporation
BancTrust Financial Group, Inc.
Enterprise Financial Services Corp.
Mid Penn Bancorp, Inc.
Summit State Bank
VIST Financial Corp.
Wainwright Bank & Trust Company
Whitney Holding Corporation
The Connecticut Bank and Trust Company
CoBiz Financial Inc.
Santa Lucia Bancorp
Seacoast Banking Corporation of Florida
Horizon Bancorp
Fidelity Southern Corporation
Community Financial Corporation
Berkshire Hills Bancorp, Inc.
First California Financial Group, Inc
AmeriServ Financial, Inc
Security Federal Corporation
Wintrust Financial Corporation
Flushing Financial Corporation
Monarch Financial Holdings, Inc.
StellarOne Corporation
Ionia
Nashville
Litchfield
Boyertown
Lewiston
Gastonia
Arlington
Pittsburgh
North Andover
Sandpoint
Goleta
Columbus
Franklin
Glen Allen
Mobile
St. Louis
Millersburg
Santa Rosa
Wyomissing
Boston
New Orleans
Hartford
Denver
Atascadero
Stuart
Michigan City
Atlanta
Staunton
Pittsfield
Westlake Village
Johnstown
Aiken
Lake Forest
Lake Success
Chesapeake
Charlottesville
MI
TN
CT
PA
ME
NC
VA
PA
MA
ID
CA
GA
TN
VA
AL
MO
PA
CA
PA
MA
LA
CT
CO
CA
FL
IN
GA
VA
MA
CA
PA
SC
IL
NY
VA
VA
Investment Description
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Mandatory Convertible Preferred Stock w/
Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
41,279,000
6,500,000
235,000,000
25,223,000
330,000,000
300,000,000
120,000,000
18,400,000
300,000,000
21,500,000
75,000,000
55,000,000
52,372,000
125,198,000
45,220,000
76,458,000
62,158,000
16,019,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
74,426,000
95,000,000
10,000,000
150,000,000
4,227,000
20,500,000
71,000,000
7,000,000
15,000,000
27,000,000
15,600,000
967,870,000
30,000,000
17,680,000
50,000,000
35,000,000
10,000,000
8,500,000
25,000,000
22,000,000
300,000,000
5,448,000
64,450,000
4,000,000
50,000,000
25,000,000
25 000 000
48,200,000
12,643,000
40,000,000
25,000,000
21,000,000
18,000,000
250,000,000
70,000,000
14,700,000
30,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
12/23/2009
5
$
235,000,000
$
4/21/2010
3/31/2009
4
$
$
200,000,000
120,000,000
$
$
11/4/2009
4
$
75,000,000
$
5/5/2009
3/10/2010
4
$
$
125,198,000
45,220,000
4/7/2010
4
$
11/18/2009
4
11/24/2009
0
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Warrants
Warrants
Warrants
3/10/2010
Warrants
A $
11,320,751
0
Warrants
11/24/2009
Warrants
R $
2,650,000
$
$
0
0
Warrants
Warrants
10,000,000
$
0
Warrants
4/7/2010
Warrants
R $
1,488,046
$
15,000,000
$
0
Warrants
12/16/2009
Warrants
R $
560,000
4
$
22,000,000
$
0
Warrants
12/16/2009
Warrants
R $
568,700
5/27/2009
4
$
40,000,000
$
0
Warrants
6/24/2009
Warrants
R $
1,040,000
10/28/2009
12/23/2009
5
$
$
70,000,000
14,700,000
$
$
0
0
Warrants
Warrants
12/30/2009
2/10/2010
Warrants
Warrants
R $
R $
900,000
260,000
4
5
5
100,000,000
0
Remaining
Investment
Description
9
9
Page 6 of 37
Seller
Name of Institution
Purchase Details
City
State
Investment Description
Investment Amount
Pricing
Mechanism
Footnote
Purchase Date
18
12/19/2008
Union First Market Bankshares Corporation
(Union Bankshares Corporation)
Bowling Green
VA
Preferred Stock w/ Warrants
$
59,000,000
Par
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/19/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
Tidelands Bancshares, Inc
Bancorp Rhode Island, Inc.
Hawthorn Bancshares, Inc.
The Elmira Savings Bank, FSB
Alliance Financial Corporation
Heartland Financial USA, Inc.
Citizens First Corporation
FFW Corporation
Plains Capital Corporation
Tri-County Financial Corporation
OneUnited Bank
Patriot Bancshares, Inc.
Pacific City Financial Corporation
Marquette National Corporation
Exchange Bank
Monadnock Bancorp, Inc.
Bridgeview Bancorp, Inc.
y
p
Fidelity Financial Corporation
Patapsco Bancorp, Inc.
NCAL Bancorp
FCB Bancorp, Inc.
First Financial Bancorp
Bridge Capital Holdings
International Bancshares Corporation
First Sound Bank
M&T Bank Corporation
Emclaire Financial Corp.
Park National Corporation
Green Bankshares, Inc.
Cecil Bancorp, Inc.
Financial Institutions, Inc.
Fulton Financial Corporation
United Bancorporation of Alabama, Inc.
MutualFirst Financial, Inc.
BCSB Bancorp, Inc.
HMN Financial, Inc.
First Community Bank Corporation of America
Sterling Bancorp
Intervest Bancshares Corporation
Peoples Bancorp of North Carolina, Inc.
Parkvale Financial Corporation
Timberland Bancorp, Inc.
1st Constitution Bancorp
Central Jersey Bancorp
Western Illinois Bancshares Inc.
Saigon National Bank
Capital Pacific Bancorp
Uwharrie Capital Corp
Mission Valley Bancorp
The Little Bank, Incorporated
Pacific Commerce Bank
Citizens Community Bank
Seacoast Commerce Bank
Mt. Pleasant
Providence
Lee's Summit
Elmira
Syracuse
Dubuque
Bowling Green
Wabash
Dallas
Waldorf
Boston
Houston
Los Angeles
Chicago
Santa Rosa
Peterborough
Bridgeview
Wichita
Dundalk
Los Angeles
Louisville
Cincinnati
San Jose
Laredo
Seattle
Buffalo
Emlenton
Newark
Greeneville
Elkton
Warsaw
Lancaster
Atmore
Muncie
Baltimore
Rochester
Pinellas Park
New York
New York
Newton
Monroeville
Hoquiam
Cranbury
Oakhurst
Monmouth
Westminster
Portland
Albemarle
Sun Valley
Kinston
Los Angeles
South Hill
Chula Vista
SC
RI
MO
NY
NY
IA
KY
IN
TX
MD
MA
TX
CA
IL
CA
NH
IL
KS
MD
CA
KY
OH
CA
TX
WA
NY
PA
OH
TN
MD
NY
PA
AL
IN
MD
MN
FL
NY
NY
NC
PA
WA
NJ
NJ
IL
CA
OR
NC
CA
NC
CA
VA
CA
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
14,448,000
30,000,000
30,255,000
9,090,000
26,918,000
81,698,000
8,779,000
7,289,000
87,631,000
15,540,000
12,063,000
26,038,000
16,200,000
35,500,000
43,000,000
1,834,000
38,000,000
36,282,000
6,000,000
10,000,000
9,294,000
80,000,000
23,864,000
216,000,000
7,400,000
600,000,000
7,500,000
100,000,000
72,278,000
11,560,000
37,515,000
376,500,000
10,300,000
32,382,000
10,800,000
26,000,000
10,685,000
42,000,000
25,000,000
25,054,000
31,762,000
16,641,000
12,000,000
12 000 000
11,300,000
6,855,000
1,549,000
4,000,000
10,000,000
5,500,000
7,500,000
4,060,000
3,000,000
1,800,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
2
2
2
3
2
2
2
2
2
2
2
2
2
2
2
2
2
2
3
2
2
2
2
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
Disposition
Investment
Description
11/18/2009
5
$
59,000,000
$
0
Warrants
12/23/2009
Warrants
8/5/2009
4
$
30,000,000
$
0
Warrants
9/30/2009
5/13/2009
4
$
26,918,000
$
0
Warrants
6/17/2009
2/24/2010
5
$
80,000,000
$
0
15
9
Final Disposition
Proceeds
Warrants
R $
450,000
Warrants
R $
1,400,000
Warrants
R $
900,000
Page 7 of 37
Seller
Name of Institution
Purchase Details
City
State
Investment Description
Investment Amount
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Footnote
Purchase Date
2
2
2
2
2
2
2
2
2
2
2
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/23/2008
12/31/2008
12/31/2008
12/31/2008
12/31/2008
12/31/2008
12/31/2008
12/31/2008
1/9/2009
1/9/2009
1/9/2009
TCNB Financial Corp.
Leader Bancorp, Inc.
Nicolet Bankshares, Inc.
Magna Bank
Western Community Bancshares, Inc.
Community Investors Bancorp, Inc.
Capital Bancorp, Inc.
Cache Valley Banking Company
Citizens Bancorp
Tennessee Valley Financial Holdings, Inc.
Pacific Coast Bankers' Bancshares
SunTrust Banks, Inc.
The PNC Financial Services Group Inc.
Fifth Third Bancorp
Hampton Roads Bankshares, Inc.
CIT Group Inc.
West Bancorporation, Inc.
First Banks, Inc.
Bank of America Corporation
FirstMerit Corporation
Farmers Capital Bank Corporation
Dayton
Arlington
Green Bay
Memphis
Palm Desert
Bucyrus
Rockville
Logan
Nevada City
Oak Ridge
San Francisco
Atlanta
Pittsburgh
Cincinnati
Norfolk
New York
West Des Moines
Clayton
Charlotte
Akron
Frankfort
OH
MA
WI
TN
CA
OH
MD
UT
CA
TN
CA
GA
PA
OH
VA
NY
IA
MO
NC
OH
KY
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Contingent Value Rights
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,000,000
5,830,000
14,964,000
13,795,000
7,290,000
2,600,000
4,700,000
4,767,000
10,400,000
3,000,000
11,600,000
1,350,000,000
7,579,200,000
3,408,000,000
80,347,000
2,330,000,000
36,000,000
295,400,000
10,000,000,000
125,000,000
30,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
1/9/2009
Peapack-Gladstone Financial Corporation
Gladstone
NJ
Preferred Stock w/ Warrants
$
28,685,000
Par
1/6/2010
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
Commerce National Bank
The First Bancorp, Inc.
Sun Bancorp, Inc.
Crescent Financial Corporation
American Express Company
Central Pacific Financial Corp.
Centrue Financial Corporation
Eastern Virginia Bankshares, Inc.
Colony Bankcorp, Inc.
Independent Bank Corp.
Cadence Financial Corporation
LCNB Corp.
Center Bancorp, Inc.
F.N.B. Corporation
C&F Financial Corporation
North Central Bancshares, Inc.
Carolina Bank Holdings, Inc.
First Bancorp
First Financial Service Corporation
Codorus Valley Bancorp, Inc.
MidSouth Bancorp, Inc.
First Security Group Inc
Group, Inc.
Shore Bancshares, Inc.
The Queensborough Company
American State Bancshares, Inc.
Security California Bancorp
Security Business Bancorp
Sound Banking Company
Mission Community Bancorp
Redwood Financial Inc.
Surrey Bancorp
Independence Bank
Newport Beach
Damariscotta
Vineland
Cary
New York
Honolulu
St. Louis
Tappahannock
Fitzgerald
Rockland
Starkville
Lebanon
Union
Hermitage
West Point
Fort Dodge
Greensboro
Troy
Elizabethtown
York
Lafayette
Chattanooga
Easton
Louisville
Great Bend
Riverside
San Diego
Morehead City
San Luis Obispo
Redwood Falls
Mount Airy
East Greenwich
CA
ME
NJ
NC
NY
HI
MO
VA
GA
MA
MS
OH
NJ
PA
VA
IA
NC
NC
KY
PA
LA
TN
MD
GA
KS
CA
CA
NC
CA
MN
NC
RI
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,000,000
25,000,000
89,310,000
24,900,000
3,388,890,000
135,000,000
32,668,000
24,000,000
28,000,000
78,158,000
44,000,000
13,400,000
10,000,000
100,000,000
20,000,000
10,200,000
16,000,000
65,000,000
20,000,000
16,500,000
20,000,000
33,000,000
33 000 000
25,000,000
12,000,000
6,000,000
6,815,000
5,803,000
3,070,000
5,116,000
2,995,000
2,000,000
1,065,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
10/7/2009
16
2
1a, 1b
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Remaining Capital
Amount
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
11/24/2009
4
$
3,455,000
$
2/10/2010
4
$
7,579,200,000
$
0
Warrants
4/29/2010
2/8/2010
16
$
(2,330,000,000) $
0
N/A
N/A
4
$
$
10,000,000,000
125,000,000
$
$
0
0
Warrants
Warrants
3/3/2010
5/27/2009
Warrants
Warrants
$
7,172,000
$
4
$
5,000,000
$
0
Preferred Stock w/
Warrants
Warrants
4/8/2009
4
$
89,310,000
$
0
Warrants
5/27/2009
6/17/2009
4
$
3,388,890,000
$
0
Warrants
4/22/2009
4
$
78,158,000
$
0
Warrants
10/21/2009
4
$
13,400,000
$
0
Warrants
9/9/2009
4
$
100,000,000
$
0
Warrants
4/15/2009
4
$
25,000,000
$
0
Final Disposition
Proceeds
N/A
12/9/2009
4/22/2009
15
Warrants
Warrants
4
10,340,000
4
2
2
2
2
2
3
2
2
2
Remaining
Investment
Description
21,513,000
Preferred Stock 2
A $
324,195,686
N/A
1b
A $
R $
124,228,646
5,025,000
Warrants
R $
2,100,000
7/29/2009
Warrants
R $
340,000,000
5/27/2009
Warrants
R $
2,200,000
Page 8 of 37
Seller
Footnote
Purchase Date
2
2
2
2
2
2
2
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/9/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/16/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
3
2
2
2
2
2, 19
3
2
2
2
2
2
2
2
2
2
2
2
3
2
2
2
2, 13 12/4/2009
2
1/23/2009
1/23/2009
Purchase Details
Name of Institution
Valley Community Bank
Rising Sun Bancorp
Community Trust Financial Corporation
GrandSouth Bancorporation
Texas National Bancorporation
Congaree Bancshares, Inc.
New York Private Bank & Trust Corporation
Home Bancshares, Inc.
Washington Banking Company
New Hampshire Thrift Bancshares, Inc.
Bar Harbor Bankshares
Somerset Hills Bancorp
SCBT Financial Corporation
S&T Bancorp
ECB Bancorp, Inc.
First BanCorp
Texas Capital Bancshares, Inc.
Yadkin Valley Financial Corporation
Carver Bancorp, Inc
Citizens & Northern Corporation
MainSource Financial Group, Inc.
MetroCorp Bancshares, Inc.
United Bancorp, Inc.
Old Second Bancorp, Inc.
Pulaski Financial Corp
OceanFirst Financial Corp.
Community 1st Bank
TCB Holding Company, Texas Community Bank
Centra Financial Holdings, Inc.
First Bankers Trustshares, Inc.
Pacific Coast National Bancorp
Community Bank of the Bay
Redwood Capital Bancorp
Syringa Bancorp
Idaho Bancorp
Puget Sound Bank
United Financial Banking Companies, Inc.
Dickinson Financial Corporation II
The Baraboo Bancorporation
Bank of Commerce
State Bankshares, Inc.
BNCCORP, Inc.
First Manitowoc Bancorp, Inc.
Southern Bancorp, Inc.
Morrill Bancshares Inc
Bancshares, Inc.
Treaty Oak Bancorp, Inc.
1st Source Corporation
Princeton National Bancorp, Inc.
AB&T Financial Corporation
First Citizens Banc Corp
WSFS Financial Corporation
Commonwealth Business Bank
Three Shores Bancorporation, Inc. (Seaside
National Bank & Trust)
CalWest Bancorp
City
State
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Pleasanton
Rising Sun
Ruston
Greenville
Jacksonville
Cayce
New York
Conway
Oak Harbor
Newport
Bar Harbor
Bernardsville
Columbia
Indiana
Engelhard
San Juan
Dallas
Elkin
New York
Wellsboro
Greensburg
Houston
Tecumseh
Aurora
Creve Coeur
Toms River
Roseville
The Woodlands
Morgantown
Quincy
San Clemente
Oakland
Eureka
Boise
Boise
Bellevue
Vienna
Kansas City
Baraboo
Charlotte
Fargo
Bismarck
Manitowoc
Arkadelphia
Merriam
Austin
South Bend
Princeton
Gastonia
Sandusky
Wilmington
Los Angeles
CA
MD
LA
SC
TX
SC
NY
AR
WA
NH
ME
NJ
SC
PA
NC
PR
TX
NC
NY
PA
IN
TX
MI
IL
MO
NJ
CA
TX
WV
IL
CA
CA
CA
ID
ID
WA
VA
MO
WI
NC
ND
ND
WI
AR
KS
TX
IN
IL
NC
OH
DE
CA
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,500,000
5,983,000
24,000,000
9,000,000
3,981,000
3,285,000
267,274,000
50,000,000
26,380,000
10,000,000
18,751,000
7,414,000
64,779,000
108,676,000
17,949,000
400,000,000
75,000,000
36,000,000
18,980,000
26,440,000
57,000,000
45,000,000
20,600,000
73,000,000
32,538,000
38,263,000
2,550,000
11,730,000
15,000,000
10,000,000
4,120,000
1,747,000
3,800,000
8,000,000
6,900,000
4,500,000
5,658,000
146,053,000
20,749,000
3,000,000
50,000,000
20,093,000
12,000,000
11,000,000
13,000,000
13 000 000
3,268,000
111,000,000
25,083,000
3,500,000
23,184,000
52,625,000
7,701,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Orlando
FL
Preferred Stock w/ Exercised Warrants
$
5,677,000
CA
Preferred Stock w/ Exercised Warrants
$
4,656,000
Remaining Capital
Amount
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Rancho Santa
Margarita
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Final Disposition
Remaining
Investment
Description
Par
2/24/2010
5/20/2009
5/20/2009
5
5/13/2009
$
$
$
18,751,000
7,414,000
64,779,000
$
$
$
0
0
0
Warrants
Warrants
Warrants
6/24/2009
6/24/2009
Warrants
Warrants
R $
R $
275,000
1,400,000
4
$
75,000,000
$
0
Warrants
3/11/2010
Warrants
A $
6,709,061
12/30/2009
5
$
38,263,000
$
0
Warrants
2/3/2010
Warrants
9
R $
430,797
3/31/2009
4
$
15,000,000
$
0
Preferred Stock 2
4/15/2009
Preferred Stock
2, 7
R $
750,000
2/11/2010
19
$
(4,120,000) $
0
N/A
N/A
N/A
8/12/2009
4
$
12,500,000
$
5/27/2009
4
$
12,000,000
$
5/27/2009
Preferred Stock
4
4
37,500,000
0
N/A
Preferred Stock 2
Preferred Stock 2
2, 7
R $
600,000
Page 9 of 37
Seller
Footnote
Purchase Date
Name of Institution
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/23/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
Fresno First Bank
First ULB Corp.
Alarion Financial Services, Inc.
Midland States Bancorp, Inc.
Moscow Bancshares, Inc.
Farmers Bank
California Oaks State Bank
Pierce County Bancorp
Calvert Financial Corporation
Liberty Bancshares, Inc.
Crosstown Holding Company
BankFirst Capital Corporation
Southern Illinois Bancorp, Inc.
FPB Financial Corp.
Stonebridge Financial Corp.
Peoples Bancorp Inc.
Anchor BanCorp Wisconsin Inc.
Parke Bancorp, Inc.
Central Virginia Bankshares, Inc.
Flagstar Bancorp, Inc.
Middleburg Financial Corporation
Peninsula Bank Holding Co.
PrivateBancorp, Inc.
Central Valley Community Bancorp
Plumas Bancorp
Stewardship Financial Corporation
Oak Ridge Financial Services, Inc.
First United Corporation
Community Partners Bancorp
Guaranty Federal Bancshares, Inc.
Annapolis Bancorp, Inc.
DNB Financial Corporation
Firstbank Corporation
Valley Commerce Bancorp
Greer Bancshares Incorporated
Ojai Community Bank
Adbanc, Inc
Beach Business Bank
Legacy Bancorp, Inc.
First Southern Bancorp, Inc.
Country Bank Shares, Inc.
Katahdin Bankshares Corp.
Rogers Bancshares, Inc.
UBT Bancshares, Inc.
Bankers'' B k of th W t Bancorp, Inc.
B k
Bank f the West B
I
W.T.B. Financial Corporation
AMB Financial Corp.
Goldwater Bank, N.A.
Equity Bancshares, Inc.
WashingtonFirst Bankshares, Inc. (WashingtonFirst
Bank)
Central Bancshares, Inc.
Hilltop Community Bancorp, Inc.
Northway Financial, Inc.
Monument Bank
Purchase Details
2
2
2
2
2
3
2
2
2
2
2
2
2
2
2
2
2, 13 10/30/2009
2
2
2
2
1/30/2009
1/30/2009
1/30/2009
1/30/2009
1/30/2009
City
State
Fresno
Oakland
Ocala
Effingham
Moscow
Windsor
Thousand Oaks
Tacoma
Ashland
Jonesboro
Blaine
Macon
Carmi
Hammond
West Chester
Marietta
Madison
Sewell
Powhatan
Troy
Middleburg
Palo Alto
Chicago
Fresno
Quincy
Midland Park
Oak Ridge
Oakland
Middletown
Springfield
Annapolis
Downingtown
Alma
Visalia
Greer
Ojai
Ogallala
Manhattan Beach
Milwaukee
Boca Raton
Milford
Houlton
Little Rock
Marysville
D
Denver
Spokane
Munster
Scottsdale
Wichita
CA
CA
FL
IL
TN
VA
CA
WA
MO
AR
MN
MS
IL
LA
PA
OH
WI
NJ
VA
MI
VA
CA
IL
CA
CA
NJ
NC
MD
NJ
MO
MD
PA
MI
CA
SC
CA
NE
CA
WI
FL
NE
ME
AR
KS
CO
WA
IN
AZ
KS
Reston
Houston
Summit
Berlin
Bethesda
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
P f
Preferred St k w/ Exercised W
d Stock / E
i d Warrants
t
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,968,000
4,900,000
6,514,000
10,189,000
6,216,000
8,752,000
3,300,000
6,800,000
1,037,000
57,500,000
10,650,000
15,500,000
5,000,000
3,240,000
10,973,000
39,000,000
110,000,000
16,288,000
11,385,000
266,657,000
22,000,000
6,000,000
243,815,000
7,000,000
11,949,000
10,000,000
7,700,000
30,000,000
9,000,000
17,000,000
8,152,000
11,750,000
33,000,000
7,700,000
9,993,000
2,080,000
12,720,000
6,000,000
5,498,000
10,900,000
7,525,000
10,449,000
25,000,000
8,950,000
12 639 000
12,639,000
110,000,000
3,674,000
2,568,000
8,750,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
P
Par
Par
Par
Par
Par
VA
Preferred Stock w/ Exercised Warrants
$
6,633,000
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
5,800,000
4,000,000
10,000,000
4,734,000
Par
Par
Par
Par
Remaining Capital
Amount
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
TX
NJ
NH
MD
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Final Disposition
Remaining
Investment
Description
4/22/2009
4
$
4,900,000
$
0
Preferred Stock 2
4/22/2009
Preferred Stock
2, 7
R $
245,000
12/23/2009
4
$
10,189,000
$
0
Preferred Stock 2
12/23/2009
Preferred Stock
2, 7
R $
509,000
12/16/2009
4
$
1,000,000
$
12/23/2009
5
$
22,000,000
$
0
Warrants
4/21/2010
4
$
4,000,000
$
0
Preferred Stock 2
4/21/2010
Preferred Stock
2, 7
R $
200,000
2,240,000
Preferred Stock 2
Page 10 of 37
Seller
Footnote
Purchase Date
2
2
2
1/30/2009
1/30/2009
1/30/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
Purchase Details
Name of Institution
City
State
Doraville
Trezevant
Exton
Iowa City
Oak Ridge
Coldwater
Hattiesburg
Lincolnton
Juneau
Chicago
Harper
Rapid City
Garden Grove
Gering
Boston
Versailles
New Orleans
Houston
GA
TN
PA
IA
NJ
MI
MS
NC
AK
IL
KS
SD
CA
NE
MA
KY
LA
TX
2/6/2009
2/13/2009
2/13/2009
3
2
2
2
2
2
2
3
2
Metro City Bank
F & M Bancshares, Inc.
First Resource Bank
MidWestOne Financial Group, Inc.
Lakeland Bancorp, Inc.
Monarch Community Bancorp, Inc.
The First Bancshares, Inc.
Carolina Trust Bank
Alaska Pacific Bancshares, Inc.
PGB Holdings, Inc.
The Freeport State Bank
Stockmens Financial Corporation
US Metro Bank
First Express of Nebraska, Inc.
Mercantile Capital Corp.
Citizens Commerce Bancshares, Inc.
Liberty Financial Services, Inc.
Lone Star Bank
Union First Market Bankshares Corporation
(
)
(First Market Bank, FSB)
Banner County Ban Corporation
Centrix Bank & Trust
Todd Bancshares, Inc.
Georgia Commerce Bancshares, Inc.
First Bank of Charleston, Inc.
F & M Financial Corporation
The Bank of Currituck
CedarStone Bank
Community Holding Company of Florida, Inc.
Hyperion Bank
Pascack Bancorp, Inc.
(Pascack Community Bank)
18
2/6/2009
2
2
2
2
2
2
2
2
2
2
2, 13 2/10/2010
2
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
2/6/2009
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,700,000
4,609,000
2,600,000
16,000,000
59,000,000
6,785,000
5,000,000
4,000,000
4,781,000
3,000,000
301,000
15,568,000
2,861,000
5,000,000
3,500,000
6,300,000
5,645,000
3,072,000
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Bowling Green
VA
Preferred Stock
$
33,900,000
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Harrisburg
Bedford
Hopkinsville
Atlanta
Charleston
Salisbury
Moyock
Lebanon
Miramar Beach
Philadelphia
NE
NH
KY
GA
WV
NC
NC
TN
FL
PA
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
795,000
7,500,000
4,000,000
8,700,000
3,345,000
17,000,000
4,021,000
3,564,000
1,050,000
1,552,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Westwood
NJ
Preferred Stock w/ Exercised Warrants
$
3,756,000
Par
First Western Financial, Inc.
QCR Holdings, Inc.
Denver
Moline
CO
IL
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
$
$
8,559,000
38,237,000
Par
Par
Westamerica Bancorporation
San Rafael
CA
Preferred Stock w/ Warrants
$
83,726,000
Par
The Bank of Kentucky Financial Corporation
PremierWest Bancorp
Carrollton Bancorp
FNB United Corp.
First Menasha Bancshares, Inc.
1st Enterprise Bank
DeSoto County Bank
Security Bancshares of Pulaski County, Inc.
State Capital Corporation
BankGreenville
Corning Savings and Loan Association
Financial Security Corporation
ColoEast Bankshares, Inc.
Santa Clara Valley Bank, N.A.
Reliance Bancshares, Inc.
Regional Bankshares, Inc.
Peoples Bancorp
First Choice Bank
Gregg Bancshares, Inc.
Crestview Hills
Medford
Baltimore
Asheboro
Neenah
Los Angeles
Horn Lake
Waynesville
Greenwood
Greenville
Corning
Basin
Lamar
Santa Paula
Frontenac
Hartsville
Lynden
Cerritos
Ozark
KY
OR
MD
NC
WI
CA
MS
MO
MS
SC
AR
WY
CO
CA
MO
SC
WA
CA
MO
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
34,000,000
41,400,000
9,201,000
51,500,000
4,797,000
4,400,000
1,173,000
2,152,000
15,000,000
1,000,000
638,000
5,000,000
10,000,000
2,900,000
40,000,000
1,500,000
18,000,000
2,200,000
825,000
$
9/2/2009
11/18/2009
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Final Disposition
Final
Disposition
Date
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
4
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
Remaining
Investment
Description
4
41,863,000
$
$
41,863,000
$
41,863,000
0
Preferred Stock w/
Warrants
Warrants
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Page 11 of 37
Seller
Footnote
Purchase Date
2
2
2
2
2
2
2
2
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/13/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/20/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2/27/2009
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Name of Institution
Hometown Bancshares, Inc.
Midwest Regional Bancorp, Inc.
Bern Bancshares, Inc.
Northwest Bancorporation, Inc.
Liberty Bancshares, Inc.
F&M Financial Corporation
Meridian Bank
Northwest Commercial Bank
Royal Bancshares of Pennsylvania, Inc.
First Merchants Corporation
Northern States Financial Corporation
Sonoma Valley Bancorp
Guaranty Bancorp, Inc.
The Private Bank of California
Lafayette Bancorp, Inc.
Liberty Shares, Inc.
White River Bancshares Company
United American Bank
Crazy Woman Creek Bancorp, Inc.
First Priority Financial Corp.
Mid-Wisconsin Financial Services, Inc.
Market Bancorporation, Inc.
Hometown Bancorp of Alabama, Inc.
Security State Bancshares, Inc.
CBB Bancorp
BancPlus Corporation
Central Community Corporation
First BancTrust Corporation
Premier Service Bank
Florida Business BancGroup, Inc.
Hamilton State Bancshares
Lakeland Financial Corporation
First M&F Corporation
Southern First Bancshares, Inc.
Integra Bank Corporation
Community First Inc.
BNC Financial Group, Inc.
California Bank of Commerce
Columbine Capital Corp.
National Bancshares, Inc.
First State Bank of Mobeetie
Ridgestone Financial Services, Inc.
Community Business Bank
D.L. Evans Bancorp
TriState Capital Holdings, Inc.
T iSt t C it l H ldi
I
Green City Bancshares, Inc.
First Gothenburg Bancshares, Inc.
Green Circle Investments, Inc.
Private Bancorporation, Inc.
Regent Capital Corporation
Central Bancorp, Inc.
Medallion Bank
PSB Financial Corporation
Avenue Financial Holdings, Inc.
Howard Bancorp, Inc.
Purchase Details
City
Corbin
Festus
Bern
Spokane
Springfield
Clarksville
Devon
Lakewood
Narberth
Muncie
Waukegan
Sonoma
Woodsville
Los Angeles
Oxford
Hinesville
Fayetteville
San Mateo
Buffalo
Malvern
Medford
New Market
Oneonta
Charleston
Cartersville
Ridgeland
Temple
Paris
Riverside
Tampa
Hoschton
Warsaw
Kosciusko
Greenville
Evansville
Columbia
New Canaan
Lafayette
Buena Vista
Bettendorf
Mobeetie
Brookfield
West Sacramento
Burley
Pittsburgh
Pitt b h
Green City
Gothenburg
Clive
Minneapolis
Nowata
Garland
Salt Lake City
Many
Nashville
Ellicott City
State
KY
MO
KS
WA
MO
TN
PA
WA
PA
IN
IL
CA
NH
CA
MS
GA
AR
CA
WY
PA
WI
MN
AL
MO
GA
MS
TX
IL
CA
FL
GA
IN
MS
SC
IN
TN
CT
CA
CO
IA
TX
WI
CA
ID
PA
MO
NE
IA
MN
OK
TX
UT
LA
TN
MD
Investment Description
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
P f
d St k / E
i dW
t
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Investment Amount
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
1,900,000
700,000
985,000
10,500,000
21,900,000
17,243,000
6,200,000
1,992,000
30,407,000
116,000,000
17,211,000
8,653,000
6,920,000
5,450,000
1,998,000
17,280,000
16,800,000
8,700,000
3,100,000
4,579,000
10,000,000
2,060,000
3,250,000
12,500,000
2,644,000
48,000,000
22,000,000
7,350,000
4,000,000
9,495,000
7,000,000
56,044,000
30,000,000
17,299,000
83,586,000
17,806,000
4,797,000
4,000,000
2,260,000
24,664,000
731,000
10,900,000
3,976,000
19,891,000
23,000,000
23 000 000
651,000
7,570,000
2,400,000
4,960,000
2,655,000
22,500,000
11,800,000
9,270,000
7,400,000
5,983,000
Pricing
Mechanism
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
P
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
11/10/2009
4
$
700,000
$
0
Preferred Stock 2
11/10/2009
Preferred Stock
2, 7
R $
35,000
4/14/2010
4
$
731,000
$
0
Preferred Stock 2
4/14/2010
Preferred Stock
2, 7
R $
37,000
Page 12 of 37
Seller
FNB Bancorp
The Victory Bancorp, Inc.
(The Victory Bank)
South San Francisco
CA
Preferred Stock w/ Exercised Warrants
$
12,000,000
Limerick
PA
Preferred Stock w/ Exercised Warrants
$
541,000
Catskill Hudson Bancorp, Inc
Midtown Bank & Trust Company
HCSB Financial Corporation
First Busey Corporation
First Federal Bancshares of Arkansas, Inc.
Citizens Bancshares Corporation
ICB Financial
First Texas BHC, Inc.
Farmers & Merchants Bancshares, Inc.
Blue Ridge Bancshares, Inc.
First Reliance Bancshares, Inc.
Merchants and Planters Bancshares, Inc.
First Southwest Bancorporation, Inc.
Germantown Capital Corporation, Inc.
BOH Holdings, Inc.
AmeriBank Holding Company
Highlands Independent Bancshares, Inc.
Pinnacle Bank Holding Company, Inc.
Blue River Bancshares, Inc.
Marine Bank & Trust Company
Community Bancshares of Kansas, Inc.
Regent Bancorp, Inc.
Park Bancorporation, Inc.
PeoplesSouth Bancshares, Inc.
First Place Financial Corp.
Salisbury Bancorp, Inc.
First Northern Community Bancorp
Discover Financial Services
Provident Community Bancshares, Inc.
First American International Corp.
BancIndependent, Inc.
Haviland Bancshares, Inc.
1st United Bancorp, Inc.
Madison Financial Corporation
First National Corporation
St. Johns Bancshares, Inc.
Blackhawk Bancorp, Inc.
Rock Hill
Atlanta
Loris
Urbana
Harrison
Atlanta
Ontario
Fort Worth
Houston
Independence
Florence
Toone
Alamosa
Germantown
Houston
Collinsville
Sebring
Orange City
Shelbyville
Vero Beach
Goff
Davie
Madison
Colquitt
Warren
Lakeville
Dixon
Riverwoods
Rock Hill
Brooklyn
Sheffield
Haviland
Boca Raton
Richmond
Strasburg
St. Louis
Beloit
NY
GA
SC
IL
AR
GA
CA
TX
TX
MO
SC
TN
CO
TN
TX
OK
FL
FL
IN
FL
KS
FL
WI
GA
OH
CT
CA
IL
SC
NY
AL
KS
FL
KY
VA
MO
WI
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,000,000
5,222,000
12,895,000
100,000,000
16,500,000
7,462,000
6,000,000
13,533,000
11,000,000
12,000,000
15,349,000
1,881,000
5,500,000
4,967,000
10,000,000
2,492,000
6,700,000
4,389,000
5,000,000
3,000,000
500,000
9,982,000
23,200,000
12,325,000
72,927,000
8,816,000
17,390,000
1,224,558,000
9,266,000
17,000,000
21,100,000
425,000
10,000,000
3,370,000
13,900,000
3,000,000
10,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
3/13/2009
IBW Financial Corporation
Washington
DC
Preferred Stock
$
6,000,000
3
2
2
2
2
2
2
2
2, 3a 11/13/2009
2
2
2
2
2
Butler Point, Inc.
Bank of George
Moneytree Corporation
y
p
Sovereign Bancshares, Inc.
First Intercontinental Bank
Heritage Oaks Bancorp
Community First Bancshares Inc.
First NBC Bank Holding Company
First Colebrook Bancorp, Inc.
Kirksville Bancorp, Inc.
Peoples Bancshares of TN, Inc
Premier Bank Holding Company
Citizens Bank & Trust Company
Farmers & Merchants Financial Corporation
Catlin
Las Vegas
Lenoir City
y
Dallas
Doraville
Paso Robles
Union City
New Orleans
Colebrook
Kirksville
Madisonville
Tallahassee
Covington
Argonia
IL
NV
TN
TX
GA
CA
TN
LA
NH
MO
TN
FL
LA
KS
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
$
$
$
$
$
$
$
$
$
607,000
2,672,000
9,516,000
,
,
18,215,000
6,398,000
21,000,000
20,000,000
17,836,000
4,500,000
470,000
3,900,000
9,500,000
2,400,000
442,000
2
2
2
2
2
2
2
2
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
3/20/2009
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
2/27/2009
2/27/2009
Investment Amount
Remaining
Investment
Description
Par
2/27/2009
2/27/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/6/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
2
2, 13 12/4/2009
2
2
Investment Description
Pricing
Mechanism
State
Purchase Date
Name of Institution
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
City
Footnote
3
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Purchase Details
Par
4/21/2010
4
$
1,224,558,000
$
0
Warrants
11/18/2009
4
$
10,000,000
$
0
Preferred Stock 2
11/18/2009
Preferred Stock
2, 7
R $
500,000
Page 13 of 37
Seller
Purchase Details
Name of Institution
City
State
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Footnote
Purchase Date
2
2
2
2
2
2
3/20/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
Farmers State Bankshares, Inc.
SBT Bancorp, Inc.
CSRA Bank Corp.
Trinity Capital Corporation
Clover Community Bankshares, Inc.
Pathway Bancorp
Holton
Simsbury
Wrens
Los Alamos
Clover
Cairo
KS
CT
GA
NM
SC
NE
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
2
3/27/2009
Colonial American Bank
West Conshohocken
PA
Preferred Stock w/ Exercised Warrants
$
574,000
2
2
2
2
2
2
2
2
2
2
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/3/2009
4/10/2009
4/10/2009
4/10/2009
4/10/2009
4/10/2009
4/17/2009
4/17/2009
4/17/2009
4/17/2009
4/17/2009
4/17/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
4/24/2009
MS Financial, Inc.
Triad Bancorp, Inc.
Alpine Banks of Colorado
Naples Bancorp, Inc.
CBS Banc-Corp.
IBT Bancorp, Inc.
Spirit BankCorp, Inc.
Maryland Financial Bank
First Capital Bancorp, Inc.
Tri-State Bank of Memphis
Fortune Financial Corporation
BancStar, Inc.
Titonka Bancshares, Inc
Millennium Bancorp, Inc.
TriSummit Bank
Prairie Star Bancshares, Inc.
Community First Bancshares, Inc.
BCB Holding Company, Inc.
City National Bancshares Corporation
First Business Bank, N.A.
SV Financial, Inc.
Capital Commerce Bancorp, Inc.
Metropolitan Capital Bancorp, Inc.
Bank of the Carolinas Corporation
Penn Liberty Financial Corp.
Tifton Banking Company
Patterson Bancshares, Inc
BNB Financial Services Corporation
Omega Capital Corp.
Mackinac Financial Corporation
Birmingham Bloomfield Bancshares, Inc
Vision Bank - Texas
Oregon Bancorp, Inc.
Peoples Bancorporation, Inc.
Indiana Bank Corp.
Business Bancshares, Inc.
Standard Bancshares, Inc.
York Traditions Bank
Grand Capital Corporation
Allied First Bancorp, Inc.
Kingwood
Frontenac
Glenwood Springs
Naples
Russellville
Irving
Bristow
Towson
Glen Ellen
Memphis
Arnold
Festus
Titonka
Edwards
Kingsport
Olathe
Harrison
Theodore
Newark
San Diego
Sterling
Milwaukee
Chicago
Mocksville
Wayne
Tifton
Patterson
New York
Lakewood
Manistique
Birmingham
Richardson
Salem
Easley
Dana
Clayton
Hickory Hills
York
Tulsa
Oswego
TX
MO
CO
FL
AL
TX
OK
MD
VA
TN
MO
MO
IA
CO
TN
KS
AR
AL
NJ
CA
IL
WI
IL
NC
PA
GA
LA
NY
CO
MI
MI
TX
OR
SC
IN
MO
IL
PA
OK
IL
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,723,000
3,700,000
70,000,000
4,000,000
24,300,000
2,295,000
30,000,000
1,700,000
10,958,000
2,795,000
3,100,000
8,600,000
2,117,000
7,260,000
2,765,000
2,800,000
12,725,000
1,706,000
9,439,000
2,211,000
4,000,000
5,100,000
2,040,000
13,179,000
9,960,000
3,800,000
3,690,000
7,500,000
2,816,000
11,000,000
1,635,000
1,500,000
3,216,000
12,660,000
1,312,000
15,000,000
60,000,000
4,871,000
4,000,000
3,652,000
4/24/2009
Frontier Bancshares, Inc.
Austin
TX
$
3,000,000
Par
2
2
2
2
5/1/2009
5/1/2009
5/1/2009
5/1/2009
5/1/2009
Village Bank and Trust Financial Corp
CenterBank
Georgia Primary Bank
Union Bank & Trust Company
HPK Financial Corporation
Midlothian
Milford
Atlanta
Oxford
Chicago
VA
OH
GA
NC
IL
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
$
$
$
$
$
14,738,000
2,250,000
4,500,000
3,194,000
4,000,000
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
8
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Remaining Capital
Amount
Final Disposition
Final
Disposition
Date
Par
2
2
2
2
2
2
2
2
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining
Investment
Description
Par
Par
Par
Par
Par
2, 3
2
2
2
2
2
2
2
2
3
2
2
2
2
2
2
2
2
2
$
$
$
$
$
$
700,000
4,000,000
2,400,000
35,539,000
3,000,000
3,727,000
Par
Par
Par
Par
Par
Par
11/24/2009
4
$
1,600,000
$
1,400,000
Subordinated
Debentures 8
Page 14 of 37
Seller
Purchase Details
Name of Institution
City
State
Footnote
Purchase Date
8
5/1/2009
OSB Financial Services, Inc.
Orange
TX
8
5/1/2009
Security State Bank Holding-Company
Jamestown
ND
2
2
2
5/8/2009
5/8/2009
5/8/2009
Highlands State Bank
One Georgia Bank
Gateway Bancshares, Inc.
Vernon
Atlanta
Ringgold
NJ
GA
GA
8
5/8/2009
Freeport Bancshares, Inc.
Freeport
IL
8
5/8/2009
Investors Financial Corporation of Pettis County, Inc. Sedalia
MO
8
5/8/2009
Sword Financial Corporation
Horicon
WI
3, 8
2
2
2
2
2
2
2
3, 8
5/8/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
5/15/2009
Premier Bancorp, Inc.
Mercantile Bank Corporation
Northern State Bank
Western Reserve Bancorp, Inc
Community Financial Shares, Inc.
Worthington Financial Holdings, Inc.
First Community Bancshares, Inc
Southern Heritage Bancshares, Inc.
Foresight Financial Group, Inc.
IBC Bancorp, Inc.
Wilmette
Grand Rapids
Closter
Medina
Glen Ellyn
Huntsville
Overland Park
Cleveland
Rockford
Chicago
IL
MI
NJ
OH
IL
AL
KS
TN
IL
IL
8
5/15/2009
Boscobel Bancorp, Inc
Boscobel
WI
8
5/15/2009
Brogan Bankshares, Inc.
Kaukauna
WI
8
5/15/2009
Riverside Bancshares, Inc.
Little Rock
AR
8
5/15/2009
Deerfield Financial Corporation
Deerfield
WI
8
5/15/2009
Market Street Bancshares, Inc.
Mt. Vernon
2
2
2
2
2
2
2
5/22/2009
5/22/2009
5/22/2009
5/22/2009
5/22/2009
5/22/2009
5/22/2009
The Landrum Company
First Advantage Bancshares Inc.
Fort Lee Federal Savings Bank
Blackridge Financial, Inc.
Illinois State Bancorp, Inc.
Universal Bancorp
Franklin Bancorp, Inc.
Columbia
Coon Rapids
Fort Lee
Fargo
Chicago
Bloomfield
Washington
MO
MN
NJ
ND
IL
IN
MO
8
5/22/2009
Commonwealth Bancshares, Inc.
Louisville
KY
8
5/22/2009
Premier Financial Corp
Dubuque
IA
8
5/22/2009
F & C Bancorp, Inc.
Holden
MO
8
5/22/2009
Diamond Bancorp, Inc.
Washington
MO
8
5/22/2009
United Bank Corporation
Barnesville
GA
2
2
2
2
2
5/29/2009
5/29/2009
5/29/2009
5/29/2009
5/29/2009
5/29/2009
Community Bank Shares of Indiana, Inc.
American Premier Bancorp
CB Holding Corp.
Citizens Bancshares Co.
Grand Mountain Bancshares, Inc.
Two Rivers Financial Group
New Albany
Arcadia
Aledo
Chillicothe
Granby
Burlington
IN
CA
IL
MO
CO
IA
8
5/29/2009
Fidelity Bancorp, Inc
Baton Rouge
LA
IL
Investment Description
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
6,100,000
10,750,000
$
$
$
3,091,000
5,500,000
6,000,000
3,000,000
4,000,000
$
13,644,000
Par
$
$
$
$
$
$
$
$
$
$
6,784,000
21,000,000
1,341,000
4,700,000
6,970,000
2,720,000
14,800,000
4,862,000
15,000,000
4,205,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
$
5,586,000
Par
$
2,400,000
Par
$
1,100,000
Par
$
2,639,000
Par
$
20,300,000
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
$
$
$
$
$
15,000,000
1,177,000
1,300,000
5,000,000
6,272,000
9,900,000
5,097,000
Par
Par
Par
Par
Par
Par
Par
$
20,400,000
Par
$
6,349,000
Par
$
2,993,000
Par
$
20,445,000
Par
$
14,400,000
Par
$
$
$
$
$
$
19,468,000
1,800,000
4,114,000
24,990,000
3,076,000
12,000,000
Par
Par
Par
Par
Par
Par
$
3,942,000
Final Disposition
Proceeds
Par
Subordinated Debentures
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
15
Par
$
Disposition
Investment
Description
Par
Par
Par
$
Final Disposition
Final
Disposition
Date
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Remaining Capital
Amount
Remaining
Investment
Description
Par
$
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Par
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Page 15 of 37
Seller
Purchase Details
Name of Institution
City
State
Footnote
Purchase Date
8
5/29/2009
Chambers Bancshares, Inc.
Danville
AR
2
6/5/2009
Covenant Financial Corporation
Clarksdale
MS
8
6/5/2009
First Trust Corporation
New Orleans
LA
8, 10
6/5/2009
OneFinancial Corporation
Little Rock
AR
2
2, 10
2
2, 10
2
6/12/2009
6/12/2009
6/12/2009
6/12/2009
6/12/2009
Berkshire Bancorp, Inc.
First Vernon Bancshares, Inc.
SouthFirst Bancshares, Inc.
Virginia Company Bank
Enterprise Financial Services Group, Inc.
Wyomissing
Vernon
Sylacauga
Newport News
Allison Park
PA
AL
AL
VA
PA
8, 10
6/12/2009
First Financial Bancshares, Inc.
Lawrence
KS
8
6/12/2009
River Valley Bancorporation, Inc.
Wausau
WI
2
2, 10
6/19/2009
6/19/2009
Merchants and Manufacturers Bank Corporation
RCB Financial Corporation
Joliet
Rome
IL
GA
8
6/19/2009
Manhattan Bancshares, Inc.
Manhattan
8, 10
6/19/2009
Biscayne Bancshares, Inc.
y
Coconut Grove
FL
8
6/19/2009
Duke Financial Group, Inc.
Minneapolis
MN
8
6/19/2009
Farmers Enterprises, Inc.
Great Bend
KS
8
6/19/2009
Century Financial Services Corporation
Santa Fe
NM
8
6/19/2009
NEMO Bancshares Inc.
Madison
MO
3, 8
6/19/2009
University Financial Corp, Inc.
St. Paul
MN
8
6/19/2009
Suburban Illinois Bancorp, Inc.
Elmhurst
IL
2
2, 10
2
2, 10
2
2
2, 10
2, 3, 10
2
2
2
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
6/26/2009
Hartford Financial Services Group, Inc.
Fidelity Resources Company
Waukesha Bankshares, Inc.
FC Holdings, Inc.
Security Capital Corporation
First Alliance Bancshares, Inc.
Gulfstream Bancshares, Inc.
Gold Canyon Bank
M&F Bancorp, Inc.
Metropolitan Bank Group, Inc.
NC Bancorp, Inc.
Alliance Bancshares, Inc.
Hartford
Plano
Waukesha
Houston
Batesville
Cordova
Stuart
Gold Canyon
Durham
Chicago
Chicago
Dalton
CT
TX
WI
TX
MS
TN
FL
AZ
NC
IL
IL
GA
8
6/26/2009
Stearns Financial Services, Inc.
St. Cloud
MN
8
6/26/2009
Signature Bancshares, Inc.
Dallas
TX
8
6/26/2009
Fremont Bancorporation
Fremont
CA
8
6/26/2009
Alliance Financial Services Inc.
Saint Paul
MN
7/10/2009
Lincoln National Corporation
Radnor
2, 10
2
2
2,3
7/10/2009
7/17/2009
7/17/2009
7/17/2009
Bancorp Financial, Inc.
Brotherhood Bancshares, Inc.
SouthCrest Financial Group, Inc.
Harbor Bankshares Corporation
Oak Brook
Kansas City
Fayetteville
Baltimore
IL
Investment Description
Subordinated Debentures w/ Exercised
Warrants
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
19,817,000
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
$
5,000,000
17,969,000
$
17,300,000
2,892,000
6,000,000
2,760,000
4,700,000
4,000,000
3,756,000
Par
$
15,000,000
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
3,510,000
8,900,000
Par
Par
$
2,639,000
Final Disposition
Proceeds
Par
Par
Par
Par
Par
$
15
Par
$
$
$
$
$
Disposition
Investment
Description
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Remaining Capital
Amount
Final Disposition
Final
Disposition
Date
Par
$
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining
Investment
Description
Par
Par
$
6,400,000
Par
$
12,000,000
Par
$
12,000,000
Par
$
10,000,000
Par
$
2,330,000
Par
Subordinated Debentures
Subordinated Debentures w/ Exercised
Warrants
$
11,926,000
Par
$
15,000,000
Par
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
$
$
$
$
$
$
$
$
$
$
3,400,000,000
3,000,000
5,625,000
21,042,000
17,388,000
3,422,000
7,500,000
1,607,000
11,735,000
71,526,000
6,880,000
2,986,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
PA
IL
KS
GA
MD
$
24,900,000
1,700,000
35,000,000
12,000,000
Preferred Stock w/ Warrants
$
950,000,000
13,669,000
11,000,000
12,900,000
6,800,000
Warrants
Par
$
$
$
$
0
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
$
Par
$
$ 3,400,000,000.00
Par
$
4
Par
$
3/31/2010
Par
Par
Par
Par
Page 16 of 37
Seller
Purchase Details
Name of Institution
City
State
Footnote
Purchase Date
8
7/17/2009
First South Bancorp, Inc.
Lexington
TN
8
7/17/2009
Great River Holding Company
Baxter
MN
8, 10
7/17/2009
Plato Holdings Inc.
Saint Paul
MN
2, 10
2
7/24/2009
7/24/2009
7/24/2009
Yadkin Valley Financial Corporation
Community Bancshares, Inc.
Florida Bank Group, Inc.
Elkin
Kingman
Tampa
NC
AZ
FL
8
7/24/2009
First American Bank Corporation
Elk Grove Village
IL
2
7/31/2009
Chicago Shore Corporation
Chicago
IL
8, 10
7/31/2009
Financial Services of Winger, Inc.
Winger
MN
2
2
2
2
8/7/2009
8/7/2009
8/14/2009
8/21/2009
The ANB Corporation
U.S. Century Bank
Bank Financial Services, Inc.
KS Bancorp, Inc.
Terrell
Miami
Eden Prarie
Smithfield
TX
FL
MN
NC
Investment Description
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
50,000,000
8,400,000
2,500,000
$
$
$
13,312,000
3,872,000
20,471,000
50,000,000
$
7,000,000
Par
$
3,742,000
Par
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
$
$
20,000,000
50,236,000
1,004,000
4,000,000
Par
Par
Par
Par
$
5,000,000
Par
Preferred Stock
P f
Preferred Stock w/ E
d S k / Exercised W
i d Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
$
3,223,000
20 699 000
20,699,000
16,015,000
Par
P
Par
Par
$
9,720,000
Par
$
1,697,000
Final Disposition
Proceeds
Par
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
15
Par
Par
Par
$
Disposition
Investment
Description
Par
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Final Disposition
Final
Disposition
Date
Par
$
Remaining Capital
Amount
Remaining
Investment
Description
Par
$
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Par
8
8/21/2009
AmFirst Financial Services, Inc.
McCook
NE
2, 3
2
2, 10
8/28/2009
8/28/2009
8/28/2009
First Independence Corporation
First Guaranty Bancshares, Inc.
Fi G
B
h
I
CoastalSouth Bancshares, Inc.
Detroit
Hammond
H
d
Hilton Head Island
MI
LA
SC
8, 10
8/28/2009
TCB Corporation
Greenwood
SC
8, 10
9/4/2009
The State Bank of Bartley
Bartley
NE
9/11/2009
Pathfinder Bancorp, Inc.
Oswego
NY
Preferred Stock w/ Warrants
$
6,771,000
Par
2
9/11/2009
Community Bancshares of Mississippi, Inc.
Brandon
MS
Preferred Stock w/ Exercised Warrants
$
52,000,000
Par
2, 10
2, 10
9/11/2009
9/11/2009
Heartland Bancshares, Inc.
PFSB Bancorporation, Inc.
Franklin
Pigeon Falls
IN
WI
$
$
7,000,000
1,500,000
Par
Par
8
9/11/2009
First Eagle Bancshares, Inc.
Hanover Park
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
$
7,500,000
Par
2, 10
2, 10
2, 10
2
9/18/2009
9/18/2009
9/25/2009
9/25/2009
IA Bancorp, Inc.
HomeTown Bankshares Corporation
Heritage Bankshares, Inc.
Mountain Valley Bancshares, Inc.
Iselin
Roanoke
Norfolk
Cleveland
NJ
VA
VA
GA
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
$
$
$
$
5,976,000
10,000,000
10,103,000
3,300,000
Par
Par
Par
Par
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
IL
8
9/25/2009
Grand Financial Corporation
Hattiesburg
MS
3, 8
10, 21
9/25/2009
9/25/2009
Guaranty Capital Corporation
GulfSouth Private Bank
Belzoni
Destin
MS
FL
8, 10
9/25/2009
Steele Street Bank Corporation
Denver
CO
2, 10
2, 10
10/2/2009
10/2/2009
10/23/2009
Premier Financial Bancorp, Inc.
Providence Bank
Regents Bancshares, Inc.
Huntington
Rocky Mount
Vancouver
WV
NC
WA
8
2
2, 10a
2, 10a
2, 10
10/23/2009
10/30/2009
10/30/2009
11/6/2009
11/13/2009
Cardinal Bancorp II, Inc.
Randolph Bank & Trust Company
WashingtonFirst Bankshares, Inc.
F & M Bancshares, Inc.
Fidelity Federal Bancorp
Washington
Asheboro
Reston
Trezevant
Evansville
MO
8, 10
2, 10a
2, 10
2
2, 10a
11/13/2009
11/13/2009
11/20/2009
11/20/2009
11/20/2009
Community Pride Bank Corporation
HPK Financial Corporation
Presidio Bank
McLeod Bancshares, Inc.
Metropolitan Capital Bancorp, Inc.
Ham Lake
Chicago
San Francisco
Shorewood
Chicago
MN
NC
VA
TN
IN
IL
CA
MN
IL
$
2,443,320
Par
$
$
14,000,000
7,500,000
Par
Par
$
11,019,000
Par
$
$
$
22,252,000
4,000,000
12,700,000
Par
Par
Par
$
$
$
$
$
6,251,000
6,229,000
6,842,000
3,535,000
6,657,000
Par
Par
Par
Par
Par
$
$
$
$
$
4,400,000
5,000,000
10,800,000
6,000,000
2,348,000
Par
Par
Par
Par
Par
Page 17 of 37
Seller
Footnote
12/4/2009
12/4/2009
12/4/2009
12/11/2009
12/11/2009
Name of Institution
Purchase Date
3, 10a
2
2, 10
2
2, 10
Purchase Details
Broadway Financial Corporation
Delmar Bancorp
Liberty Bancshares, Inc.
First Community Financial Partners, Inc.
Wachusett Financial Services, Inc.
City
Los Angeles
Delmar
Fort Worth
Joliet
Clinton
State
CA
MD
TX
IL
MA
8
12/11/2009
Nationwide Bankshares, Inc.
West Point
NE
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2
2, 10
2
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2, 10
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2, 10
2, 10
2
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/18/2009
12/18/2009
12/18/2009
12/18/2009
12/18/2009
12/18/2009
12/18/2009
12/18/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
12/22/2009
12/29/2009
12/29/2009
12/29/2009
GrandSouth Bancorporation
1st Enterprise Bank
First Resource Bank
First Western Financial, Inc.
Meridian Bank
The Victory Bancorp, Inc.
First Business Bank, N.A.
Layton Park Financial Group
Centric Financial Corporation
Valley Financial Group, Ltd., 1st State Bank
Cache Valley Banking Company
Birmingham Bloomfield Bancshares, Inc
y
p
First Priority Financial Corp.
Northern State Bank
Union Bank & Trust Company
First Freedom Bancshares, Inc.
First Choice Bank
Highlands State Bank
Medallion Bank
Catskill Hudson Bancorp, Inc
TriSummit Bank
Atlantic Bancshares, Inc.
Union Financial Corporation
Mainline Bancorp, Inc.
Greenville
Los Angeles
Exton
Denver
Devon
Limerick
San Diego
Milwaukee
Harrisburg
Saginaw
Logan
Birmingham
Malvern
Closter
Oxford
Lebanon
Cerritos
Vernon
Salt Lake City
Rock Hill
Kingsport
Bluffton
Albuquerque
Ebensburg
SC
CA
PA
CO
PA
PA
CA
WI
PA
MI
UT
MI
PA
NJ
NC
TN
CA
NJ
UT
NY
TN
SC
NM
PA
8, 10
12/29/2009
FBHC Holding Company
Boulder
CO
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
2, 10a
12/29/2009
12/29/2009
12/29/2009
12/29/2009
12/29/2009
12/29/2009
Western Illinois Bancshares Inc.
DeSoto County Bank
Lafayette Bancorp, Inc.
Private Bancorporation, Inc.
CBB Bancorp
Illinois State Bancorp, Inc.
Monmouth
Horn Lake
Oxford
Minneapolis
Cartersville
Chicago
IL
MS
MS
MN
GA
IL
Investment Description
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock w/ Exercised Warrants
Total Purchase Amount
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
$
$
$
$
6,000,000
9,000,000
6,500,000
22,000,000
12,000,000
2,000,000
6,319,000
6,000,000
2,417,000
11,881,000
6,335,000
1,505,000
2,032,000
3,000,000
6,056,000
1,300,000
4,640,000
1,744,000
4,596,000
1,230,000
2,997,000
8,700,000
2,836,000
2,359,000
9,698,000
3,500,000
4,237,000
2,000,000
2,179,000
4,500,000
3,035,000
4,567,000
1,508,000
2,453,000
3,262,000
1,753,000
4,000,000
204,901,756,320
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
$
15
Par
$
$
$
$
$
$
Disposition
Investment
Description
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
$
Remaining Capital
Amount
Final Disposition
Final
Disposition
Date
Par
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Remaining
Investment
Description
Par
Par
Par
Par
Par
$
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Total Capital Repayment Amount
Total Losses
$
TOTAL TREASURY CAPITAL PURCHASE PROGRAM (CPP) INVESTMENT AMOUNT
$
$
137,269,010,000
Total Warrant Proceeds
$
4,722,110,881
(2,334,120,000)
65,298,626,320
Notes appear on the following page
page.
Page 18 of 37
1a/ This transaction was included in previous Transaction Reports with Merrill Lynch & Co., Inc. listed as the qualifying institution and a 10/28/2008 transaction date, footnoted to indicate that settlement was deferred pending merger. The purchase of Merrill Lynch by Bank of America was completed on 1/1/2009, and this transaction under the CPP was funded
1b/ The warrant disposition proceeds amount are stated pro rata in respect of the CPP investments in Bank of America Corporation that occurred on 10/28/2008 and 1/9/2009. The total gross disposition proceeds from CPP warrants on 3/3/2010 was $310,571,615, consisting of $186,342,969 and $124,228,646. Proceeds from the disposition of TIP warrants
on 3/3/2010 appear on a following page of this report.
2/ Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock (unless the institution is a CDFI), which it exercised immediately.
3/ To promote community development financial institutions (CDFIs), Treasury does not require warrants as part of its investment in certified CDFIs when the size of the investment is $50 million or less.
3a/ Treasury cancelled the warrants received from this institution due to its designation as a CDFI.
4/ Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009.
5/ Redemption pursuant to a qualified equity offering.
6/ This amount does not include accrued and unpaid dividends, which must be paid at the time of capital repayment.
7/ The proceeds associated with the disposition of this investment do not include accrued and unpaid dividends.
8/ Subchapter S corporation; Treasury received a warrant to purchase additional subordinated debentures (unless the institution is a CDFI), which it exercised immediately.
9/ In its qualified equity offering, this institution raised more capital than Treasury’s original investment, therefore, the number of Treasury’s shares underlying the warrant was reduced by half.
10/ This institution participated in the expansion of CPP for small banks.
10a/ This institution received an additional investment through the expansion of CPP for small banks.
11/ Treasury made three separate investments in Citigroup Inc. ("Citigroup") under the CPP, Targeted Investment Program (TIP), and Asset Guarantee Program (AGP) for a total of $49 billion. On 6/9/2009, Treasury entered into an agreement with Citigroup to exchange up to $25 billion of Treasury's investment in Fixed Rate Cumulative Perpetual Preferred
Stock, Series H (CPP Shares) "dollar for dollar" in Citigroup's Private and Public Exchange Offerings. On 7/23/2009 and 7/30/2009, Treasury exchanged a total of $25 billion of the CPP shares for Series M Common Stock Equivalent (“Series M”) and a warrant to purchase shares of Series M. On 9/11/2009, Series M automatically converted to 7,692,307,692
shares of common stock and the associated warrant terminated on receipt of certain shareholder approvals.
12/ On 8/24/2009, Treasury exchanged its Series C Preferred Stock issued by Popular, Inc. for a like amount of non tax-deductible Trust Preferred Securities issued by Popular Capital Trust III, administrative trustee for Popular, Inc. Popular, Inc. paid a $13 million exchange fee in connection with this transaction.
13/ This institution converted to a bank holding company structure and Treasury exchanged its securities for a like amount of securities that comply with the CPP terms applicable to bank holding companies. The institution in which Treasury's original investment was made is shown in parentheses.
14/ As of the date of this report, this institution is in bankruptcy proceedings.
15/ For final disposition of warrants, "R" represents proceeds from a repurchase of warrants by the financial institution, and "A" represents the proceeds to Treasury, before underwriting fees and selling expenses, from a sale by Treasury in a registered public offering of the warrants issued by the financial institution.
16/ On 12/10/2009, the bankruptcy reorganization plan of CIT Group Inc. became effective and Treasury's preferred stock and warrant investment were extinguished and replaced by Contingent Value Rights (CVRs). On 2/8/2010, the CVRs expired without value as the terms and conditions for distribution of common shares to holders of CVRs were not met.
17/ On 12/11/2009, Treasury exchanged its Series A Preferred Stock issued by Superior Bancorp, Inc. for a like amount of non tax-deductible Trust Preferred Securities issued by Superior Capital Trust II, administrative trustee for Superior Bancorp.
18/ On 2/1/2010, following the acquisition of First Market Bank (First Market) by Union Bankshares Corporation (the acquiror), the preferred stock and exercised warrants issued by First Market on 2/6/2009 were exchanged for a like amount of securities of the acquiror in a single series but with a blended dividend rate equivalent to those of Treasury's original
19/ On 2/11/2010, Pacific Coast National Bancorp dismissed its bankruptcy proceedings with no recovery to any creditors or investors, including Treasury, and the investment was extinguished.
20/ On 3/8/2010, Treasury exchanged its $84,784,000 of Preferred Stock in Midwest Banc Holdings, Inc. (MBHI) for $89,388,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial investment amount of $84,784,000, plus $4,604,000 of capitalized previously accrued and unpaid dividends. Subject to the fulfillment by MBHI of the
conditions related to its capital plan, the MCP may be converted to common stock.
21/ On 3/30/2010, Treasury exchanged its $7,500,000 of Subordinated Debentures in GulfSouth Private Bank for an equivalent amount of Preferred Stock, in connection with its conversion from a Subchapter S-Corporation, that comply with the CPP terms applicable to privately held qualified financial institutions.
22/ On 4/16/2010, Treasury exchanged its $72,000,000 of Preferred Stock in Independent Bank Corporation (Independent) for $74,426,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial investment amount of $72,000,000, plus $2,426,000 of capitalized previously accrued and unpaid dividends. Subject to the fulfillment by
Independent of the conditions related to its capital plan, the MCP may be converted to common stock.
23/ Treasury received Citigroup common stock pursuant to the June 2009 Exchange Agreement between Treasury and Citigroup which provided for the exchange into common shares of the preferred stock that Treasury purchased in connection with Citigroup's participation in the Capital Purchase Program (see note 11). On April 26, 2010, Treasury gave
Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority as its financial agent to sell up to 1,500,000,000 shares of th common stock f
M
St l
C I
t d (M
St l ) di
ti
th it
it fi
i l
t t
ll
t 1 500 000 000 h
f the
t k from ti
time t ti
to time d i th period ending on J
during the
i d di
June 30 2010 S h sales will generally b made at th market price f
30, 2010. Such l
ill
ll be
d t the
k t i from ti
time t ti
to time. U
Upon th t
the termination of such authority ( J
i ti
f
h th it (on June 30 or upon completio
l ti
of the sale), Treasury will post a new transaction report setting forth the actual number of shares sold by Morgan Stanley, the weighted average price per share and the total proceeds to Treasury from such sales at the close of that period.
24/ On 4/29/2010, Treasury entered into an agreement with Sterling Financial Corporation (Sterling) to exchange Treasury’s $303,000,000 of Preferred Stock for an equivalent amount of Mandatory Convertible Preferred Stock (MCP). The closing of the exchange for MCP is subject to the receipt of regulatory and stockholder approvals. Subject to the
fulfillment by Sterling of the conditions related to its capital plan, the MCP may be converted to common stock.
Page 19 of 37
AUTOMOTIVE INDUSTRY FINANCING PROGRAM
Initial Investment
City, State
Transaction Type
Purchase
GMAC
5/21/2009
GMAC
Date
12/29/2008
Purchase
GMAC
Seller
Exchange/Transfer/Other Details
Description
Preferred Stock w/ Exercised
$
Warrants
Convertible Preferred Stock
w/ Exercised Warrants
$
Pricing
Mechanism
Amount
5,000,000,000
7,500,000,000
Par
Date
Par
12/30/2009
22
12/30/2009
Type
Exchange for convertible
preferred stock
Partial exchange for common
stock
Pricing
Mechanism
Amount
$
5,000,000,000
N/A
$
3,000,000,000
Obligor
GMAC
N/A
GMAC
GMAC
Purchase
12/30/2009
Purchase
GMAC
12/29/2008
Purchase
12/31/2008
Purchase
Trust Preferred Securities w/
Exercised Warrants
Convertible Preferred Stock
w/ Exercised Warrants
GMAC
4/22/2009
5/20/2009
Purchase
Purchase
General Motors
Corporation
General Motors
Corporation
General Motors
Corporation
General Motors
Corporation
Debt Obligation
$
2,540,000,000
1,250,000,000
Par
$
884,024,131
Par
13,400,000,000
Par
Amount/Equity %
$
Type
Amount/ Proceeds
Remaining
Investment
Amount/Equity %
5,250,000,000
$
Date
Remaining
Investment
Description
4,875,000,000
Common Stock
3
56.3%
Common Stock
Par
$
Description
Convertible
Preferred Stock
Convertible
21, 22
Preferred Stock
21, 22
GMAC
Detroit, MI
12/30/2009
Payment or Disposition1
Treasury Investment After Exchange/Transfer/Other
Debt Obligation w/ Additional
$
Note
Debt Obligation w/ Additional
$
Note
Debt Obligation w/ Additional
$
Note
2,000,000,000
4,000,000,000
Par
Par
22
2
5/29/2009
7/10/2009
4
5
7/10/2009
7/10/2009
Exchange for equity interest in
GMAC
Exchange for preferred and
common stock in New GM
Exchange for preferred and
common stock in New GM
Exchange for preferred and
common stock in New GM
$
884,024,131
N/A
$
13,400,000,000
N/A
$
2,000,000,000
N/A
$
4,000,000,000
N/A
3
7
7
7
General Motors
Company
General Motors
Company
10, 11
10, 11
Preferred Stock
$
Common Stock
2,100,000,000
60.8%
7/10/2009
General Motors
Corporation
Debt Obligation w/ Additional
$
Note
Debt Obligation w/ Additional
$
Note
360,624,198
Par
6
$
360,624,198
N/A
1/16/2009
Chrysler
FinCo
Purchase
Chrysler FinCo
Debt Obligation w/ Additional
$
Note
30,100,000,000
1,500,000,000
Par
Par
7/10/2009
Exchange for preferred and
common stock in New GM
$
22,041,706,310
N/A
Transfer of debt to New GM
$
7,072,488,605
N/A
7/10/2009
Purchase
Debt left at Old GM
$
985,805,085
N/A
7
General Motors
Holdings LLC
11, 12 Debt Obligation
$
7,072,488,605
1/21/2010
Partial repayment
$
35,084,421 Debt Obligation
$
5,676,779,986
Partial repayment
$
1,000,000,000 Debt Obligation
$
4,676,779,986
Repayment
$
4,676,779,986
$
0
3/17/2009
Exchange for preferred and
common stock in New GM
7/10/2009
6/3/2009
8
7/10/2009
5,711,864,407
Partial repayment
$
1,496,500,945
Partial repayment
$
1,464,690,823
Partial repayment
$
1,413,554,739
6/17/2009
General Motors
Corporation
6,711,864,407
$
5/18/2009
Purchase
$
1,000,000,000 Debt Obligation
4/17/2009
5/27/2009
360,624,198 Debt Obligation
$
4/20/2010
Detroit, MI
$
3/31/2010
General
Motors
Partial repayment
12/18/2009 Partial repayment
Partial repayment
$
1,369,197,029
9
9
9
Motors Liquidation
Company
Debt Obligation
$
985,805,085
13
Farmington
Hills, MI
$
$
$
$
Debt Obligation w/
3,499,055 Additional Note
Debt Obligation w/
31,810,122 Additional Note
Debt Obligation w/
51,136,084 Additional Note
Debt Obligation w/
44,357,710 Additional Note
7/14/2009
4/29/2009
4/29/2009
Chrylser
Auburn Hills,
MI
Purchase
Purchase
Purchase
5/1/2009
Purchase
5/20/2009
Purchase
5/27/2009
Purchase
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Chrysler Holding
Note
Debt Obligation w/ Additional
Chrysler Holding
Note
Debt Obligation w/ Additional
Chrysler LLC
Note
Debt Obligation w/ Additional
Chrysler LLC
Note
Debt Obligation w/ Additional
Chrysler Group LLC
Note, Equity
Chrysler Holding
Total Initial Investment Amount
$
4,000,000,000
$
-
$
280,130,642
$
1,888,153,580
$
-
$
6,642,000,000
Par
Par
Transfer of debt to New
Chrysler
$
500,000,000
N/A
19
Chrysler Holding
20
Debt Obligation
$
$
1,369,197,029
Repayment
$
15,000,000
7/10/2009
6/10/2009
Repayment
7/14/2009
1/2/2009
Repayment
$
Additional Note
$
None
0
-
3,500,000,000
14
15
280,130,642 Additional Note
$
0
16
N/A
17
18
6/10/2009
Issuance of equity in New
Chrysler
$
-
N/A
Chrysler Group
LLC
Chrysler Group
LLC
19
Debt obligation
Common equity
$
7,142,000,000
9.9%
81,344,932,551
Total Payments
$
8,867,619,247
Total Treasury Investment
Amount
$
None
$
72,477,313,304
As used in this table and its footnotes:
"GMAC" refers to GMAC Inc., formerly known as GMAC LLC.
"Old GM" refers to General Motors Corporation, which is now known as Motors Liquidation Company.
"New GM" refers to General Motors Company, the company that purchased Old GM's assets on 7/10/2009 in a sale pursuant to section 363 of the Bankruptcy Code. See also footnote 11.
"Chrysler FinCo" refers to Chrysler Financial Services Americas LLC.
"Chrysler Holding" refers to CGI Holding LLC, the company formerly known as "Chrysler Holding LLC".
Page 20 of 37
"Old Chrysler" refers to Chrysler LLC.
"New Chrysler" refers to Chrysler Group LLC, the company that purchased Old Chrysler's assets on 6/10/2009 in a sale pursuant to section 363 of the Bankruptcy Code.
1. Payment amount does not include accrued and unpaid interest on a debt obligation, which must be paid at the time of principal repayment.
2. Treasury committed to lend General Motors Corporation up to $1,000,000,000. The ultimate funding was dependent upon the level of investor participation in GMAC LLC's rights offering. The amount has been updated to reflect the final level of funding.
3. Pursuant to its rights under the loan agreement with Old GM reported on 12/29/2008, Treasury exchanged its $884 million loan to Old GM for a portion of Old GM’s common equity interest in GMAC. Treasury held a 35.4% common equity interest in GMAC until the transactions reported on 12/30/2009. (See transactions marked by orange line in the table above and footnote 22.)
4. This transaction is an amendment to Treasury's 12/31/2008 agreement with Old GM (the "Old GM Loan"), which brought the total loan amount to $15,400,000,000.
5. This transaction was a further amendment to the Old GM Loan, which brought the total loan amount to $19,400,000,000.
6. This transaction was a further amendment to the Old GM Loan, which brought the total loan amount to $19,760,624,198. The $360,624,198 loan was used to capitalize GM Warranty LLC, a special purpose vehicle created by . On 7/10/2009, the principal amount was included in the $7.07 billion of debt assumed by the new GM, as explained in footnote 10.
7. On 7/10/2009, the principal amount outstanding under the Old GM Loan and interest accrued thereunder were extinguished and exchanged for privately placed preferred and common equity in New GM. (See green lines in the table above.)
8. Under the terms of the $33.3 billion debtor-in-possession credit agreement dated 6/3/2009 with Old GM (the "GM DIP Loan"), Treasury's commitment amount was $30.1 billion. The remaining $2.2 billion of the financing was provided by Canadian government entities. As of 7/09/2009, $30.1 billion of funds had been disbursed by Treasury.
9. On 7/10/2009, Treasury and Old GM amended the GM DIP Loan, and the principal amount and interest accrued thereunder were extinguished and exchanged for privately placed preferred and common equity in New GM, except for (i) $7.07 billion, which was assumed by New GM as a new obligation under the terms of a separate credit agreement between Treasury and New GM (see
transactions marked by green lines in table above) and (ii) $986 million, which remained a debt obligation of Old GM.
10. In total, for the exchange of the Old GM Loan and the GM DIP Loan (other than as explained in footnote 9), Treasury received $2.1 billion in preferred shares and 60.8% of the common shares of New GM. (See transactions marked by green lines in the table above.)
11. Pursuant to a corporate reorganization completed on or about 10/19/2009, the shareholders of New GM, including with respect to Treasury's preferred and common stock, became shareholders of General Motors Holding Company (the ultimate parent company of New GM), which was renamed "General Motors Company" on an equal basis to their shareholdings in New GM, and New GM
was converted to "General Motors LLC". General Motors LLC is a wholly owned subsidiary of General Motors Holdings LLC, and General Motors Holdings LLC is a wholly owned subsidiary of General Motors Company.
12. Pursuant to a corporate reorganization completed on 10/19/2009, Treasury's loan with New GM was assigned and assumed by General Motors Holdings LLC.
13. The loan was funded through Chrysler LB Receivables Trust, a special purpose vehicle created by Chrysler FinCo. The amount of $1,500,000,000 represents the maximum loan amount. The loan was incrementally funded until it reached the maximum amount of $1.5 billion on 4/9/2009.
14. This transaction was an amendment to Treasury's 1/2/2009 agreement with Chrysler Holding. As of 4/30/2009, Treasury's obligation to lend any funds committed under this amendment had terminated. No funds were disbursed.
15. The loan was used to capitalize Chrysler Warranty SPV LLC, a special purpose vehicle created by Old Chrysler.
16. This transaction was set forth in a credit agreement with Old Chrysler fully executed on 5/5/2009 following a term sheet executed on 5/1/2009 and made effective on 4/30/2009. Treasury's commitment was $3.04 billion of the total $4.1 billion debtor-in-possession credit facility (the "Chrysler DIP Loan"). As of 6/30/2009, Treasury's commitment to lend under the Chrysler DIP Loan had
terminated. The remaining principal amount reflects the final amount of funds disbursed under the Chrylser DIP Loan.
17. This transaction was an amendment to Treasury's commitment under the Chrysler DIP Loan, which increased Treasury's commitment by an amount $756,857,000 to a total of $3.8 billion under the Chrysler DIP Loan. As of 6/30/2009, Treasury's obligation to lend funds committed under the Chrysler DIP Loan had terminated.
18. This transaction, first reported based on a term sheet fully executed on 5/27/2009 for an amount up to $6.943 billion, was set forth in a credit agreement with New Chrysler fully executed on 6/10/2009. Under the terms of the credit agreement, Treasury made a new commitment to New Chrysler of up to $6.642 billion. The total loan amount is up to $7.142 billion including $500 million of debt assumed on
6/10/2009 from Chrysler Holding originally incurred under Treasury's 1/2/2009 credit agreement with Chrysler Holding. The debt obligations are secured by a first priority lien on the assets of New Chrysler. When the sale to new Chrysler was completed, Treasury acquired the rights to 9.85% of the common equity in new Chrysler.
19. Pursuant to the agreement explained in footnote 18, $500 million of this debt obligation was assumed by New Chrysler.
20. Under the terms of an agreement dated 7/23/2009, Treasury agreed to hold the outstanding loans of Chrysler Holding in forbearance, and Chrysler Holding agreed to pay the greater of $1.375 billion or 40% of the equity value of Chrysler FinCo in the event it receives proceeds from Chrysler FinCo.
21. Amount of the Treasury investment after exchange includes the exercised warrants from Treasury's initial investment.
22. Under the terms of an agreement dated 12/30/2009, the convertible preferred shares will mandatorily convert to common stock under the conditions and the conversion price as set forth in the terms of the agreement.
AUTOMOTIVE SUPPLIER SUPPORT PROGRAM
Adjustment Details
Seller
11/20/2009
1
Date
4/9/2009
Name of Institution
GM Supplier Receivables LLC
City
Wilmington
State
DE
Transaction Type
Purchase
Investment
Description
Debt Obligation w/
Additional Note
Investment
Amount
Pricing Mechanism
3
$ (1,000,000,000) $
2
4/9/2009
Chrysler Receivables SPV LLC
INITIAL TOTAL
$
5,000,000,000
Wilmington
DE
Purchase
ADJUSTED TOTAL
$
7/8/2009
$ 1,500,000,000
3
$
$
290,000,000
(500,000,000) $
1,000,000,000
$
123,076,735
N/A
7
413,076,735
Total Repayments
$
413,076,735
140,000,000
Debt Obligation w/
Additional Note
$
100,000,000
Repayment5
Additional Note
$
50,000,000
4/5/2010
Payment6
None
$
56,541,893
Additional Note
$
123,076,735
None
$
44,533,054
Total Proceeds from Additional Notes
$
101,074,947
Date
2,500,000,000
N/A
6
Debt Obligation w/
Additional Note
Adjusted or Final
Investment Amount
$
2/11/2010
7/8/2009
$ 3,500,000,000
Adjustment
Amount
Adjustment
Date
Partial
repayment
3/4/2010
Footnote
Payment or Disposition4
Remaining
Type
Investment
Description
Debt Obligation w/
Partial
Additional Note
repayment
3/9/2010
Repayment
4/7/2010
Payment7
5
Amount
1/ The loan was funded through GM Supplier Receivables, LLC, a special purpose vehicle created by General Motors Corporation. The amount of $3,500,000,000 represents the maximum loan amount. The loan will be incrementally funded. The credit agreement was fully executed on 4/9/2009, but was made effective as of 4/3/2009. General Motors Company assumed GM Supplier
2/ The loan was funded through Chrysler Receivables SPV LLC, a special purpose vehicle created by Chrysler LLC. The amount of $1,500,000,000 represents the maximum loan amount. The loan will be incrementally funded. The credit agreement was fully executed on 4/9/2009, but was made effective as of 4/7/2009. Chrysler Group LLC assumed Chrysler Receivables SPV LLC on
3/ Treasury issued notice to the institution of the permanent reduced commitment on 7/8/2009; the reduction was effective on 7/1/2009.
4/ Does not include accrued and unpaid interest due on the amount of principal repayment, which interest must be paid at the time of principal repayment.
5/ All outstanding principal drawn under the credit agreement was repaid.
6/ Treasury's commitment was $2.5 billion (see note 3). As of 4/5/2009, Treasury's commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note. The final investment amount reflects the total funds disbursed under the loan, all of which have been repaid.
7/ Treasury's commitment was $1 billion (see note 3). As of 4/7/2009, Treasury's commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note. The final investment amount reflects the total funds disbursed under the loan, all of which have been repaid.
Page 21 of 37
TARGETED INVESTMENT PROGRAM
Seller
Footnote
1
Date
Name of Institution
12/31/2008 Citigroup Inc.
Bank of America
1/16/2009 Corporation
Treasury Investment Remaining After Capital
Repayment
Capital Repayment Details
City
State
Transaction
Type
New York
NY
Purchase
Charlotte
NC
Purchase
Investment Description
Investment Amount
Trust Preferred Securities
w/ Warrants
$
20,000,000,000
Preferred Stock w/
Warrants
$
20,000,000,000
TOTAL
$
40,000,000,000
Pricing
Mechanism
Capital
Repayment Date
Par
12/23/2009
Par
12/9/2009
Capital Repayment
Amount
2
Remaining
Capital Amount
Remaining Capital
Description
$
20,000,000,000
$
0
Warrants
$
20,000,000,000
$
0
Warrants
$
Final Disposition
Final
Disposition
Final Disposition Date 3
Description
40,000,000,000
Final Disposition
Proceeds
2
AMOUNT
TOTAL TREASURY TIP INVESTMENT AMOUNT
$
3/3/2010
A
Warrants
Total Warrant Proceeds
$
1,255,639,099
$
1,255,639,099
0
1/ Treasury made three separate investments in Citigroup Inc. ("Citigroup") under CPP, TIP, and AGP for a total of $49 billion. On 6/9/2009, Treasury entered into an agreement with Citigroup to exchange all of Treasury’s investments. On 7/30/2009, Treasury exchanged all of its Fixed Rate Cumulative Perpetual Prefer
Stock, Series I (TIP Shares) “dollar for dollar” for Trust Preferred Securities.
2/ Repayment pursuant to Title VII, Section 7001 of the American Recovery and Reinvestment Act of 2009.
3/ For final disposition of warrants, "R" represents proceeds from a repurchase of warrants by the financial institution, and "A" represents the proceeds to Treasury, before underwriting fees and selling expenses, from a sale by Treasury in a registered public offering of the warrants issued by the financial institution.
ASSET GUARANTEE PROGRAM
Premium
Initial Investment
Footnote
Date
Seller
Name of Institution
City
State
Type
Description
Guarantee Limit
1
1/16/2009 Citigroup Inc.
New York
NY
Guarantee
Master Agreement
$
5,000,000,000
3
12/23/2009 Citigroup Inc.
New York
NY
Termination
Termination Agreement
$
Description
Preferred Stock
w/ Warrants
$
Amount
Exchange/Transfer/Other Details
Footnote
Date
2
6/9/2009
Type
Payment or Disposition
Amount
Description
Exchange preferred stock
Trust Preferred
for trust preferred securities Securities w/ Warrants
Footnote
Type
Partial cancellation for early
12/23/2009 termination of guarantee
Amount
Remaining Premium
Description
Trust Preferred
$ (1,800,000,000) Securities w/ Warrants
Remaining
Premium
(5,000,000,000)
TOTAL
$
4,034,000,000
$
4,034,000,000
3
Date
$2,234,000,000
0
1/ In consideration for the guarantee, Treasury received $4.03 billion of preferred stock, which pays 8% interest.
2/ Treasury made three separate investments in Citigroup Inc. ("Citigroup") under CPP, TIP, and AGP for a total of $49 billion. On 6/9/2009, Treasury entered into an agreement with Citigroup to exchange all of Treasury’s investments. On 7/30/2009, Treasury exchanged all of its Fixed Rate Cumulative Perpetual Preferred Stock Series G (AGP Shares), received as premium with the AGP agreement, “dollar for dollar” for Trust
Preferred Securities.
3/ On 12/23/2009, Treasury entered into a Termination Agreement with the other parties to the Master Agreement which served to terminate Treasury’s guarantee and obligations under the Master Agreement. In connection with the early termination of the guarantee, Treasury agreed to cancel $1.8 billion of the AGP Trust Preferred Securities, and the Federal Deposit Insurance Corporation (FDIC) and Treasury agreed that,
subject to the conditions set out in the Termination Agreement, the FDIC may transfer $800 million of Trust Preferred Securities to Treasury at the close of Citigroup’s participation in the FDIC’s Temporary Liquidity Guarantee Program.
Page 22 of 37
CONSUMER AND BUSINESS LENDING INITIATIVE INVESTMENT PROGRAM
Seller
Footnote
1
3/3/2009
Name of Institution
Date
TALF LLC
City
Wilmington
State
Transaction
Type
DE
Purchase
Investment Description
Debt Obligation w/ Additional Note
TOTAL
Investment Amount
$
20,000,000,000
$
Pricing Mechanism
N/A
20,000,000,000
1/ The loan was funded through TALF LLC, a special purpose vehicle created by The Federal Reserve Bank of New York. The amount of $20,000,000,000 represents the maximum loan amount. The loan will be incrementally
funded.
AMERICAN INTERNATIONAL GROUP, INC. (AIG) INVESTMENT PROGRAM
(formerly referred to as Systemically Significant Failing Institutions)
Seller
Footnote
3
11/25/2008
4/17/2009
Name of Institution
Date
AIG
AIG
Purchase Details
City
New York
New York
State
Transaction
Type
NY
NY
Purchase
Purchase
Investment Description
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
TOTAL
Exchange Details
Investment Amount
$
$
40,000,000,000
29,835,000,000
$
Pricing Mechanism
Par
Par
Date
4/17/2009
Transaction Type
Exchange
Investment
Amount
Investment Description
Preferred Stock w/ Warrants
1
Pricing
Mechanism
$ 40,000,000,000
Par
69,835,000,000
2
1/ On 4/17/2009, Treasury exchanged its Series D Fixed Rate Cumulative Preferred Shares for Series E Fixed Rate Non-Cumulative Preferred Shares with no change to Treasury's initial investment amount. In addition, in order for AIG to fully redeem the Series E Preferred Shares, it has an additional obligation to Treasury of $1,604,576,000 to reflect
the cumulative unpaid dividends for the Series D Preferred Shares due to Treasury through and including the exchange date.
2/ The investment price reflects Treasury's commitment to invest up to $30 billion less a reduction of $165 million representing retention payments AIG Financial Products made to its employees in March 2009.
3/ This transaction does not include AIG's commitment fee of an additional $165 million scheduled to be paid from its operating income in three equal installments over the five-year life of the facility.
Page 23 of 37
LEGACY SECURITIES PUBLIC-PRIVATE INVESTMENT PROGRAM (S-PPIP)
(Revised as of March 24, 2010)
Seller
Footnote
Date
Name of Institution
Adjusted Investment
City
State
Transaction
Type
Investment Description
Pricing
Investment Amount Mechanism
Date
3
Amount
Capital Repayment Details
Repayment
Date
Investment After Capital Repayment
Repayment
Amount
Amount
Description
Distribution or Disposition
Date
Description
9/30/2009 UST/TCW Senior Mortgage Securities Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
1/4/2010
4 $
156,250,000
1/15/2010
$
156,250,000
$
4
1/11/2010
9/30/2009 UST/TCW Senior Mortgage Securities Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
1/4/2010
$
$
34,000,000
$
1/12/2010
2
$
166,000,000
$
0
Membership Interest
5
Distribution
2/24/2010
1
1/29/2010
Distribution
Debt Obligation w/ Contingent
166,000,000 Proceeds
200,000,000
Proceeds
$
20,091,872
$
48,922
5
$
502,302
5
$
1,223
$
20,644,319
5
N/A
1/29/2010
Distribution
2/24/2010
0
5
Distribution
Contingent Proceeds
6
1
9/30/2009 Invesco Legacy Securities Master Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
9/30/2009 Invesco Legacy Securities Master Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
10/1/2009 Wellington Management Legacy Securities PPIF Master Fund, LP
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
10/1/2009 Wellington Management Legacy Securities PPIF Master Fund, LP
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
10/2/2009 AllianceBernstein Legacy Securities Master Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
10/2/2009 AllianceBernstein Legacy Securities Master Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
10/2/2009 Blackrock PPIF, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
10/2/2009 Blackrock PPIF, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
10/30/2009 AG GECC PPIF Master Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
10/30/2009 AG GECC PPIF Master Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
11/4/2009 RLJ Western Asset Public/Private Master Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
11/4/2009 RLJ Western Asset Public/Private Master Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
11/25/2009 Marathon Legacy Securities Public-Private Investment Partnership, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
11/25/2009 Marathon Legacy Securities Public-Private Investment Partnership, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
1
12/18/2009 Oaktree PPIP Fund, L.P.
Wilmington
DE
Purchase
Membership Interest
$
1,111,111,111
Par
3/22/2010
2
12/18/2009 Oaktree PPIP Fund, L.P.
Wilmington
DE
Purchase
Debt Obligation w/ Contingent Proceeds
$
2,222,222,222
Par
3/22/2010
TOTAL INVESTMENT AMOUNT
$
30,356,250,000
$ 1,244,437,500
6
2/18/2010
$
4,888,718
$
4/15/2010
$ 2,488,875,000
$
7,066,434
$
Debt Obligation w/ Contingent
2,483,986,282 Proceeds
Debt Obligation w/ Contingent
2,476,919,848 Proceeds
6
$ 1,262,037,500
6
$ 2,524,075,000
6
$ 1,244,437,500
6
$ 2,488,875,000
6
$ 1,244,437,500
6
$ 2,488,875,000
6
$ 1,271,337,500
6
$ 2,542,675,000
6
$ 1,244,437,500
6
$ 2,488,875,000
6
$ 1,244,437,500
6
$ 2,488,875,000
6
$ 1,244,437,500
6
$ 2,488,875,000
TOTAL CAPITAL REPAYMENT AMOUNT
$
368,205,152
TOTAL PROCEEDS
1/ The equity amount may be incrementally funded. Investment amount represents Treasury's maximum obligation if the limited partners other than Treasury fund their maximum equity capital obligations.
2/ The loan may be incrementally funded. Investment amount represents Treasury's maximum obligation if Treasury and the limited partners other than Treasury fund 100% of their maximum equity obligations.
3/ Adjusted to show Treasury's maximum obligations to a fund.
4/ On 1/4/2010, Treasury and the fund manager entered into a Winding-Up and Liquidation Agreement. The adjusted amount shows Treasury's final investments in the fund. (See note 6.)
5/ Profit after capital repayments will be paid pro rata (subject to prior distribution of Contingent Proceeds to Treasury) to the fund's partners, including Treasury, in respect of their membership interests.
6/ Following termination of the TCW fund, the $3.33 billion of obligations have been reallocated to the remaining eight funds pursuant to consent letters from Treasury dated as of 3/22/2010. $133 million of maximum equity capital obligation and $267 million of maximum debt obligation were reallocated per fund, after adjustment for the $17.6 million and $26.9 million equity capital reallocations from
private investors in the TCW fund to the Wellington fund and the AG GECC fund, respectively. The $356 million of final investment in the TCW fund will remain a part of Treasury's total maximum S-PPIP investment amount.
Page 24 of 37
HOME AFFORDABLE MODIFICATION PROGRAM
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
4/13/2009
Select Portfolio Servicing
City
Salt Lake City
State
Transaction
Type
UT
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
376,000,000
N/A
6/12/2009
Cap Adjustment Amount
$
284,590,000
Adjusted Cap
$
9/30/2009
$
121,910,000
$
12/30/2009
$
131,340,000
$
3/26/2010
4/13/2009
CitiMortgage, Inc.
O'Fallon
MO
Purchase
Financial Instrument for Home Loan Modifications
$
2,071,000,000
$
(355,530,000) $
6/12/2009
N/A
$
(991,580,000) $
9/30/2009
Des Moines
IA
Purchase
Financial Instrument for Home Loan Modifications
$
2,873,000,000
$
(199,300,000) $
$
(230,000) $
6/17/2009
N/A
(105,410,000) $
4/19/2010
Wells Fargo Bank, NA
$
3/26/2010
4/13/2009
$
12/30/2009
1,010,180,000
$
$
(462,990,000) $
Reason for Adjustment
660,590,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
782,500,000 HPDP initial cap
Updated portfolio data from servicer &
913,840,000 HAFA initial cap
558,310,000 Updated portfolio data from servicer
1,079,420,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,089,600,000 HPDP initial cap
Updated portfolio data from servicer &
1,984,190,000 HAFA initial cap
Updated portfolio data from servicer &
1,784,890,000 2MP initial cap
Transfer of cap to Service One, Inc. due
1,784,660,000 to servicing transfer
9/30/2009
$
65,070,000
$
12/30/2009
$
1,213,310,000
$
2/17/2010
$
2,050,236,344
$
3/12/2010
$
54,767
$
2,410,010,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,475,080,000 HPDP initial cap
Updated portfolio data from servicer &
3,688,390,000 HAFA initial cap
Transfer of cap (from Wachovia) due to
5,738,626,344 merger
Transfer of cap (from Wachovia) due to
5,738,681,110 merger
668,108,890
$
6,406,790,000 Initial 2MP cap
683,130,000
$
7,089,920,000 Updated portfolio data from servicer
1,017,650,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
3,554,890,000 HPDP initial cap
Updated portfolio data from servicer &
1,875,370,000 HAFA initial cap
3/19/2010 $
3/26/2010
4/13/2009
Saxon Mortgage Services, Inc.
Irving
PA
TX
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
633,000,000
407,000,000
N/A
N/A
384,650,000
$
$
2,537,240,000
$
$
(1,679,520,000) $
3/26/2010
Ft. Washington
$
12/30/2009
GMAC Mortgage, Inc.
6/12/2009
9/30/2009
4/13/2009
$
$
190,180,000
$
2,065,550,000 Updated portfolio data from servicer
632,040,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
886,420,000 HPDP initial cap
Updated portfolio data from servicer &
1,242,130,000 HAFA initial cap
Iselin
NJ
Purchase
Financial Instrument for Home Loan Modifications
$
3,552,000,000
N/A
Ocwen Financial Corporation, Inc.
West Palm Beach
FL
Purchase
Financial Instrument for Home Loan Modifications
$
659,000,000
N/A
2
$
254,380,000
$
$
355,710,000
$
3/26/2010
Chase Home Finance, LLC
225,040,000
$
12/30/2009
4/16/2009
$
9/30/2009
4/13/2009
6/17/2009
$
(57,720,000) $
7/31/2009
$
(3,552,000,000) $
6/12/2009
$
(105,620,000) $
1,184,410,000 Updated portfolio data from servicer
- Termination of SPA
553,380,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
655,960,000 HPDP initial cap
Updated portfolio data from servicer &
933,600,000 HAFA initial cap
9/30/2009
Simi Valley
CA
Purchase
Financial Instrument for Home Loan Modifications
$
798,900,000
N/A
102,580,000
$
$
277,640,000
$
3/26/2010
4/17/2009 as
Bank of America, N.A.
amended on
$
12/30/2009
$
46 860 000
46,860,000
$
980 460 000 Updated portfolio data from servicer
980,460,000
6/12/2009
$
5,540,000
$
9/30/2009
$
162,680,000
$
12/30/2009
$
665,510,000
$
804,440,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
967,120,000 HPDP initial cap
Updated portfolio data from servicer &
1,632,630,000 HAFA initial cap
$
2,433,020,000 Initial 2MP cap
1/26/2010
$
800,390,000
3/26/2010
$
(829,370,000) $
1,603,650,000 Updated portfolio data from servicer
Page 25 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
4/17/2009 as
Countrywide Home Loans Servicing LP
amended on
City
Simi Valley
State
Transaction
Type
CA
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
1,864,000,000
N/A
6/12/2009
Cap Adjustment Amount
$
9/30/2009
$
12/30/2009
$
3,318,840,000
Adjusted Cap
$
Reason for Adjustment
2,290,780,000
$
5,182,840,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
4,465,420,000 HPDP initial cap
Updated portfolio data from servicer &
6,756,200,000 HAFA initial cap
(717,420,000) $
1/26/2010
4/20/2009
Wilshire Credit Corporation
Beaverton
OR
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
319,000,000
366,000,000
N/A
N/A
$
10,280,000
$
8,111,310,000 Updated portfolio data from servicer
Transfer of cap from Wilshire Credit
8,121,590,000 Corporation due to servicing transfer
6/12/2009
$
128,300,000
$
$
46,730,000
$
$
145,820,000
$
3/26/2010
PA
7,206,300,000 Initial 2MP cap
$
12/30/2009
Pittsburgh
$
905,010,000
9/30/2009
Home Loan Services, Inc.
450,100,000
$
4/19/2010
4/20/2009
$
3/26/2010
$
(17,440,000) $
622,410,000 Updated portfolio data from servicer
87,130,000
453,130,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
203,460,000 HPDP initial cap
Updated portfolio data from servicer &
323,160,000 HAFA initial cap
Purchase
Financial Instrument for Home Loan Modifications
$
156,000,000
N/A
$
119,700,000
$
$
52,270,000
$
4/19/2010
MN
(249,670,000) $
3/26/2010
Saint Paul
$
12/30/2009
Green Tree Servicing LLC
$
9/30/2009
4/24/2009
6/12/2009
$
(10,280,000) $
6/17/2009
$
(64,990,000) $
9/30/2009
Santa Ana
CA
Purchase
Financial Instrument for Home Loan Modifications
$
195,000,000
N/A
$
3/26/2010
Carrington Mortgage Services, LLC
$
12/30/2009
4/27/2009
130,780,000
$
$
$
13,080,000
6/17/2009
$
(63,980,000) $
(116,750,000) $
$
447,300,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
494,030,000 HPDP initial cap
Updated portfolio data from servicer &
639,850,000 HAFA initial cap
375,430,000 Updated portfolio data from servicer
Transfer of cap to Countrywide Home
365,150,000 Loans due to servicing transfer
91,010,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
221,790,000 HPDP initial cap
Updated portfolio data from servicer &
105,040,000 HAFA initial cap
118,120,000 Updated portfolio data from servicer
9/30/2009
Aurora Loan Services, LLC
Littleton
CO
Purchase
Financial Instrument for Home Loan Modifications
$
798,000,000
N/A
90,990,000
$
$
57,980,000
$
3/26/2010
5/1/2009
$
12/30/2009
131,020,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
222,010,000 HPDP initial cap
Updated portfolio data from servicer &
279,990,000 HAFA initial cap
$
74,520,000
$
354,510,000 Updated portfolio data from servicer
6/17/2009
$
(338,450,000) $
9/30/2009
Nationstar Mortgage LLC
Lewisville
TX
Purchase
Financial Instrument for Home Loan Modifications
$
101,000,000
N/A
(11,860,000) $
$
21,330,000
$
3/26/2010
5/28/2009
$
12/30/2009
459,550,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
447,690,000 HPDP initial cap
Updated portfolio data from servicer &
469,020,000 HAFA initial cap
$
9,150,000
$
478,170,000 Updated portfolio data from servicer
6/12/2009
$
16,140,000
$
117,140,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
251,700,000 HPDP initial cap
Updated portfolio data from servicer &
331,950,000 HAFA initial cap
9/30/2009
Residential Credit Solutions
Fort Worth
TX
Purchase
Financial Instrument for Home Loan Modifications
$
19,400,000
N/A
134,560,000
$
$
80,250,000
$
3/26/2010
6/12/2009
$
12/30/2009
$
67,250,000
$
9/30/2009
$
12/30/2009
$
27,920,000
(1,860,000) $
3/26/2010
$
(1,390,000) $
$
399,200,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
17,540,000 HPDP initial cap
Updated portfolio data from servicer &
45,460,000 HAFA initial cap
44,070,000 Updated portfolio data from servicer
Page 26 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
6/17/2009
CCO Mortgage
City
Glen Allen
State
Transaction
Type
VA
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
16,520,000
N/A
Cap Adjustment Amount
9/30/2009
$
12/30/2009
3/26/2010
Adjusted Cap
13,070,000
$
$
145,510,000
$
$
(116,950,000) $
Reason for Adjustment
Updated portfolio data from servicer &
29,590,000 HPDP initial cap
Updated portfolio data from servicer &
175,100,000 HAFA initial cap
San Juan
PR
Purchase
Financial Instrument for Home Loan Modifications
$
57,000,000
N/A
$
(11,300,000) $
$
(42,210,000) $
58,150,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
45,700,000 HPDP initial cap
Updated portfolio data from servicer &
3,490,000 HAFA initial cap
3/26/2010
RG Mortgage Corporation
9/30/2009
12/30/2009
6/17/2009
$
65,640,000
69,130,000 Updated portfolio data from servicer
$
4/9/2010
WA
Purchase
Financial Instrument for Home Loan Modifications
$
770,000
6/19/2009
Wescom Central Credit Union
Anaheim
CA
Purchase
Financial Instrument for Home Loan Modifications
$
540,000
N/A
6/26/2009
Citizens First Wholesale Mortgage Company
The Villages
FL
Purchase
Financial Instrument for Home Loan Modifications
$
30,000
N/A
(14,470,000) $
2,020,000
$
$
11,370,000
$
9/30/2009
N/A
$
$
330,000
$
$
16,490,000
$
3/26/2010
Port Angeles
$
12/30/2009
First Federal Savings and Loan
12/30/2009
3/26/2010
6/19/2009
$
(14,260,000) $
9/30/2009
$
12/30/2009
$
3/26/2010
CA
Purchase
Financial Instrument for Home Loan Modifications
$
70,000
6/26/2009
National City Bank
Miamisburg
OH
Purchase
Financial Instrument for Home Loan Modifications
$
294,980,000
N/A
7/1/2009
Wachovia Mortgage, FSB
Des Moines
IA
Purchase
Financial Instrument for Home Loan Modifications
$
634,010,000
N/A
$
9/30/2009
N/A
$
$
3/26/2010
San Jose
$
12/30/2009
Technology Credit Union
12/30/2009
3/26/2010
6/26/2009
(10,000) $
590,000
$
(580,000) $
2,180,000
$
(720,000) $
315,170,000
$
$
90,280,000
$
$
(18,690,000) $
9/30/2009
$
723,880,000
$
12/30/2009
$
692,640,000
$
2/17/2010
3
7/1/2009
Bayview Loan Servicing, LLC
Coral Gables
FL
Purchase
Financial Instrument for Home Loan Modifications
$
44,260,000
N/A
$
(2,050,236,344) $
3/12/2010
$
(54,767) $
7/17/2009
MorEquity, Inc.
Delray Beach
Evansville
FL
IN
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
100,000
870,000
23,480,000
N/A
N/A
N/A
$
34,540,000
$
$
150,000
$
$
130,000
$
$
50,000
$
9/30/2009
$
(10,000) $
$
250,000
3/26/2010
IBM Southeast Employees' Federal Credit Union
Purchase
9/30/2009
12/30/2009
7/10/2009
OH
$
$
3/26/2010
Mentor
23,850,000
43,590,000
12/30/2009
Lake National Bank
$
$
3/26/2010
7/10/2009
9/30/2009
12/30/2009
$
(10,000) $
$
54,660,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,790,000 HAFA initial cap
14,160,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
870,000 HPDP initial cap
Updated portfolio data from servicer &
17,360,000 HAFA initial cap
3,100,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
20,000 HPDP initial cap
Updated portfolio data from servicer &
610,000 HAFA initial cap
30,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,250,000 HAFA initial cap
1,530,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
610,150,000 HPDP initial cap
Updated portfolio data from servicer &
700,430,000 HAFA initial cap
681,740,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,357,890,000 HPDP initial cap
Updated portfolio data from servicer &
2,050,530,000 HAFA initial cap
Transfer of cap (to Wells Fargo Bank)
293,656 due to merger
Transfer of cap (to Wells Fargo Bank)
238,890 due to merger
Updated portfolio data from servicer &
68,110,000 HPDP initial cap
Updated portfolio data from servicer &
111,700,000 HAFA initial cap
146,240,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
250,000 HPDP initial cap
Updated portfolio data from servicer &
380,000 HAFA initial cap
430,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
860,000 HPDP initial cap
Updated portfolio data from servicer &
1,110,000 HAFA initial cap
9/30/2009
$
18,530,000
$
12/30/2009
$
24,510,000
$
1,100,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
42,010,000 HPDP initial cap
Updated portfolio data from servicer &
66,520,000 HAFA initial cap
3/26/2010
$
18,360,000
$
84,880,000 Updated portfolio data from servicer
Page 27 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
7/17/2009
PNC Bank, National Association
City
Pittsburgh
State
Transaction
Type
PA
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
54,470,000
N/A
Cap Adjustment Amount
Adjusted Cap
West Salem
OH
Purchase
Financial Instrument for Home Loan Modifications
$
170,000
N/A
(36,240,000) $
$
19,280,000
$
3/26/2010
Farmers State Bank
$
12/30/2009
7/17/2009
9/30/2009
$
2,470,000
$
ShoreBank
Chicago
IL
Purchase
Financial Instrument for Home Loan Modifications
$
1,410,000
N/A
$
$
50,000
$
3/26/2010
7/17/2009
9/30/2009
12/30/2009
(90,000) $
$
100,000
$
American Home Mortgage Servicing, Inc
Coppell
TX
Purchase
Financial Instrument for Home Loan Modifications
$
1,272,490,000
N/A
$
890,000
$
$
1,260,000
$
3/26/2010
7/22/2009
9/30/2009
12/30/2009
$
(20,000) $
9/30/2009
$
(53,670,000) $
12/30/2009
7/22/2009
Mortgage Center, LLC
Southfield
MI
Purchase
Financial Instrument for Home Loan Modifications
$
4,210,000
N/A
$
250,450,000
$
3/26/2010
$
124,820,000
$
7/29/2009
First Bank
St. Louis
CA
MO
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
860,000
6,460,000
N/A
N/A
$
$
$
2,800,000
$
9/30/2009
$
$
6,750,000
3/26/2010
San Diego
1,780,000
2,840,000
12/30/2009
Mission Federal Credit Union
$
$
3/26/2010
7/22/2009
9/30/2009
12/30/2009
$
(6,340,000) $
(1,530,000) $
(490,000) $
$
7/29/2009
Wachovia Bank, N.A.
Charlotte
IN
NC
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
1,090,000
85,020,000
N/A
N/A
$
$
2,460,000
$
9/30/2009
$
$
1,260,000
$
3/26/2010
West Lafayette
680,000
12/30/2009
Purdue Employees Federal Credit Union
$
$
3/26/2010
7/29/2009
9/30/2009
12/30/2009
$
2,070,000
$
(60,000) $
8/5/2009
Lake City Bank
Lewisville
Warsaw
TX
IN
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
2,699,720,000
707,380,000
420,000
N/A
N/A
N/A
$
9,820,000
$
9/30/2009
$
$
1,178,180,000
$
$
1,006,580,000
$
9/30/2009
$
$
502,430,000
3/26/2010
EMC Mortgage Corporation
Purchase
$
12/30/2009
7/31/2009
TX
26,160,000
3/26/2010
Lewisville
(37,700,000) $
12/30/2009
J.P.Morgan Chase Bank, NA
$
$
3/26/2010
7/31/2009
9/30/2009
12/30/2009
$
(134,560,000) $
9/30/2009
$
12/30/2009
$
3/26/2010
$
(14,850,000) $
(10,000) $
180,000
$
$
(350,000) $
20,000
$
Reason for Adjustment
Updated portfolio data from servicer &
18,230,000 HPDP initial cap
Updated portfolio data from servicer &
37,510,000 HAFA initial cap
39,980,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
80,000 HPDP initial cap
Updated portfolio data from servicer &
130,000 HAFA initial cap
230,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,300,000 HPDP initial cap
Updated portfolio data from servicer &
3,560,000 HAFA initial cap
3,540,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,218,820,000 HPDP initial cap
Updated portfolio data from servicer &
1,469,270,000 HAFA initial cap
1,594,090,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
5,990,000 HPDP initial cap
Updated portfolio data from servicer &
8,830,000 HAFA initial cap
11,630,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
370,000 HPDP initial cap
Updated portfolio data from servicer &
7,120,000 HAFA initial cap
780,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
4,930,000 HPDP initial cap
Updated portfolio data from servicer &
5,610,000 HAFA initial cap
8,070,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,030,000 HPDP initial cap
Updated portfolio data from servicer &
2,290,000 HAFA initial cap
4,360,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
47,320,000 HPDP initial cap
Updated portfolio data from servicer &
73,480,000 HAFA initial cap
83,300,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
2,684,870,000 HPDP initial cap
Updated portfolio data from servicer &
3,863,050,000 HAFA initial cap
Updated portfolio data from servicer &
4,869,630,000 2MP initial cap
Updated portfolio data from servicer &
707,370,000 HPDP initial cap
Updated portfolio data from servicer &
1,209,800,000 HAFA initial cap
Updated portfolio data from servicer &
1,075,240,000 2MP initial cap
Updated portfolio data from servicer &
600,000 HPDP initial cap
Updated portfolio data from servicer &
250,000 HAFA initial cap
270,000 Updated portfolio data from servicer
Page 28 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
8/5/2009
Oakland Municipal Credit Union
City
Oakland
State
Transaction
Type
CA
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
140,000
N/A
Cap Adjustment Amount
Adjusted Cap
North Highlands
CA
Purchase
Financial Instrument for Home Loan Modifications
$
674,000,000
N/A
290,000
$
$
210,000
$
3/26/2010
HomEq Servicing
$
12/30/2009
8/5/2009
9/30/2009
$
170,000
$
(121,190,000) $
Litton Loan Servicing LP
Houston
TX
Purchase
Financial Instrument for Home Loan Modifications
$
774,900,000
N/A
$
$
(36,290,000) $
3/26/2010
8/12/2009
9/30/2009
12/30/2009
$
199,320,000
$
8/28/2009
OneWest Bank
Pasadena
PA
CA
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
6,210,000
29,730,000
668,440,000
N/A
N/A
N/A
278,910,000
$
$
$
30,800,000
$
$
23,200,000
$
9/30/2009
$
(25,510,000) $
$
520,000
$
4,330,000
$
4/19/2010
Titusville
Financial Instrument for Home Loan Modifications
$
3/26/2010
Servis One, Inc.
Purchase
9/30/2009
12/30/2009
8/12/2009
CA
$
$
3/26/2010
Calasbasa
313,050,000
275,370,000
12/30/2009
PennyMac Loan Services, LLC
$
$
3/26/2010
8/12/2009
9/30/2009
12/30/2009
$
230,000
$
(1,200,000) $
$
Reason for Adjustment
Updated portfolio data from servicer &
430,000 HPDP initial cap
Updated portfolio data from servicer &
640,000 HAFA initial cap
810,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
552,810,000 HPDP initial cap
Updated portfolio data from servicer &
516,520,000 HAFA initial cap
715,840,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,087,950,000 HPDP initial cap
Updated portfolio data from servicer &
1,363,320,000 HAFA initial cap
1,642,230,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
5,010,000 HPDP initial cap
Updated portfolio data from servicer &
35,810,000 HAFA initial cap
59,010,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
4,220,000 HPDP initial cap
Updated portfolio data from servicer &
4,740,000 HAFA initial cap
9,070,000 Updated portfolio data from servicer
Transfer of cap from CitiMortgage, Inc.
9,300,000 due to servicing transfer
8/28/2009
RoundPoint Mortgage Servicing Corporation
Charlotte
CA
NC
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
300,000
570,000
N/A
N/A
$
$
814,240,000 HPDP initial cap
Updated portfolio data from servicer &
2,170,170,000 HAFA initial cap
$
121,180,000
$
2,291,350,000 Updated portfolio data from servicer
10/2/2009
$
70,000
$
$
2,680,000
$
370,000 HPDP initial cap
Updated portfolio data from servicer &
3,050,000 HAFA initial cap
3/26/2010
Palo Alto
145,800,000
1,355,930,000
12/30/2009
Stanford Federal Credit Union
$
$
3/26/2010
8/28/2009
10/2/2009
12/30/2009
$
350,000
$
3,400,000 Updated portfolio data from servicer
130,000
$
9/2/2009
Vantium Capital, Inc.
Plano
WI
TX
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
560,000
6,000,000
N/A
N/A
$
2,110,000
$
2,500,000 Updated portfolio data from servicer
$
130,000
$
$
1,040,000
$
690,000 HPDP initial cap
Updated portfolio data from servicer &
1,730,000 HAFA initial cap
3/26/2010
Horicon
10/2/2009
12/30/2009
Horicon Bank
$
$
3/26/2010
9/2/2009
10/2/2009
12/30/2009
$
(1,680,000) $
Central Florida Educators Federal Credit Union
Lake Mary
FL
Purchase
Financial Instrument for Home Loan Modifications
$
1,250,000
N/A
$
$
3/26/2010
9/9/2009
10/2/2009
12/30/2009
$
(310,000) $
1,310,000
$
(3,390,000) $
700,000 HPDP initial cap
Updated portfolio data from servicer &
390,000 HAFA initial cap
50,000 Updated portfolio data from servicer
7,310,000 HPDP initial cap
Updated portfolio data from servicer &
3,920,000 HAFA initial cap
410,000
$
4,330,000 Updated portfolio data from servicer
280,000
$
1,530,000 HPDP initial cap
Updated portfolio data from servicer &
780,000 HAFA initial cap
10/2/2009
$
12/30/2009
$
(750,000) $
3/26/2010
$
120,000
$
900,000 Updated portfolio data from servicer
Page 29 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
9/9/2009
U.S. Bank National Association
City
Owensboro
State
Transaction
Type
KY
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
114,220,000
N/A
Cap Adjustment Amount
Adjusted Cap
Reason for Adjustment
Albany
NY
Purchase
Financial Instrument for Home Loan Modifications
$
4,350,000
N/A
24,920,000
$
$
49,410,000
$
139,140,000 HPDP initial cap
Updated portfolio data from servicer &
188,550,000 HAFA initial cap
3/26/2010
CUC Mortgage Corporation
$
12/30/2009
9/9/2009
10/2/2009
$
41,830,000
$
230,380,000 Updated portfolio data from servicer
ORNL Federal Credit Union
Oak Ridge
TN
Purchase
Financial Instrument for Home Loan Modifications
$
2,070,000
N/A
$
950,000
$
$
5,700,000
$
5,300,000 HPDP initial cap
Updated portfolio data from servicer &
11,000,000 HAFA initial cap
3/26/2010
9/11/2009
10/2/2009
12/30/2009
$
740,000
$
11,740,000 Updated portfolio data from servicer
9/11/2009
Metropolitan National Bank
Little Rock
FL
AR
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
250,000
280,000
N/A
N/A
$
$
$
13,280,000
$
10/2/2009
$
60,000
$
$
(80,000) $
310,000 HPDP initial cap
Updated portfolio data from servicer &
230,000 HAFA initial cap
3/26/2010
Ocala
460,000
2,730,000
12/30/2009
Allstate Mortgage Loans & Investments, Inc.
$
$
3/26/2010
9/11/2009
10/2/2009
12/30/2009
2,530,000 HPDP initial cap
Updated portfolio data from servicer &
5,260,000 HAFA initial cap
$
280,000
$
510,000 Updated portfolio data from servicer
350,000 HPDP initial cap
Updated portfolio data from servicer &
970,000 HAFA initial cap
18,540,000 Updated portfolio data from servicer
9/16/2009
Bay Federal Credit Union
Capitola
NJ
CA
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
27,510,000
410,000
N/A
N/A
$
$
$
100,000
$
1,070,000 Updated portfolio data from servicer
10/2/2009
$
6,010,000
$
$
(19,750,000) $
33,520,000 HPDP initial cap
Updated portfolio data from servicer &
13,770,000 HAFA initial cap
3/26/2010
Jersey City
70,000
620,000
12/30/2009
Franklin Credit Management Corporation
$
$
3/26/2010
9/11/2009
10/2/2009
12/30/2009
$
(4,780,000) $
8,990,000 Updated portfolio data from servicer
9/23/2009
Schools Financial Credit Union
Sacramento
NY
CA
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
4,390,000
390,000
N/A
N/A
$
$
500,000 HPDP initial cap
Updated portfolio data from servicer &
1,960,000 HAFA initial cap
$
160,000
$
2,120,000 Updated portfolio data from servicer
10/2/2009
$
960,000
$
$
(3,090,000) $
5,350,000 HPDP initial cap
Updated portfolio data from servicer &
2,260,000 HAFA initial cap
3/26/2010
Buffalo
90,000
1,460,000
12/30/2009
AMS Servicing, LLC
$
$
3/26/2010
9/23/2009
10/2/2009
12/30/2009
$
230,000
$
2,490,000 Updated portfolio data from servicer
480,000 HPDP initial cap
Updated portfolio data from servicer &
1,420,000 HAFA initial cap
9/23/2009
Yadkin Valley Bank
Woodbridge
Elkin
NJ
NC
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
230,000
30,000
240,000
N/A
N/A
N/A
$
(980,000) $
$
60,000
$
(10,000) $
290,000 HPDP initial cap
Updated portfolio data from servicer &
280,000 HAFA initial cap
$
130,000
$
410,000 Updated portfolio data from servicer
10/2/2009
$
10,000
$
$
120,000
$
40,000 HPDP initial cap
Updated portfolio data from servicer &
160,000 HAFA initial cap
3/26/2010
Central Jersey Federal Credit Union
Purchase
10/2/2009
12/30/2009
9/23/2009
OH
$
$
3/26/2010
Maumee
90,000
940,000
12/30/2009
Glass City Federal Credit Union
$
$
3/26/2010
9/23/2009
10/2/2009
12/30/2009
$
10,000
$
170,000 Updated portfolio data from servicer
300,000 HPDP initial cap
Updated portfolio data from servicer &
650,000 HAFA initial cap
$
10/2/2009
$
60,000
$
12/30/2009
$
350,000
$
3/26/2010
$
1,360,000
$
440,000 Updated portfolio data from servicer
2,010,000 Updated portfolio data from servicer
Page 30 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
9/25/2009
SEFCU
City
Albany
State
Transaction
Type
NY
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
$
440,000
N/A
Cap Adjustment Amount
IL
Purchase
Financial Instrument for Home Loan Modifications
$
570,000
N/A
$
3/26/2010
North Chicago
$
12/30/2009
10/14/2009 Great Lakes Credit Union
10/2/2009
$
Adjusted Cap
100,000
$
20,000
$
(290,000) $
270,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,600,000 HAFA initial cap
OK
Purchase
Financial Instrument for Home Loan Modifications
$
4,860,000
N/A
10/21/2009 United Bank Mortgage Corporation
Grand Rapids
MI
Purchase
Financial Instrument for Home Loan Modifications
$
410,000
N/A
12/30/2009
$
$
(880,000) $
12/30/2009
$
(2,900,000) $
720,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,960,000 HAFA initial cap
3/26/2010
Tulsa
$
(1,600,000) $
360,000 Updated portfolio data from servicer
1/22/2010 $
3/26/2010
10/23/2009 Bank United
Miami Lakes
FL
Purchase
Financial Instrument for Home Loan Modifications
$
93,660,000
N/A
1/22/2010 $
3/26/2010
10/23/2009 IC Federal Credit Union
Fitchburg
MA
Purchase
Financial Instrument for Home Loan Modifications
$
760,000
N/A
Harleysville
PA
Purchase
Financial Instrument for Home Loan Modifications
$
1,070,000
10/28/2009 Members Mortgage Company, Inc
Woburn
MA
Purchase
10/30/2009 DuPage Credit Union
Naperville
IL
Purchase
11/6/2009
Los Alamos
NM
11/18/2009 Quantum Servicing Corporation
Tampa
11/18/2009 Hillsdale County National Bank
11/18/2009 QLending, Inc.
N/A
Financial Instrument for Home Loan Modifications
$
510,000
N/A
Financial Instrument for Home Loan Modifications
$
70,000
N/A
Purchase
Financial Instrument for Home Loan Modifications
$
700,000
N/A
FL
Purchase
Financial Instrument for Home Loan Modifications
$
18,960,000
N/A
Hillsdale
MI
Purchase
Financial Instrument for Home Loan Modifications
$
1,670,000
N/A
Coral Gables
FL
Purchase
Financial Instrument for Home Loan Modifications
$
20,000
N/A
Financial Instrument for Home Loan Modifications
$
20,360,000
N/A
Coral Gables
FL
Purchase
Financial Instrument for Home Loan Modifications
$
230,000
N/A
11/25/2009 First Keystone Bank
Media
PA
Purchase
Financial Instrument for Home Loan Modifications
$
1,280,000
N/A
12/4/2009
Clarks Summit
PA
Purchase
Financial Instrument for Home Loan Modifications
$
380,000
N/A
Idaho Housing and Finance Association
Boise
ID
Purchase
Financial Instrument for Home Loan Modifications
$
9,430,000
N/A
800,000 Updated HPDP cap & HAFA initial cap
40,000 Updated portfolio data from servicer
- Termination of SPA
- Termination of SPA
$
$
10,000
$
90,000 Updated portfolio data from servicer
1/22/2010 $
40,000
$
740,000 Updated HPDP cap & HAFA initial cap
$
50,000
$
790,000 Updated portfolio data from servicer
1/22/2010 $
890,000
$
19,850,000 Updated HPDP cap & HAFA initial cap
$
3,840,000
$
23,690,000 Updated portfolio data from servicer
1/22/2010 $
80,000
$
1,750,000 Updated HPDP cap & HAFA initial cap
330,000
$
2,080,000 Updated portfolio data from servicer
$
1/22/2010 $
$
1/22/2010 $
- $
(10,000) $
950,000
$
$
(17,880,000) $
4/22/2010 $
(230,000) $
1/22/2010 $
$
1/22/2010 $
3/26/2010
12/4/2009
$
98,030,000 Updated HPDP cap & HAFA initial cap
121,910,000 Updated portfolio data from servicer
10,000
3/26/2010
Community Bank & Trust Company
40,000
(510,000) $
3/26/2010
11/25/2009 Home Financing Center, Inc
$
$
4/22/2010 $
1/22/2010 $
3/26/2010
Purchase
4,370,000
23,880,000
(1,070,000) $
3/26/2010
AZ
430,000 Updated HPDP cap & HAFA initial cap
830,000 Updated portfolio data from servicer
4/21/2010 $
3/26/2010
Phoenix
$
$
(760,000) $
3/26/2010
11/25/2009 Marix Servicing, LLC
20,000
400,000
$
3/26/2010
Los Alamos National Bank
$
1/22/2010 $
3/26/2010
10/28/2009 Harleysville National Bank & Trust Company
$
$
540,000 HPDP initial cap
Updated portfolio data from servicer &
560,000 HAFA initial cap
3/26/2010
10/14/2009 Mortgage Clearing Corporation
1,030,000
Reason for Adjustment
$
1/22/2010 $
3/26/2010
$
80,000 Updated HPDP cap & HAFA initial cap
20,000 Updated HPDP cap & HAFA initial cap
10,000 Updated portfolio data from servicer
21,310,000 Updated HPDP cap & HAFA initial cap
3,430,000 Updated portfolio data from servicer
- Termination of SPA
50,000
$
1,330,000 Updated HPDP cap & HAFA initial cap
p
p
p
1,020,000
$
2,350,000 Updated portfolio data from servicer
10,000
$
390,000 Updated HPDP cap & HAFA initial cap
520,000
$
910,000 Updated portfolio data from servicer
440,000
$
14,480,000
$
9,870,000 Updated HPDP cap & HAFA initial cap
24,350,000 Updated portfolio data from servicer
Page 31 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
City
State
Transaction
Type
Investment Description
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
12/9/2009
Spirit of Alaska Federal Credit Union
Fairbanks
AK
Purchase
Financial Instrument for Home Loan Modifications
$
360,000
N/A
12/9/2009
American Eagle Federal Credit Union
East Hartford
CT
Purchase
Financial Instrument for Home Loan Modifications
$
1,590,000
N/A
12/9/2009
Silver State Schools Credit Union
Las Vegas
NV
Purchase
Financial Instrument for Home Loan Modifications
$
1,880,000
N/A
12/9/2009
Fidelity Homestead Savings Bank
New Orleans
LA
Purchase
Financial Instrument for Home Loan Modifications
$
2,940,000
N/A
1/22/2010 $
$
850,000
$
1,220,000 Updated portfolio data from servicer
1/22/2010 $
70,000
$
1,660,000 Updated HPDP cap & HAFA initial cap
Purchase
Financial Instrument for Home Loan Modifications
$
230,000
N/A
The Golden 1 Credit Union
Sacramento
CA
Purchase
Financial Instrument for Home Loan Modifications
$
6,160,000
N/A
Sterling Savings Bank
Spokane
WA
Purchase
Financial Instrument for Home Loan Modifications
$
2,250,000
N/A
12/11/2009 HomeStar Bank & Financial Services
Manteno
IL
Purchase
Financial Instrument for Home Loan Modifications
$
310,000
N/A
12/11/2009 Glenview State Bank
Glenview
IL
Purchase
Financial Instrument for Home Loan Modifications
$
370,000
N/A
12/11/2009 Verity Credit Union
Seattle
WA
Purchase
Financial Instrument for Home Loan Modifications
$
600,000
N/A
12/11/2009 Hartford Savings Bank
Hartford
WI
Purchase
Financial Instrument for Home Loan Modifications
$
630,000
N/A
Purchase
Financial Instrument for Home Loan Modifications
$
150,000
N/A
IL
Purchase
Financial Instrument for Home Loan Modifications
$
620,000
N/A
12/16/2009 Golden Plains Credit Union
Garden City
KS
Purchase
Financial Instrument for Home Loan Modifications
$
170,000
N/A
$
3,080,000 Updated portfolio data from servicer
140,000
$
3,080,000 Updated HPDP cap & HAFA initial cap
6,300,000
$
9,380,000 Updated portfolio data from servicer
240,000 Updated HPDP cap & HAFA initial cap
680,000 Updated portfolio data from servicer
1/22/2010 $
290,000
$
6,450,000 Updated HPDP cap & HAFA initial cap
$
40,000
$
6,490,000 Updated portfolio data from servicer
1/22/2010 $
100,000
$
2,350,000 Updated HPDP cap & HAFA initial cap
$
1/22/2010 $
(740,000) $
20,000
$
$
820,000
$
1/22/2010 $
20,000
$
$
1,250,000
$
1/22/2010 $
30,000
$
400,000
$
$
1/22/2010 $
3/26/2010
PA
1,110,000
$
3/26/2010
Spring Valley
1,970,000 Updated HPDP cap & HAFA initial cap
$
3/26/2010
Bryn Mawr
$
10,000
3/26/2010
12/16/2009 Citizens 1st National Bank
1,370,000 Updated portfolio data from servicer
90,000
440,000
3/26/2010
12/11/2009 The Bryn Mawr Trust Co.
(290,000) $
370,000 Updated HPDP cap & HAFA initial cap
$
3/26/2010
12/9/2009
$
1/22/2010 $
3/26/2010
12/9/2009
$
1/22/2010 $
3/26/2010
FL
$
1/22/2010 $
3/26/2010
Tampa
Reason for Adjustment
$
3/26/2010
Bay Gulf Credit Union
Adjusted Cap
10,000
3/26/2010
12/9/2009
Cap Adjustment Amount
$
4/22/2010 $
1/22/2010 $
3/26/2010
$
$
(150,000) $
30,000
$
330,000 Updated HPDP cap & HAFA initial cap
1,150,000 Updated portfolio data from servicer
390,000 Updated HPDP cap & HAFA initial cap
1,640,000 Updated portfolio data from servicer
630,000 Updated HPDP cap & HAFA initial cap
1,030,000 Updated portfolio data from servicer
660,000 Updated HPDP cap & HAFA initial cap
1,460,000 Updated portfolio data from servicer
- Termination of SPA
650,000 Updated HPDP cap & HAFA initial cap
(580,000) $
70,000 Updated portfolio data from servicer
10,000
$
180,000 Updated HPDP cap & HAFA initial cap
30,000
$
210,000 Updated portfolio data from servicer
1/22/2010 $
160,000
$
3,620,000 Updated HPDP cap & HAFA initial cap
4/22/2010 $
(3,620,000)
(3 620 000) $
1/22/2010 $
3/26/2010
12/16/2009 First Federal Savings and Loan Association of Lakewood
12/16/2009 Sound Community Bank
Lakewood
Seattle
OH
WA
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
3,460,000
440,000
N/A
N/A
Michigan City
IN
Purchase
Financial Instrument for Home Loan Modifications
$
700,000
N/A
Solon
OH
Purchase
Financial Instrument for Home Loan Modifications
$
760,000
N/A
$
1/22/2010 $
20,000
$
1,430,000
$
- Termination of SPA
460,000 Updated HPDP cap & HAFA initial cap
1,890,000 Updated portfolio data from servicer
30,000
$
$
1,740,000
$
1/22/2010 $
40,000
$
800,000 Updated HPDP cap & HAFA initial cap
140,000
$
940,000 Updated portfolio data from servicer
3/26/2010
12/16/2009 Park View Federal Savings Bank
$
1/22/2010 $
3/26/2010
12/16/2009 Horizon Bank, NA
$
30,000
800,000
1,610,000 Updated portfolio data from servicer
3/26/2010
$
730,000 Updated HPDP cap & HAFA initial cap
2,470,000 Updated portfolio data from servicer
Page 32 of 37
Adjustment Details
Servicer Modifying Borrowers' Loans
Name of Institution
Date
City
State
Transaction
Type
Investment Description
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
Date
Lenders/Investors (Cap) 1 Mechanism Note
12/23/2009 Iberiabank
Sarasota
FL
Purchase
Financial Instrument for Home Loan Modifications
$
4,230,000
N/A
12/23/2009 Grafton Suburban Credit Union
North Grafton
MA
Purchase
Financial Instrument for Home Loan Modifications
$
340,000
N/A
12/23/2009 Eaton National Bank & Trust Company
Eaton
OH
Purchase
Financial Instrument for Home Loan Modifications
$
60,000
N/A
12/23/2009 Tempe Schools Credit Union
Tempe
AZ
Purchase
Financial Instrument for Home Loan Modifications
$
110,000
N/A
Cap Adjustment Amount
1/22/2010 $
3/26/2010
$
1/22/2010 $
3/26/2010
200,000
Adjusted Cap
$
(1,470,000) $
20,000
$
$
(320,000) $
1/22/2010 $
- $
3/26/2010
$
1/22/2010 $
3/26/2010
$
90,000
$
- $
(20,000) $
Reason for Adjustment
4,430,000 Updated HPDP cap & HAFA initial cap
2,960,000 Updated portfolio data from servicer
360,000 Updated HPDP cap & HAFA initial cap
40,000 Updated portfolio data from servicer
60,000 Updated HPDP cap & HAFA initial cap
150,000 Updated portfolio data from servicer
110,000 Updated HPDP cap & HAFA initial cap
90,000 Updated portfolio data from servicer
1/13/2010
Fresno County Federal Credit Union
Fresno
CA
Purchase
Financial Instrument for Home Loan Modifications
$
260,000
N/A
3/26/2010
$
480,000
$
740,000 Updated portfolio data from servicer
1/13/2010
Roebling Bank
Roebling
NJ
Purchase
Financial Instrument for Home Loan Modifications
$
240,000
N/A
3/26/2010
$
610,000
$
850,000 Updated portfolio data from servicer
1/13/2010
First National Bank of Grant Park
Grant Park
IL
Purchase
Financial Instrument for Home Loan Modifications
$
140,000
N/A
3/26/2010
$
150,000
$
290,000 Updated portfolio data from servicer
1/13/2010
Specialized Loan Servicing, LLC
Highlands Ranch
CO
Purchase
Financial Instrument for Home Loan Modifications
$
64,150,000
N/A
3/26/2010
$
(51,240,000) $
12,910,000 Updated portfolio data from servicer
1/13/2010
Greater Nevada Mortgage Services
Carson City
NV
Purchase
Financial Instrument for Home Loan Modifications
$
770,000
N/A
3/26/2010
$
8,680,000
$
9,450,000 Updated portfolio data from servicer
12,190,000
1/15/2010
Digital Federal Credit Union
Marlborough
MA
Purchase
Financial Instrument for Home Loan Modifications
$
3,050,000
N/A
3/26/2010
$
$
15,240,000 Updated portfolio data from servicer
1/29/2010
iServe Residential Lending, LLC
San Diego
CA
Purchase
Financial Instrument for Home Loan Modifications
$
960,000
N/A
3/26/2010
$
(730,000) $
230,000 Updated portfolio data from servicer
1/29/2010
United Bank
Griffin
GA
Purchase
Financial Instrument for Home Loan Modifications
$
540,000
N/A
3/26/2010
$
160,000
700,000 Updated portfolio data from servicer
3/3/2010
Urban Trust Bank
Lake Mary
FL
Purchase
Financial Instrument for Home Loan Modifications
$
1,060,000
N/A
$
16,111,368,890
$
39,873,348,890
3/5/2010
iServe Servicing, Inc.
Irving
TX
Purchase
Financial Instrument for Home Loan Modifications
$
28,040,000
N/A
3/10/2010
Navy Federal Credit Union
Vienna
VA
Purchase
Financial Instrument for Home Loan Modifications
$
60,780,000
N/A
3/10/2010
Vist Financial Corp
Wyomissing
PA
Purchase
Financial Instrument for Home Loan Modifications
$
300,000
N/A
IL
Purchase
Financial Instrument for Home Loan Modifications
$
300,000
N/A
OR
Purchase
Financial Instrument for Home Loan Modifications
$
6,550,000
N/A
Total Initial Cap
$
23,761,980,000
$
4/14/2010
Midwest Bank and Trust Co.
Elmwood Park
4/14/2010
Wealthbridge Mortgage Corp
Beaverton
Total Cap Adjustments
TOTAL CAP
1/ The Cap of Incentive Payments represents the potential total amount allocated to each servicer and includes the maximum amount allotted for all payments on behalf of borrowers and payments to servicers and lenders/investors.
The Cap is subject to adjustment based on the total amount allocated to the program and individual servicer usage for borrower modifications. Each adjustment to the Cap is reflected under Adjustment Details.
2/ On July 31, 2009, the SPA with Chase Home Finance, LLC was terminated and superseded by new SPAs with J.P. Morgan Chase Bank, NA and EMC Mortgage Corporation.
3/ Wachovia Mortgage, FSB was merged with Wells Fargo Bank, NA, and the remaining Adjusted Cap stated above represents the amount previously paid to Wachovia Mortgage, FSB prior to such merger.
As used in this table:
"HAFA" means the Home Affordable foreclosure Alternatives program.
HPDP
"HPDP" means the Home Price Decline Protection program.
"2MP" means the Second Lien Modification Program.
Page 33 of 37
SMALL BUSINESS AND COMMUNITY LENDING INITIATIVE
SBA 7a Securities Purchase Program
Purchase Details
Date
3/19/2010
3/19/2010
3/19/2010
4/8/2010
4/8/2010
Investment Description
Floating Rate SBA 7a security due 2025
Floating Rate SBA 7a security due 2022
Floating Rate SBA 7a security due 2022
Floating Rate SBA 7a security due 2034
Floating Rate SBA 7a security due 2016
Total Purchase Face Amount
1
Settlement Details
Purchase Face
Amount 3
$
$
$
$
$
4,070,000
7,617,617
8,030,000
25,000,000
8,900,014
$
53,617,631
Pricing Mechanism
107.75
109
108.875
110.375
107.5
Initial Investment
Amount 2, 3
$
$
$
$
$
4,377,249
8,279,156
8,716,265
27,671,656
9,598,523
TBA or
PMF3
Settlement Date
Y
-
3/24/2010
3/24/2010
3/24/2010
5/28/2010
4/30/2010
TOTAL INVESTMENT
AMOUNT
Final Investment
Amount
$
$
$
$
$
4,377,249
8,279,156
8,716,265
27,671,656
9,598,523
$
58,642,849 *
TBA or
3
PMF
TBA*
-
Final Disposition
Senior Security
Proceeds 4
$
$
$
$
$
Trade Date
Life-to-date
Principal Received
1
Current Face
Amount
Disposition Amount 5
2,184
4,130
4,348
13,796
4,783
Total Senior Security Proceeds $
29,240 *
Total Disposition
Proceeds
$
-
* Subject to adjustment
1/ The amortizing principal and interest payments are reported on the monthly Dividends and Interest Report available at www.FinancialStability.gov.
2/ Investment Amount is stated after giving effect to factor and, if applicable, the purchase of accrued principal and interest.
3/ If a purchase is listed as TBA, or To-Be-Announced, the underlying loans in the SBA Pool have yet to come to market, and the TBA purchase face amount, initial investment amount, final investment amount and senior security proceeds will be adjusted
within the variance permitted under the program terms. If a purchase is listed as PMF, or Prior-Month-Factor, the trade was made prior to the applicable month's factor being published and the SBA 7a security and senior security are priced according to the
prior-month's factor. The PMF final investment amount and senior security proceeds will be adjusted after publication of the applicable month's factor (on or about the 11th business day of each month).
4/ In order to satisfy the requirements under Section 113 of the Emergency Economic Stabilization Act of 2008, Treasury will acquire a senior indebtedness instrument (a Senior Security) from the seller of each respective SBA 7a Security. Each Senior
Security will (i) have an aggregate principal amount equal to the product of (A) 0.05% and (B) the Final Investment Amount (excluding accrued interest) paid by Treasury for the respective SBA 7a Security, and (ii) at the option of the respective seller, may
be redeemed at par value immediately upon issuance, or remain outstanding with the terms and conditions as set forth in the Master Purchase Agreement.
5/ Disposition Amount is stated after giving effect, if applicable, to sale of accrued principal and interest.
Page 34 of 37
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Projected Costs and Liabilities [Section 105(a)(3)(E)]
For Period Ending April 30, 2010
Type of Expense/Liability
Amount
None
Note: Treasury interprets this reporting requirement as
applicable to costs and liabilities related to insurance contracts
entered into under the provisions of section 102 of the EESA;
and the single insurance contract with Citigroup was
terminated on December 23, 2009.
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Programmatic Operating Expenses [Section 105(a)(3)(F)]
For Period Ending April 30, 2010
Type of Expense
Compensation for financial agents
and legal firms
Amount
$223,745,362
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Description of Vehicles Established [Section 105(a)(3)(H)]
For Period Ending April 30, 2010
Date
Vehicle
None
Description
@FedFRASER