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Troubled Assets Relief Program (TARP)
Monthly 105(a) Report – May 2010
June 10, 2010
This report to Congress is pursuant to Section 105(a) of the Emergency Economic Stabilization Act of 2008.
Monthly 105(a) Report
Section
Key Developments
May 2010
Page
……………………………………………………………………………………………………………….... 3
Projected Cost Assessments for TARP ........................................................................................................................... 4
Where is TARP Money Going? ........................................................................................................................................... 4
Program Updates ……………………………………………………………………………………………………....................... 7
•
Dividends, Interest and Other Income Received
•
Capital Purchase Program
•
Automotive Industry Financing Program
•
Home Affordable Modification Program
•
Consumer and Bank Lending Initiatives
•
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 – Financial Statement
Monthly 105(a) Report
May 2010
Treasury is pleased to present the Office of Financial Stability’s Monthly 105(a) Report for May 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.
On May 21, 2010, Treasury notified Congress that the projected cost of the TARP has decreased by $11.4 billion to $105.4 billion since the FY
2011 President’s Budget. As recently as the Midsession Review released last August, the Administration estimated the cost of TARP would be $341
billion. 1 (See “Projected Cost Assessments for TARP” below.)
Previously, Secretary of the Treasury Geithner had provided an update on TARP to Congress in April 2010 that, among others, noted: 2
•
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 (subsequently revised to $105.4 billion) of that amount. 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
More information is available at: http://www.FinancialStability.gov/latest/pr_05212010b.html
A copy of the letter is available at: http://www.FinancialStability.gov/docs/EESA%20Update%20-%20TFG%20to%20Congress%20042310.pdf
3
Represents the deficit impact of TARP.
2
2
Monthly 105(a) Report
May 2010
Key Developments
The following key developments took place during May 2010 under existing TARP programs:
•
Total TARP repayments have reached approximately $194 billion, more than half of current total disbursements of $384 billion.
•
Cumulative TARP investment proceeds are more $23 billion.
•
Under the Capital Purchase Program (CPP):
¾ Treasury conducted auctions for the warrants issued by Wells Fargo, Comerica, and Valley National with gross proceeds of
approximately $849 million, $183.67 million, and $5.57 million, respectively.
¾ Treasury completed the sale of 1.5 billion shares of common stock in Citigroup, Inc. (Citigroup), approximately 19.5% of its Citigroup
common stock holdings, for proceeds of approximately $6.18 billion at a weighted average price per share of $4.1217. Treasury then
entered into a second pre-arranged written trading plan with its sales agent that provides discretionary authority for the sale of up to
1.5 billion additional shares under certain parameters.
•
Under the Automotive Industry Financing Program (AIFP):
¾ Treasury received a $1.9 billion repayment from CGI Holding LLC, the owner of both Chrysler Financial and Chrysler LLC (the “Old
Chrysler”), as settlement of a loan made in early 2009 to finance Old Chrysler, the automobile company. This repayment, while less
than face value, is significantly more than Treasury had previously estimated to recover.
•
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 April 2010. Please refer to the complete Servicer Performance Report included as Appendix 2.
¾ Through April 2010, almost 300,000 homeowners have permanent modifications, an increase of 13% from March.
¾ Borrowers in permanent modifications are experiencing a median payment reduction of 36%, more than $500 per month.
¾ The April HAMP report contained new information about servicer-specific conversion rates to permanent modifications and servicer
performance in giving homeowners timely decisions.
3
Monthly 105(a) Report
May 2010
Projected Cost Assessments for TARP
The total cost of all TARP programs is significantly less than expected as result of careful stewardship and improved financial conditions. Since
January 2009, Treasury has taken steps to dramatically bring down the cost of TARP.
•
On May 21, 2010, Treasury notified Congress that the projected cost of the TARP has decreased by $11.4 billion to $105.4 billion
since the FY 2011 President’s Budget. As recently as the Midsession Review released last August, the Administration estimated the
cost of TARP would be $341 billion.
•
The decreases in total costs are primarily a result of appreciation in the value of the 7.7 billion shares of Citigroup common stock held
by Treasury. In addition, the estimated value of Treasury’s AIFP investments has increased as the outlook for the domestic
automobile industry has improved. Lastly, the estimated cost related to AIG has decreased by $2.9 billion as prospects for the
company have improved. Remaining TARP costs are derived from homeowner relief programs as well as the assistance provided to
the automotive industry and AIG. Programs that were designed to assist banking institutions will result in a net gain to the taxpayer.
•
As part of the Administration’s ongoing commitment to transparency regarding TARP’s cost to taxpayers, updated cost assessments
will be provided four times per year. More information is available at http://www.FinancialStability.gov/ latest/pr_05212010b.html,
which includes links to a summary of the cost estimates for TARP investments as of March 31, 2010, and a description of the
methodology used for the estimates.
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 May 31, 2010, approximately $537 billion had been
planned for TARP programs, and of that amount: 4
•
$489.88 billion has been committed to specific institutions under signed contracts.
•
$383.52 billion has been paid out by Treasury under those contracts.
A large part of the total investments to date occurred in 2008 under the Capital Purchase Program. The commitments made in 2009 include
amounts extended under the Obama Administration’s Financial Stability Plan. These include funds committed under the Home Affordable
4
See footnotes ** and *** to Figure 1.
4
Monthly 105(a) Report
May 2010
Modification Program, the Legacy Securities Public-Private Investment Program, the Automotive Industry Financing Program and the other
programs described in this report (and Appendix 1).
Taxpayers can track progress on all of the financial stability programs and investments, as well as repayments, on Treasury’s website
www.FinancialStability.gov. Specifically, taxpayers can look at investments within two business days of closing in the TARP transaction reports at
www.FinancialStability.gov/latest/reportsanddocs.html.
Figure 1 shows the planned TARP investment amounts together with the total funds disbursed and investments that have been repaid by program
as of May 31, 2010. Figure 2 shows the planned TARP investments by program as of May 31, 2010.
Figure 1: TARP Summary through May 2010 ($ billions)
Planned
Investments
Capital Purchase Program
Citigroup repayment*
$
Targeted Investment Program
$
Asset Guarantee Program
Consumer and Business Lending Initiative**
204.89
Commitments
$
40.00
$
$
5.00
$
52.00
Legacy Securities Public-Private Investment Program
$
AIG
204.89
Total Disbursed Repayments
$
204.89
$
137.27
$
4.88
40.00
$
40.00
$
40.00
$
0.00
$
0.00
$
0.00
$
20.12
$
0.16
$
0.00
30.00
$
30.36
$
11.05
$
0.37
$
69.84
$
69.84
$
47.54
$
0.00
Auto Industry Financing Program
$
84.84
$
84.84
$
79.69
$
11.20
Home Affordable Modification Program***
$
50.00
$
Totals
$536.58 **
39.82 *** $
$489.88
0.19 *** $
$383.52
0.00
$193.72
* Represents repayment amount from $6.18 billion of proceeds.
** $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 $1 billion 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 May 31, 2010, total TARP commitments and amounts paid out as adjusted were $41.08 billion and $1.45 billion, respectively.
5
Monthly 105(a) Report
May 2010
Figure 2: Planned TARP Investments ($ billions) through May 2010
AGP
$5
PPIP
TIP $30
$40
Capital Purchase Program
Auto Industry Financing Program
AIG
Consumer and Business Lending Initiative
Home Affordable Modification Program
Targeted Investment Program
Legacy Securities Public-Private Investment Program
Asset Guarantee Program
CPP
$205
HAMP
$50
CBLI
$52
AIG
$70
AIFP
$85
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.
Billions
Figure 3: Funds committed and paid out under TARP from October 2008 through May 2010
$180
$540
$160
$480
$140
$420
$120
$360
$100
$300
$80
$240
$60
$180
$40
$120
$20
$60
$0
$0
‐$20
‐$60
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)
6
Monthly 105(a) Report
May 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. 5
•
In May, Treasury received approximately $687.66 million in dividends, interest and distributions from TARP investments, and approximately
$1.04 billion in gross proceeds from CPP warrant sales.
•
Cumulative proceeds from TARP investments are more than $23 billion, consisting of $16 billion of dividends, interest, distributions and other
income, and $7 billion of warrant sales from CPP and the Targeted Investment Program (TIP) investments.
Figure 4 shows total income from dividends, interest and distributions, other investments and from warrant sales in all TARP programs.
Figure 4: Total dividends, warrant proceeds and other income from TARP investments through May 2010 ($ billions)
PPIP
$0.07
TIP
$3.00
AIFP
$2.12
CPP
$10.68
AGP
$0.37
CPP & TIP
Warrant
Dispositions
$7.02
5
Other
Income
$0.14
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.
7
Monthly 105(a) Report
May 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 the approximately $205 billion invested, more than $137 billion has already been repaid,
and Treasury expects the program will result in a positive return for taxpayers. Further information on the Capital Purchase Program is 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 securities acquired from an exercised 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
* Bank s in 48 states, D.C. and Puerto Rico
707 *
$205 billion
$25 billion
$301,000
CPP Income to Treasury
Total Dividends and Interest
$9.37 billion
May Dividends and Interest $362.27 million
Total Fee Income
$13 million
Total Warrant Income
Number of Institutions
56
CPP Repurchase Amount
$2.94 billion
CPP Repayments
CPP & TIP Auction Amount $4.07 billion
Total Repayments
$137.27 billion
$4.88 billion **
Citigroup Repayment
Citigroup Income**
Number of Institutions Fully Repaid:
71
Number of Institutions Partially Repaid: 9
CPP Total Income
**Represents repayment and income, respectively, from
$6.18 billion of proceeds
$7.02 billion ***
$1.31 billion**
$17.71 billion
*** Includes TIP warrants and proceeds from exercised warrants
Repayments
Seventy-one (71) 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.
Citigroup Common Stock Disposition
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. In April, Treasury
entered into a pre-arranged written trading plan with Morgan Stanley & Co. Incorporated (Morgan Stanley) as its sales agent and gave discretionary
authority to sell up to 1.5 billion shares of common stock under certain parameters during the period ending on June 30, 2010. On May 26, 2010,
8
Monthly 105(a) Report
May 2010
Treasury completed the sale of 1.5 billion shares of Citigroup common stock, approximately 19.5% of its common stock holdings, for proceeds of
$6.18 billion at a weighted average price of $4.1217. Treasury then entered into a second pre-arranged written trading plan with its sales agent that
provides discretionary authority for the sale up to 1.5 billion additional shares under certain parameters. Because Treasury will not sell shares
during the blackout period set by Citigroup in advance of its second quarter earnings release, which period is expected to begin on July 1, the plan
will terminate on June 30 even if all shares have not been sold at that time. To enable these sales, Citigroup filed a prospectus supplement with the
Securities and Exchange Commission covering Treasury’s common stock. These sales of common stock do not include Treasury’s holdings of
Citigroup trust preferred securities or warrants for common stock.
Warrant Auctions
In April, Treasury announced its intention to conduct public auctions to dispose of warrant positions in Wells Fargo & Co., PNC Financial Services
Group, Inc. (PNC), Comerica Inc., Valley National Bancorp, Sterling Bancshares, Inc. (WA) and First Financial Bancorp. In April, Treasury
conducted the auction for the warrants issued by PNC, and in May, Treasury conducted auctions for the warrants issued by:
•
Wells Fargo & Co. with gross proceeds of $849.01 million.
•
Comerica Inc. with gross proceeds of $183.67 million.
•
Valley National Bancorp with gross proceeds of $5.57 million.
CPP Dividends and Interest
Cumulative dividends and interest received from CPP investments through month-end together was approximately $9.37 billion.
6
7
•
The TARP Dividends & Interest Report through May 2010, a quarterly payment month for CPP banks, 6 shows that Treasury received
approximately $358.89 million in dividend and interest payments from 532 banks.
•
Ninety-seven (97) institutions missed payments for that period, excluding the four institutions that have entered bankruptcy or
receivership, consisting of 72 cumulative dividend payments (approximately $43.02 million), nineteen non-cumulative dividend
payments (approximately $1.81 million), and six S-corporation interest payments (approximately $1.32 million). As of May 31, 2010,
sixteen banks have missed four payments, eight banks have missed five and one bank has missed six. 7
Treasury’s Dividends and Interest Reports for TARP programs are available at http://www.FinancialStability.gov/latest/reportsanddocs.html.
Figures exclude institutions that have entered bankruptcy or had a bank subsidiary placed in receivership.
9
Monthly 105(a) Report
May 2010
Exchange for Other Securities; Disposition; Receivership
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 promote financial stability, Treasury may participate in exchanges of CPP
preferred stock for other securities or may participate in a direct disposition of the CPP investment to new investors who are able to provide fresh
equity investment, conduct a capital restructuring or otherwise strengthen the capital position of the bank.
•
The South Financial Group, Inc, SC. On May 18, 2010, Treasury entered into an agreement with The Toronto-Dominion Bank (TD
Bank) for the sale of all preferred stock and warrants issued by The South Financial Group, Inc. (TSFG) to Treasury at a purchase
price of $130.18 million for the preferred stock and $400,000 for the warrants. Completion of the sale is subject to the fulfillment of
certain closing conditions. Treasury’s original $347 million investment in TSFG was made in 2008.
•
Midwest Bank Holding (Midwest), IL. The banking subsidiary of Midwest, in which Treasury had exchanged its CPP preferred stock
($84.8 million in initial investment plus $4.3 million in unpaid and accrued dividends) into $89.1 million of mandatorily convertible
preferred stock (MCP), was placed in receivership by its banking regulator. Treasury had participated in the exchange as part of
Midwest’s overall capital plan under which Midwest had sought to exchange its existing preferred stock and debt for common stock
as well as raise new equity. Treasury’s conversion to MCP did not affect its position in the capital structure. The failure of the bank to
adequately recapitalize means that following receivership, it is unlikely that Treasury will receive any significant recovery.
Home Affordable Modification Program
On May 17, 2010, Treasury and the Department of Housing and Urban Development (HUD) released April data for the Home Affordable
Modification Program showing, among others, that:
•
Permanent modifications have been made to almost 300,000 homeowners, and over 68,000 trial modifications converted to
permanent modifications in April, an increase of almost 13% from March.
•
More than 1.2 million homeowners have started trial modifications and almost 1.5 million offers for trial modifications have been
extended to borrowers.
•
Borrowers in permanent modifications are experiencing a median payment reduction of 36%, more than $500 per month.
Homeowners in trial and permanent modifications have had a reduction of over $3.1 billion in monthly mortgage payments in
aggregate.
10
Monthly 105(a) Report
May 2010
•
In order to comply with Treasury guidelines that take effect on June 1st, in March 2010, servicers began collecting upfront
documentation from borrowers prior to initiating new trial modifications.
•
New in the April HAMP report is information about servicer-specific conversion rates to permanent modifications and servicer
performance in giving homeowners timely decisions. (See “Servicer Performance” below.)
¾ The servicer-specific data shows a wide variation in conversion rates as measured against trials eligible to convert. Servicers
who started trials with verified documents generally posted higher conversion rates than servicers who allowed borrowers to
enter trials with stated income. Using stated income upon trial starts, the four largest participating servicers have conversion
rates below 30%.
Servicer Performance
On May 11, 2010, as part of a continued effort to improve servicer performance, the Administration hosted a summit with representatives from
participating mortgage servicing companies to discuss ways to move qualified homeowners into permanent modifications, improve homeowners’
HAMP experience, quickly implement the Second Lien Modification Program (2MP) and Home Affordable Foreclosure Alternatives (HAFA), and
maintain the pace of new trial modification starts.
The Administration also outlined for servicers its plans to begin reporting more detailed performance measures. By July 2010, this reporting will
include the eight largest servicers and will focus on servicer compliance, program execution, and homeowner experience. Reporting will include the
following:
•
Servicer Compliance with Program Guidelines
¾ Results of servicer-level loan-file reviews assessing whether loan files were appropriately evaluated
¾ Identification of all compliance activities performed for servicers and of areas for future compliance focus
•
Program Execution
¾
¾
¾
¾
Average time from start of trial modification to start of permanent modification
Servicer implementation timelines for program updates
Information about alternatives made available to homeowners ineligible for HAMP
Information about alternatives made available to homeowners who fall out of HAMP trial modifications, such as non-HAMP
modifications, payment plans, and short sales
11
Monthly 105(a) Report
•
May 2010
Homeowner Experience
¾ Servicer handling of calls from homeowners (speed to answer, hang-up rates)
¾ Time it takes to resolve homeowner problems that have been reported by third parties such as housing counselors, attorneys,
and congressional and other government offices
¾ Servicer share of homeowner complaints to the Homeowner’s HOPE™ Hotline
Temporary Assistance for Unemployed Homeowners While They Search for Re-Employment
On May 11, 2010, Treasury released Supplemental Directive (SD) 10-04 - Home Affordable Unemployment Program (UP) 8 , a supplemental
program to HAMP that provides assistance to unemployed borrowers, as implementation of a HAMP program enhancement announced in March.
•
The Unemployment Program requires servicers to grant qualified unemployed borrowers a forbearance period to have their
mortgage payments temporarily reduced for a minimum of three months 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 the foreclosure program.
•
Servicers are prohibited from initiating foreclosure action or conducting a foreclosure sale while the borrower is being evaluated for
UP, after a foreclosure plan notice is mailed, during the UP forbearance or extension, and while the borrower is being evaluated for
or participating in HAMP or HAFA following the UP forbearance period. Servicers will not be reimbursed by the TARP for any costs
associated with the UP, and there will be no cost to government or taxpayers from the forbearance plans.
Updates to Servicer Certification Requirements
In May, Treasury’s compliance agent, Fannie Mae, informed servicers, all of whom are required per their Servicer Participation Agreement (SPA) to
submit annual certifications stating their continued compliance with the HAMP program terms, that Treasury is in the process of updating the
certification requirements, and clarified the reporting period and deadlines for such certifications. The submission date for certifications due under
SPA signed on or before October 31, 2009 will be September 30, 2010 in respect of the period ending on June 30, 2010, with similar staggered
periods for servicers who entered HAMP on later dates. Additional guidance on the revised requirements and content of the certification is expected
to be made available soon.
8
A listing of all Supplemental Directives, and links to PDF versions of each Supplemental Directive, can be found at https://www.hmpadmin.com/portal/programs/directives.html.
12
Monthly 105(a) Report
May 2010
Automotive Industry Financing Program
Chrysler Repayments
On May 17, 2010, Treasury received a $1.9 billion payment from Chrysler Holding (CGI Holding LLC) as settlement of a loan made in early 2009 to
finance Chrysler LLC, the “Old Chrysler” automobile company. This repayment, while less than face value, is significantly more than Treasury had
previously estimated to recover and is greater than an independent valuation of the loan provided by Keefe, Bruyette and Woods, Treasury’s
adviser for the transaction.
•
The loan was originally made in January 2009 to Chrysler Holding, the parent company of Old Chrysler and Chrysler Financial, in the
amount of $4 billion. The loan went into default when Old Chrysler filed for bankruptcy in April 2009. The loan was reduced by $500
million in June 2009, when Chrysler Group LLC (New Chrysler) acquired assets of Old Chrysler pursuant to a bankruptcy court
proceeding, and New Chrysler assumed that amount of the debt.
•
The loan also provided for potential recoveries from Chrysler Financial consisting of the greater of $1.375 billion or 40% of any
distributions that Chrysler Financial made to Chrysler Holding. Because of the uncertainty regarding the amount and timing of any
income distributions by Chrysler Financial that would be applied to the loan, Treasury had not expected a material recovery on the
loan.
•
Treasury’s investments in New Chrysler were not affected by the repayment. Those investments consist of 9.9 percent of the equity
and $7.1 billion of loans (including undrawn commitments and the $500 million assumed from Chrysler Holding).
Also in May, Treasury received a payment of $30.54 million as result of the sale of specific collateral associated with the liquidation of Old Chrysler.
On April 30, 2010, following the bankruptcy court’s approval of the Old Chrysler Plan of Liquidation, the $1.9 billion 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.
Ally Financial Inc./GMAC
•
On May 26, 2010, Treasury announced the appointment of Marjorie Magner to the Ally Financial Inc. (formerly GMAC Financial
Services Inc.) board of directors, as the first of two additional directors that Treasury has the right to appoint following the increase in
equity ownership by Treasury from the December 30, 2009 transactions.
•
Treasury received a $310.38 million quarterly dividend payment from Ally Financial Inc. (Ally) in respect of Treasury’s Preferred
Stock and Trust Preferred Securities investments.
13
Monthly 105(a) Report
May 2010
Consumer and Business Lending Initiatives
Community Development Capital Initiative
Treasury has released the final program terms, and as of June 4, 2010 the definitive forms of agreements 9 , for the Community Development Capital
Initiative (CDCI), 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. Initial investments are expected to be made in the following months.
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 subsequently developed a pilot program to
purchase SBA-guaranteed securities from one pool assembler, and as of May 31, 2010, has agreed to purchase or have already purchased
securities in an aggregate purchase face amount of approximately $112 million.
Term Asset-Backed Securities Loan Facility (TALF)
A joint Treasury-Federal Reserve program, the Term Asset-Backed Securities Loan Facility supported by TARP has since March 2009 played a key
role in enabling the securitization markets important for consumer and small business loans to improve. 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).
Treasury provided credit support for TALF. In March 2010, the TALF ceased making loans against collateral other than newly issued commercial
mortgage-backed securities (CMBS). The final subscription for new issue CMBS is expected in June 2010.
Bank Lending and Intermediation Surveys
Each month, Treasury has asked banks participating in the CPP to provide information about their lending and intermediation activities and
publishes the results in reports available at http://www.FinancialStability.gov/impact/surveys.htm. The reports are intended to help the public easily
assess the lending activities of CPP banks. The CPP Monthly Lending Report provides data on consumer lending, commercial lending, and total
lending for all CPP participants.
9
More information is available at http://www.FinancialStability.gov/roadtostability/comdev.html
14
Monthly 105(a) Report
May 2010
The chart below summarizes total loan activity among all CPP participants. 10
All CPP Recipients
Date
Number of
Respondents
Total Average
Consumer Loans
Total Average
Commercial Loans
Total Average
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
641
$939,945
$1,019,876
$1,959,821
1/31/2010
644
$938,918
$1,017,911
$1,956,829
2/28/2010
641
$922,403
$1,012,568
$1,934,971
2/28/2010 (Adjusted)
636
$840,467
$919,570
$1,760,037
3/31/2010
637
$839,961
$950,801
$1,790,762
3/31/2010 (Adjusted)
636
$830,391
$916,534
$1,746,925
‐1.20%
‐0.33%
‐0.74%
Change (Feb Adjusted to Mar Adjusted)
The Monthly Lending and Intermediation Snapshot, which was first published in January 2009 with data from inception of the CPP for the twenty
largest recipients of CPP investments, provided quantitative information on three major categories of lending – consumer, commercial, and other
activities – based on banks’ internal reporting, and commentary to explain changes in lending levels for each category. The Snapshot also
contained a qualitative section that provided market color on lending demand and credit standards generally to help Treasury and the public
meaningfully and accurately interpret the quantitative data. Beginning with the December 2009 Snapshot (released in February 2010), banks that
that had repaid CPP funds in June 2009 no longer submitted data to Treasury. Consequently, Treasury will no longer publish a summary analysis,
as the reporting group will continue to contract with additional CPP repayments, and the aggregate month to month changes are no longer
meaningful. Treasury will continue to publish the reports and underlying data from the banks that continue to submit Snapshot data, which is
available at http://www.FinancialStability.gov/impact/MonthlyLendingandIntermediationSnapshot.htm.
10
Beginning with the December 2009 report (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 is reflective of the decrease in the reporting group.
15
Monthly 105(a) Report
May 2010
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.
Congressional Testimony
During May, Treasury officials appeared at the following Congressional hearings:
U.S. Senate
Committee on Finance
“Financial Crisis Responsibility Fee”
Secretary of the Treasury, Timothy F. Geithner
http://www.FinancialStability.gov/latest/tg_05042010.html
Financial Crisis Inquiry Commission
“Causes of the Financial Crisis and the Case for Reform”
Secretary of the Treasury, Timothy F. Geithner
http://www.FinancialStability.gov/latest/pr_05062010.html
Congressional Oversight Panel
“TARP and Other Assistance to AIG”
Chief Restructuring Officer, Jim Millstein
http://cop.senate.gov/documents/testimony-052610-millstein.pdf
16
Monthly 105(a) Report
May 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
May 2010
Appendix 1
Description of TARP Programs & How Treasury Exercises Its Voting Rights
Section
Page
CPP……….………………………………………………………………………….…………………… 1
SCAP and CAP...……….……………………………………………………………………………….. 2
AGP………………………….…………………………………………………………………………..... 3
TIP and AIG…………………….………………………………………………………………………… 4
AIFP…………………………………..…………………………………………………………………… 5
CBLI……………………………………..………………………………………………………………... 8
PPIP………………………………………….………………………………………………………........ 10
HAMP…………………………………………….……………………………………………………….. 12
HFA …………………………………………………..…………………………………………………… 14
Executive Compensation……………………………….……………………………………….……. 17
How Treasury Exercises Its Voting Rights…………………………………….…………………... 20
Monthly 105(a) Report
May 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 was in November 2009 and final investments
occurred in December 2009.
This program is now closed. 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.
The charts below show the number of banks by investment amount (left) and total CPP funds disbursed by investment amount (right).
$200
450
400
$189.46
$180
381
$160
350
$140
300
271
$120
250
$100
200
$80
150
$60
100
$40
55
50
$20
0
$0
$13.29
$2.15
$12 million or less
> $12 million - $250 million
> $250 million
$12 million or less
> $12 million - $250 million
> $250 million
Appendix 1 – page 1
Monthly 105(a) Report
May 2010
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. More information is available in the Warrant Disposition Report at
http://www.financialstability.gov/docs/TARP%20Warrant%20Disposition%20Report%20v4.pdf
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.
Appendix 1 – page 2
Monthly 105(a) Report
May 2010
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.
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, and resulted in a positive return to the taxpayers.
Who received assistance under the AGP?
Citigroup
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.
Bank of America
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.
Appendix 1 – page 3
Monthly 105(a) Report
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.
May 2010
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.
What are 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 Bank of America TIP warrants were sold in a public auction.
The program is closed, and Treasury expects it will result in a positive return for taxpayers.
Appendix 1 – page 4
Monthly 105(a) Report
May 2010
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.
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 May 31, 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
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.
1
More information is available at http://www.FinancialStability.gov/latest/tg_04012010.html
Appendix 1 – page 5
Monthly 105(a) Report
May 2010
Treasury has provided approximately $80 billion in loans and equity investments to GM, GMAC (now known as Ally Financial Inc.), 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
In January 2009, Treasury loaned $4 billion to Chrysler to give it time to implement a viable restructuring plan. On March 30th, 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 May and June 2009, Treasury (i) provided an additional $1.9 billion
to Chrysler LLC (Old Chrysler) under a debtor-in-possession financing agreement for assistance during its bankruptcy proceeding, (ii) provided a
$6.6 billion loan commitment to Chrysler Group LLC (New Chrysler) and (iii) received a 9.9% equity ownership in New Chrysler.
With respect to Old Chrysler, on April 30, 2010, following the bankruptcy court’s approval of a Plan of Liquidation, the $1.9 billion debtor-inpossession 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.
With respect to the original $4 billion loan made to CGI Holding LLC, the owner of Chrysler Financial and Old Chrysler, (i) the loan went into
default when Old Chrysler filed for bankruptcy in April 2009, (ii) $500 million of debt was assumed by New Chrysler in July 2009, and (ii)
Treasury accepted a settlement payment of $1.9 billion as satisfaction in full of all existing debt obligations of CGI Holding in May 2010. The
final repayment, while less than face value, was significantly more than Treasury had previously estimated to recover following the bankruptcy
and greater than independent valuation of the loan provided by Keefe, Bruyette and Woods, Treasury’s adviser for the transaction.
With respect to New Chrysler, Treasury’s remaining investments consist of 9.9% of common equity and a $7.1 billion loan (including undrawn
commitments and the $500 million assumed from Chrysler Holding).
New Chrysler currently has the following ownership: Chrysler Voluntary Employee Benefit Association (VEBA) (67.7%), Fiat (20%), Treasury
(9.9%) and the Government of Canada (2.5%).
Appendix 1 – page 6
Monthly 105(a) Report
May 2010
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 (GM or Old GM) 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 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 that 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.
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%).
Ally Financial Inc./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) for the purchase of 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 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 also received warrants that Treasury exercised at closing for an
Appendix 1 – page 7
Monthly 105(a) Report
May 2010
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. In May 2010, Treasury announced the appointment of Marjorie Magner to
the board of directors of Ally Financial Inc. (formerly GMAC Financial Services Inc.)
Ally Financial Inc. 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.
Consumer and Business Lending Initiatives
What is the Community Development Capital Initiative (CDCI)?
Treasury has released the final program terms and forms of agreements 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.
Appendix 1 – page 8
Monthly 105(a) Report
May 2010
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 the 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
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 ABS, small business ABS, or commercial mortgage
backed securities (CMBS) on fixed days each month. Assuming that the borrower and the security (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.
Appendix 1 – page 9
Monthly 105(a) Report
May 2010
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.
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,
Appendix 1 – page 10
Monthly 105(a) Report
May 2010
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.
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 were 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.
S-PPIP Quarterly Reports
Treasury has undertaken to publish quarterly reports with a summary of PPIP capital activity, portfolio holdings and current pricing, and fund
performance, which are available on the FinancialStability.gov website.
The second quarterly report was issued in April 2010, (see http://www.FinancialStability.gov/docs/External%20Report%20-%200310%20Final.pdf). 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.
Appendix 1 – page 11
Monthly 105(a) Report
May 2010
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.
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 Program (HPDP) is a component of HAMP, and the Second Lien Modification Program (2MP) and the
Home Affordable Foreclosure Alternatives Program (HAFA) are components of MHA. The 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.
Appendix 1 – page 12
Monthly 105(a) Report
May 2010
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 Revised Supplemental Directives to implement these enhancements to HAMP and can be found at https://www.hmpadmin.com/
portal/programs/directives.html .
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.3
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 an estimated $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.
2
3
Further information, including the HAMP Improvements Fact Sheet, is available at http://www.FinancialStability.gov/latest/pr_03262010.html
See the FHA Refinance Fact Sheet available at http://MakingHomeAffordable.gov/docs/FHA_Refinance_Fact_Sheet_032510%20FINAL2.pdf.
Appendix 1 – page 13
Monthly 105(a) Report
May 2010
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
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) 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.
$1.5 billion of investment authority under EESA will be available to work with state Housing Finance Agencies (HFAs) to tailor housing
assistance to local needs.
California, Florida, Arizona, Michigan, and Nevada, states where house prices have fallen more than 20% from their peak are eligible for this
funding. Funds will be allocated among eligible states according to a formula based on home price declines and unemployment.
Appendix 1 – page 14
Monthly 105(a) Report
May 2010
HFAs must submit program designs to Treasury so that Treasury can evaluate the program’s compliance with EESA requirements. All funded
program designs will be posted online.
Some of the possible types of transactions that would be acceptable under EESA are: mortgage modifications; mortgage
modifications with principal forbearance; short sales and deeds-in-lieu of foreclosure; incentives to provide principal reduction for
borrowers owing more than their home is now worth (negative equity); measures for unemployed homeowners to help them avoid
preventable foreclosures; and programs that provide incentives to reduce or modify second liens.
To receive funding, programs must satisfy the requirements for funding under EESA. These requirements include that the recipient of funds
must be an eligible financial institution and that the funds must be used to pay for programs designed to prevent avoidable foreclosures and
other permitted uses under EESA.
On March 5, 2010, Treasury announced the allocations of funds among the states and published guidelines for HFA proposal submissions. Set
forth below is a summary of the methodology used to determine calculations:
Housing Price Decline
Housing price
decline from
peak
Unemployment
December
Ratio relative
Ratio relative
2009
to highest
Sum of ratios
to largest
unemployment unemployment
(State's
decline
rate
rate
weight)
Number of
delinquent
loans in Q4
2009
Weighted
number of
delinquent
loans
Weighted
share of
delinquent
loans in these
states
Allocation
($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%
$154.5
Total
$1,500.0
What is the Second HFA Hardest-Hit Fund?
In March 2010, 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 $1.5 billion awarded in the first HFA Hardest-Hit Fund.
While the first HFA Hardest-Hit Fund targeted five states affected by home price declines greater than 20 percent, the second HFA Hardest-Hit
Fund targets states with the highest concentration of their population living in counties with unemployment rates greater than 12 percent, on
Appendix 1 – page 15
Monthly 105(a) Report
May 2010
average over the months of 2009.4 The five states that will receive allocations based on this criterion are: North Carolina, Ohio, Oregon, Rhode
Island, and South Carolina. Set forth below is a summary of the methodology used to determine calculations:
State Totals
State
Rhode Island
South Carolina
Orgeon
North Carolina
Ohio
Total
State
Population
in 2009
1,053,209
4,561,242
3,825,657
9,380,884
11,542,645
Population
Living in High
Unemp Counties
627,690
2,022,492
1,281,675
2,332,246
2,514,678
Economic Distress
% of State Pop
Living in High
Unemp Counties
60%
44%
34%
25%
22%
Allocation
% of Total Pop in
High Unemp
Allocation
Counties
Cap
for Top 5 States
($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.
4
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 16
Monthly 105(a) Report
May 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, Ally Financial (formerly GMAC), Chrysler, and GM. 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. As detailed below, Chrysler Financial ceased to be an exceptional assistance recipient in May 2010,
when its remaining TARP obligations for purposes of the Rule were extinguished.
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 Employees 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
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 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
Appendix 1 – page 17
Monthly 105(a) Report
May 2010
publication of the Rule (or, if later, 90 days following the closing date of the agreement between the TARP recipient and Treasury). These
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
In October 2009, the Office of the Special Master for TARP Executive Compensation released determinations on the compensation packages
for the Top 25 at the seven firms that were then exceptional assistance recipients.5 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, mostly in the form of 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.
In March 2010, the Office of the Special Master issued rulings for the 2010 compensation for the Top 25 executives at the five firms that were
then exceptional assistance recipients: 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;
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.
Determinations for the Covered Employees 26 - 100
In December 2009, the Special Master issued determinations on the compensation structures for 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
5
Copies of the determination letters and information on executive compensation is available at: http://www.FinancialStability.gov/about/executivecompensation.html.
Appendix 1 – page 18
Monthly 105(a) Report
May 2010
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. .
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;
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.
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.
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 2009 determinations.
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, 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 2009
Appendix 1 – page 19
Monthly 105(a) Report
May 2010
determinations, respectively. 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.
Chrysler Financial fully repaid its loan from Treasury July 2009 (prior to the Special Master’s initial determinations), but remained an exceptional
assistance recipient because its affiliates still had outstanding TARP obligations under an exceptional assistance program. The remaining
obligations at affiliate companies were extinguished for purposes of the Rule in May 2010, upon Treasury’s acceptance of a settlement payment
as satisfaction in full of all existing debt obligations of Chrysler Financial’s parent, CGI Holding LLC. As a result, Special Master approval is not
required for future compensation structures and payments to Chrysler Financial executives. Payments and compensation structures for
Chrysler Financial’s Top 25 and Covered Employees 26 – 100 relating to service prior to the payment, however, remain subject to the Special
Master’s previous determinations.
How Treasury Exercises Its Voting Rights
Treasury is a shareholder in General Motors, Chrysler, Ally Financial (formerly 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 that 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
substantial amounts of 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, Ally 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
Appendix 1 – page 20
Monthly 105(a) Report
May 2010
to vote on 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 21
Monthly 105(a) Report
May 2010
Appendix 2
Making Home Affordable Servicer Performance Report
Making Home Affordable Program
Servicer Performance Report Through April 2010
Report Highlights
Inside:
Almost 300,000 Borrowers Granted Permanent Modifications,
An Increase of 68,000
Administration Housing
Initiatives
2
Economic Indicators
3
HAMP Program Snapshot
4
Characteristics of Permanent
Modifications
5
Servicer Activity
6
Borrower Outreach
7
Waterfall of HAMP‐Eligible
Borrowers
7
HAMP Activity by State
8
HAMP Activity by Metropolitan
Area
9
Modifications by Investor Type
9
• Borrowers in permanent modifications are experiencing a median payment reduction of 36%,
more than $500 per month.
• Over 68,000 trial modifications converted to permanent modifications in April, an increase of
almost 13% from March.
Servicers Begin to Require Upfront Documentation
• In order to comply with Treasury guidelines that take effect on June 1, in March 2010, servicers
began collecting upfront documentation from borrowers prior to initiating new trial modifications.
• Treasury is monitoring servicer performance closely to ensure that borrower demand is met and
that servicers are reviewing modification requests in a timely manner.
Servicers Provide Resolutions to Borrowers Who Entered Trials Before
January 1, 2010
• Common causes of cancellations include missed trial payments and incomplete or unverifiable
documentation.
New This Month: Conversion Rates By Servicer
• Servicers show wide variation in conversion rates as measured against trials eligible to convert.
• Servicers who started trials with verified documents generally posted higher conversion rates
than servicers who allowed borrowers to enter trials with stated income. With recent Treasury
guidance, all servicers are now verifying borrower documents before trial start.
• Using stated income upon trial starts, the four largest participating servicers have conversion
rates below 30%.
New This Month: Aged Trial Modifications by Servicer
• Servicers show wide variation in completing timely decisions on trial modifications.
List of Non‐GSE Participants
10
HAMP Is One Part of the Administration Initiatives to Promote Housing and
Financial Stability (see Page 2)
1
Making Home Affordable Program
Servicer Performance Report Through April 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:
• Homebuyer credit to help hundreds of thousands of
American families buy new homes.
• Low-Income Housing Tax Credit (LIHTC) programs to
support affordable rental housing, with total funding of $5
billion.
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 1.2 million homeowners have started trial
modifications and almost 1.5 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 $3.1 billion in monthly mortgage payments in
aggregate to date.
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 billion over the past year.
Neighborhood Stabilization and Community
Development Programs:
• Over $5 billion in Recovery Act support for the NSP to help
stabilize neighborhoods.
• $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 April 2010
Mortgage Rates
14
12
Conventional 30‐
year Fixed Rate
10
Months
Percent
20
18
16
14
12
10
8
6
4
2
0
Housing Inventory
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.
2002
Home Prices
1999
2008
Source: National Association of Realtors.
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
2005
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 April 2010
HAMP Activity: All Servicers
HAMP Trials Started (Cumulative)
Total
Eligible Delinquent
Loans1
3,275,249
Permanent
Modifications
Eligible Delinquent
Borrowers2
1,702,134
Trial Plan Offers
Extended3
1,487,594
All Trials Started
1,214,085
939,995
824,246
800,000
711,738
600,000
553,568
418,730
273,768
155,097
200,000
47,160
Trial Modifications
Canceled
277,640
Active Trials
637,353
All Permanent
Modifications Started
299,092
Active Permanent
Modifications
1,200,000
400,000
Trials Reported Since
March 2010 Report4
Permanent
Modifications Canceled5
1,214,085
1,177,064
1,114,298
1,031,195
1,000,000
HAMP Eligibility
Trial Modifications
1,400,000
54,722
0
May
and
Prior
June
July
Aug
Sep
Oct
Nov
Jan
2010
Feb
Mar
Apr
Note: Servicers may enter new trial modifications anytime before the loan converts to a permanent modification.
Source: HAMP system of record.
Permanent Modifications Started (Cumulative)
350,000
3,744
295,348
299,092
300,000
250,000
230,801
200,000
170,207
1 Estimated eligible
Dec
60+ day delinquent loans as reported by servicers as of March 31, 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 on or before January 1, 2009.
Estimated eligible 60+ day delinquent loans exclude:
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.
Refer to the Waterfall of Eligible Borrowers on page 7 for further explanation.
For servicers enrolling after February 1, 2010 that did not participate in the 60+ day delinquency survey, the delinquency count is from the
servicer registration form.
2 Effective this month, the estimated eligible 60+ day delinquent borrowers are those in HAMP‐eligible loans, minus estimated exclusions of
loans on vacant properties, loans with borrower debt‐to‐income ratio below 31%, loans that fail the NPV test, properties no longer
owner‐occupied, manufactured housing loans with title/chattel issues that exclude them from HAMP, and loans where the investor
pooling and service agreements preclude modification. Exclusions for DTI and NPV results are estimated using market analytics.
Refer to the Waterfall of Eligible Borrowers on page 7 for further explanation.
3 As reported in the weekly servicer survey through April 29, 2010.
4 Servicers may enter new trial modifications anytime before the loan converts to a permanent modification.
5 Includes 81 loans paid off.
Source: HAMP system of record (except where noted).
150,000
117,302
100,000
66,938
50,000
4,742
15,649
31,424
0
Sep and
Earlier
Oct
Source: HAMP system of record.
Nov
Dec
Jan
Feb
Mar
Apr
4
Making Home Affordable Program
Servicer Performance Report Through April 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 $3.1 billion to date.
Loss of Income
• The median savings for borrowers in permanent
modifications is $516.09, or 36% of the median beforemodification payment.
1
60.4%
Excessive
Obligation
10.2%
Permanent Modifications by Modification Step
Interest Rate Reduction
100%
Term Extension1
53.4%
Principal Forbearance
28.6%
Illness of Principal
Borrower
2.8%
0%
1 The
calculation for term extension has been corrected.
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
20%
31.0%
‐14.0 pct pts
80.2%
64.3%
‐14.5 pct pts
$1,427.80
$836.82
‐$516.09
60%
80%
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% of permanent modifications reported as Other.
Loan Status Upon Entering Trial
Median
Decrease
44.9%
40%
1
At Risk of
Default at
Trial Start:
22.9%
In Default
at Trial
Start:
77.1%
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.
Note: For all trial modifications started.
“At Risk of Default” includes borrowers up to 59 days delinquent at trial entry as well as
those in imminent default. “In Default” refers to borrowers 60 or more days late at trial entry.
5
Making Home Affordable Program
Servicer Performance Report Through April 2010
Conversion Rate1
HAMP Modification Activity by Servicer
100%
Estimated Eligible
60+ Day Delinquent
Borrowers1
Trial Plan
Offers
Extended2
All HAMP Trials
Started3
Active Trial
Modifications3
Permanent
Modifications3
American Home Mortgage
Servicing Inc
52,247
19,911
16,530
9,392
6,971
Aurora Loan Services, LLC
41,125
47,970
41,956
11,269
11,069
Servicer
Bank of America, NA4
477,509
402,398
302,981
214,562
56,398
6,196
3,216
2,495
850
1,614
CitiMortgage, Inc.
152,357
153,389
144,176
54,947
28,556
GMAC Mortgage, Inc.
23,960
53,160
43,011
13,950
20,471
7,341
7,031
5,763
3,279
1,134
HomEq Servicing
16,872
5,505
4,355
1,889
2,282
J.P. Morgan Chase Bank, NA5
246,185
256,423
189,014
118,997
39,507
Litton Loan Servicing LP
54,888
36,671
30,224
17,852
6,146
Nationstar Mortgage LLC
22,687
24,446
20,599
7,318
6,933
Ocwen Financial Corp. Inc.
27,852
23,325
19,014
5,497
12,119
OneWest Bank
57,459
58,863
41,375
27,347
9,612
PNC Mortgage6
21,016
21,761
17,782
8,412
980
Saxon Mortgage Services, Inc.
36,658
44,505
39,701
12,946
10,568
Select Portfolio Servicing
21,178
60,716
36,940
9,784
12,903
US Bank NA
19,554
12,381
9,581
3,559
4,648
Carrington Mortgage Services
LLC
Green Tree Servicing LLC
Wachovia Mortgage, FSB7
30,232
8,969
6,295
6,243
43
Wells Fargo Bank, NA8
174,995
233,284
171,704
75,322
36,094
Other SPA servicers9
17,515
13,670
11,216
5,996
4,131
Other GSE Servicers10
194,308
NA
59,373
27,942
23,169
1,702,134
1,487,594
1,214,085
637,353
295,348
Total
1 Estimated
eligible 60+ day delinquent borrowers as reported by servicers as of
March 31, 2010, include those in 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 borrowers excludes:
Those in FHA and VA loans.
Those in loans that are current or less than 60 days delinquent, which
may be eligible for HAMP if a borrower is in imminent default.
Those borrowers with debt-to-income ratios less than 31% or a negative
NPV test,
Owners of vacant properties or properties otherwise excluded (see
footnotes of page 7 for further explanation).
Exclusions for DTI and NPV are estimated using market analytics.
For servicers enrolling after February 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 29, 2010.
3 Active trial and permanent modifications as reported into the HAMP system of
record by servicers.
4 Bank of America, NA includes Bank of America, NA, BAC Home Loans
Servicing LP, Home Loan Services and Wilshire Credit Corporation.
5 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.
6 Formerly National City Bank.
7 Wachovia Mortgage, FSB consists of Pick-a-Payment loans.
8 Wells Fargo Bank, NA includes a portion of the loans previously included in
Wachovia Mortgage, FSB.
9 Other SPA servicers are entities with less than 5,000 estimated eligible 60+
day delinquent borrowers that have signed participation agreements with
Treasury and Fannie Mae. A full list of participating servicers is in the
Appendix.
10 Includes servicers of loans owned or guaranteed by Fannie Mae and Freddie
Mac.
Trial Evaluation :
Verified Income
Stated Income
83% 83%
74%
75%
59%
55% 54%
48% 47%
50%
43% 40%
30%
25%
29% 29% 28% 26%
25% 25% 22% 21%
6% 6%
0%
1 As measured against trials eligible to convert – those three months in trial, or four months if the borrower was in imminent default.
* Other SPA and Other GSE servicers represent a mix of verified and stated income trial starts.
Per program guidelines, all servicers will use verified income before starting trial modifications by June 1.
Aged Trials1 as Share of Active Trials
80%
76%
72%
60%
58%
48%
46%
42%
40%
40%
35%
32%
20%
31%
29%
26% 26% 25%
21% 20%
18%
15%
13%
4%
0%
1 Active trials initiated at least six months ago.
Note: Excludes Wachovia Mortgage, FSB at 0%.
6
Making Home Affordable Program
Servicer Performance Report Through April 2010
Borrower Engagement
Waterfall of HAMP-Eligible Borrowers
Program to date, Treasury and partners have hosted 32 events
across the country connecting more than 35,000 homeowners with
mortgage servicers and housing counselors.
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.
Selected Outreach Measures
Servicer Solicitation of Borrowers (cumulative
since program inception)1
7
4,246,224
6.0
6
6,588,873
Page views on MHA.gov (cumulative)
80,134,319
Percentage to Goal of 3-4 Million Modification
Offers by 20122
37-50%
4.2
5
Loans (Millions)
Page views on MHA.gov (April 2010)
5.0
3.4
HAMPEligible
60+ Day
Delinquent
Loans
(GSE and
SPA
Servicers)
4
3.3
2.5
3
2.1
2
1.7
HAMP
Estimated
Eligible
60+ Day
Delinquent
Borrowers
1.7
= Estimate
1
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.
0
1st Lien, 60+
Days
Delinquent
Call Center Performance
Total Number of Calls Taken at 1-888995-HOPE
Borrowers Receiving Free Housing
Counseling
Cumulative
April
1,060,301
112,781
545,318
53,001
Less: FHA
Less: Non‐
Participating or VA
HAMP Servicer
Less: Non‐
Owner‐
Occupied at
Origination
Less: Jumbo
Non‐
Conforming
Loans and
Loans
Originated
After
1/1/2009
Less: DTI
Less Than
31%
Less:
Negative
NPV
Less: Vacant
Properties
and Other
Exclusions*
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 March 31, 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.
7
Making Home Affordable Program
Servicer Performance Report Through April 2010
HAMP Activity by State
State
Active Permanent
Trials Modifications Total
% of
Total
State
Modification Activity by State
Active Permanent
Trials Modifications Total
% of
Total
AK
355
135
490
0.1%
MT
867
330
1,197
0.1%
AL
4,427
1,843
6,270
0.7%
NC
13,160
5,933
19,093
2.0%
AR
1,813
758
2,571
0.3%
ND
153
59
212
0.0%
AZ
29,952
16,120
46,072
4.9%
NE
889
436
1,325
0.1%
CA
135,499
62,883
198,382 21.3%
NH
2,671
1,476
4,147
0.4%
CO
8,932
4,355
13,287
1.4%
NJ
21,143
9,821
30,964
3.3%
CT
8,092
3,918
12,010
1.3%
NM
2,371
969
3,340
0.4%
DC
1,269
470
1,739
0.2%
NV
16,834
8,229
25,063
2.7%
3,051
DE
2,026
1,025
0.3%
NY
30,800
11,590
42,390
4.5%
FL
78,356
36,130
114,486 12.3%
OH
13,631
6,580
20,211
2.2%
GA
25,385
11,082
36,467
OK
2,028
714
2,742
0.3%
3.9%
HI
2,371
1,076
3,447
0.4%
OR
7,097
3,419
10,516
1.1%
IA
1,945
791
2,736
0.3%
PA
14,350
6,269
20,619
2.2%
ID
2,520
1,198
3,718
0.4%
RI
2,891
1,582
4,473
0.5%
IL
33,393
15,434
48,827
5.2%
SC
6,564
2,971
9,535
1.0%
IN
6,620
3,061
9,681
1.0%
SD
300
109
409
0.0%
KS
1,839
777
2,616
0.3%
TN
7,063
3,288
10,351
1.1%
KY
2,658
1,201
3,859
0.4%
TX
22,671
7,214
29,885
3.2%
LA
3,903
1,438
5,341
0.6%
UT
5,540
2,737
8,277
0.9%
MA
14,304
7,437
21,741
2.3%
VA
15,671
7,836
23,507
2.5%
MD
20,746
10,204
30,950
3.3%
VT
455
248
703
0.1%
ME
1,633
902
2,535
0.3%
WA
12,491
5,959
18,450
2.0%
MI
20,422
10,203
30,625
3.3%
WI
6,081
3,064
9,145
1.0%
MN
10,555
6,162
16,717
1.8%
WV
1,010
498
1,508
0.2%
MO
7,626
3,431
11,057
1.2%
WY
335
164
499
0.1%
MS
2,421
1,176
3,597
0.4%
Other*
1,225
643
1,868
0.2%
* Includes Guam, Puerto Rico and the U.S. Virgin Islands.
HAMP Modifications
Note: Includes active trial and
permanent modifications from the
official HAMP system of record.
5,000 and lower
20,001 – 35,000
5,001 – 10,000
35,001 and higher
10,001 – 20,000
Mortgage Delinquency Rates by State
60+ Day Delinquency Rate
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 April 2010
15 Metropolitan Areas With Highest HAMP Activity
Metropolitan Statistical Area
Los Angeles-Long Beach-Santa
Ana, CA
New York-Northern New JerseyLong Island, NY-NJ-PA
Chicago-Naperville-Joliet,
IL-IN-WI
Riverside-San Bernardino-Ontario,
CA
Miami-Fort Lauderdale-Pompano
Beach, FL
Active
Trials
40,573
Total
Permanent
HAMP
Modifications Activity
17,185
57,758
% of All
HAMP
Activity
6.2%
40,425
16,672
57,097
6.1%
32,178
14,890
47,068
5.0%
29,709
30,923
15,560
13,059
45,269
43,982
Modifications by Investor Type (Large Servicers)
4.9%
4.7%
Phoenix-Mesa-Scottsdale, AZ
24,496
13,330
37,826
4.1%
Washington-Arlington-Alexandria,
DC-VA-MD-WV
22,081
10,713
32,794
3.5%
Atlanta-Sandy Springs-Marietta, GA
20,509
9,036
29,545
3.2%
Las Vegas-Paradise, NV
14,099
6,749
20,848
2.2%
Servicer
Bank of America,
JP Morgan Chase
12,946
6,048
18,994
2.0%
Orlando-Kissimmee, FL
12,406
6,022
18,428
2.0%
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
Boston-Cambridge-Quincy,
MA-NH
Sacramento-Arden-ArcadeRoseville, CA
Tampa-St. Petersburg-Clearwater,
FL
10,958
5,013
15,971
1.7%
10,073
5,297
15,370
1.6%
9,624
5,019
14,643
1.6%
9,773
4,678
14,451
1.5%
NA2
Wells Fargo Bank, NA 3
Private Portfolio
Total
176,755
80,887
13,318
270,960
73,309
62,983
22,212
158,504
77,803
28,417
5,196
111,416
55,127
5,425
22,951
83,503
OneWest Bank
18,673
15,679
2,607
36,959
GMAC Mortgage, Inc.
19,938
14,483
0
34,421
Litton Loan Servicing LP
1,871
22,127
0
23,998
Saxon Mortgage Services Inc.
1,929
20,399
1,186
23,514
533
19,622
2,532
22,687
Aurora Loan Services, LLC
12,891
9,191
256
22,338
Ocwen Financial Corporation, Inc.
American Home Mortgage
Servicing Inc
Nationstar Mortgage LLC
5,147
12,397
72
17,616
1,087
15,276
0
16,363
10,351
3,889
11
14,251
Select Portfolio Servicing
Mortgage4
8,354
230
808
9,392
5,637
21
2,549
8,207
Wachovia Mortgage, FSB5
123
309
5,854
6,286
Green Tree Servicing LLC
4,146
257
10
4,413
25
4,026
120
4,171
US Bank NA
HomEq Servicing
Carrington Mortgage Services LLC
A complete list of HAMP activity for all MSAs is available at
http://makinghomeaffordable.gov/docs/MSA%20Data%20April.pdf
GSE
CitiMortgage, Inc.
PNC
Detroit-Warren-Livonia, MI
NA1
0
2,464
0
2,464
Remainder of HAMP Servicers
53,183
4,147
3,908
61,238
Total
526,882
322,229
83,590
932,701
1 Bank
of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loans Services and
Wilshire Credit Corporation.
2 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.
3 Wells Fargo Bank, NA includes a portion of the loans previously included in Wachovia Mortgage, FSB.
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 April 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 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
Hartford Savings Bank
Hillsdale County National Bank
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
Metropolitan National Bank
Midwest Bank & Trust Co.
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 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
Wealthbridge Mortgage Corp.
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
May 2010
Appendix 3
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
May 31, 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
34,273,270
34,273,270
670,269
11,960
669,885
395
113,290,642
383,523
232,054
13
115,258,741
$
$149,532,011
,
,
$
$
$
$
Expenditures
34,044,343
34,044,343
626,623
11,960
524,616
395
73,470,842
381,761
222,675
13
75,238,885
109,283,228
,
,
For Period Ending
June 30, 2010
$
Projected
Obligations
36,748,000
36,748,000
727,000
12,000
670,000
400
116,505,000
398,000
232,000
13
118,544,413
$
Projected
Expenditures
36,630,000
36,630,000
683,000
12,000
529,000
400
78,147,000
398,000
223,000
13
79,992,413
$
155,292,413
,
,
$
116,622,413
,
,
$
$
$
$
$
$
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Agreements Under TARP [Section 105(a)(3)(A)]
For Period Ending May 31, 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
5/17/2010
Type of
Transaction
Vendor
Purpose
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
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
Financial Agent
Contract
BPA
Contract
IAA
BPA
Contract
Contract
Financial Agent
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*
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
Lazard Frères & Co. LLC
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 Ser
Services
ices
Detailee
FOIA Services
Administrative Support
Detailee
Legal Services
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
Financial Advisory
* 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.
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Insurance Contracts [Section 105(a)(3)(B)]
For Period Ending May 31, 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 May 31, 2010
CAPITAL PURCHASE PROGRAM
Seller
Footnote
Purchase Date
1b
10/28/2008
10/28/2008
11, 23 5/26/2010
14
3a 11/24/2009
Purchase Details
Name of Institution
Bank of America Corporation
The Bank of New York Mellon Corporation
City
Charlotte
New York
State
Investment Description
Investment Amount
NC
NY
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
15,000,000,000
3,000,000,000
Pricing
Mechanism
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.
N
Northern
th
Trust
T t Corporation
C
ti
SunTrust Banks, Inc.
New York
New York
New York
Boston
San Francisco
Redding
Hendersonville
San Francisco
Chicago
Chi
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
P f
d St
Stock
k w// W
Warrants
t
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
1,576,000,000
576 000 000
3,500,000,000
Par
Par
Par
Par
Par
Par
Par
Par
P
Par
Par
11/14/2008
Broadway Financial Corporation
Los Angeles
CA
Preferred Stock
$
9,000,000
Par
11/14/2008
11/14/2008
Washington Federal, Inc.
BB&T Corp.
M&T Bank Corporation (Provident Bancshares
Corp.)
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
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/21/2008
11/21/2008
11/21/2008
Umpqua Holdings Corp.
Comerica Inc.
Regions Financial Corporation
Capital One Financial Corporation
First Horizon National Corporation
Huntington Bancshares
KeyCorp
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
$
$
$
$
$
$
$
$
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
12/9/2009
6/17/2009
4
4
Remaining Capital
Amount
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
Disposition
Investment
Description
$
$
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
5/20/2010
Warrants
Warrants
Warrants
Warrants
Warrants
15
1b
Final Disposition
Proceeds
A $
R $
186,342,969
136,000,000
$
$
$
$
$
1,100,000,000
950,318,243
950,000,000
60,000,000
849,014,998
23
6/17/2009
6/17/2009
6/17/2009
6/17/2009
12/23/2009
4
6/17/2009
4
$
1 576 000 000
1,576,000,000
$
0
Warrants
W
t
8/26/2009
Warrants
W
t
R $
87,000,000
87
000 000
5/27/2009
6/17/2009
4
$
$
200,000,000
3,133,640,000
$
$
0
0
Warrants
Warrants
3/9/2010
7/22/2009
Warrants
Warrants
A $
R $
15,623,222
67,010,402
2/17/2010
3/17/2010
5
$
$
214,181,000
2,250,000,000
$
$
0
0
Warrants
Warrants
3/31/2010
5/6/2010
Warrants
Warrants
R $
A $
4,500,000
183,673,472
6/17/2009
4
$
3,555,199,000
$
0
Warrants
12/3/2009
Warrants
A $
148,731,030
6/3/2009
4
$
75,000,000
$
225,000,000
100,000,000
Preferred Stock w/
Warrants
Preferred Stock w/
Warrants
Warrants
5/18/2010
Warrants
A $
5,571,592
7/15/2009
12/15/2009
6/24/2009
6/30/2009
10/28/2009
Warrants
Warrants
Warrants
Warrants
Warrants
$
$
$
$
$
139,000,000
9,599,964
2,700,000
650,000
212,000
4/7/2010
Warrants
R $
18,500,000
4
4
5
4
4
4
9/23/2009
4
$
125,000,000
$
12/23/2009
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
$
200,000,000
,
,
$
4
5
4
5
4
12/30/2009
200,000,000
,
,
11/21/2008
City National Corporation
Beverly Hills
CA
Preferred Stock w/ Warrants
$
400 000 000
400,000,000
Par
3/3/2010
4
$
200,000,000
$
0
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
$
0
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
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
Pacific Capital Bancorp
Heritage Commerce Corp.
Ameris Bancorp
Porter Bancorp Inc.
Banner Corporation
Cascade Financial Corporation
Santa Barbara
San Jose
Moultrie
Louisville
Walla Walla
Everett
CA
CA
GA
KY
WA
WA
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
$
$
180,634,000
40,000,000
52,000,000
35,000,000
124,000,000
38,970,000
Par
Par
Par
Par
Par
Par
300,000,000
Warrants
Warrants
Warrants
Warrants
Warrants
Preferred Stock w/
Warrants
Warrants
Warrants
9
9
9
9
R
A
R
R
A
R
A
R
R
R
Preferred Stock w/
Warrants
Page 4 of 37
Seller
Footnote
20, 25
26 5/18/2010
Purchase Date
Purchase Details
Name of Institution
City
State
Investment Description
Investment Amount
Pricing
Mechanism
11/21/2008
11/21/2008
11/21/2008
11/21/2008
Columbia Banking System, Inc.
Heritage Financial Corporation
First PacTrust Bancorp, Inc.
Severn Bancorp, Inc.
Tacoma
Olympia
Chula Vista
Annapolis
WA
WA
CA
MD
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
$
76,898,000
24,000,000
19,300,000
23,393,000
Par
Par
Par
Par
11/21/2008
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
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
12/5/2008
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
Mandatorily 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
IL
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
4
$
50,000,000
$
12/9/2009
4
$
215,000,000
$
0
Warrants
12/30/2009
Warrants
R $
10,000,000
R $
950,000
R $
R $
63,364
1,200,000
104,000,000
Par
9/9/2009
4
$
75,000,000
$
0
Warrants
12/23/2009
Warrants
9/16/2009
3/31/2009
4
$
$
1,700,000
90,000,000
$
$
0
0
10/14/2009
5/20/2009
Warrants
Warrants
12/23/2009
$
15,000,000
$
23,235,000
Warrants
Warrants
Preferred Stock w/
Warrants
$
32,500,000
10/28/2009
Warrants
R $
1,307,000
Bethesda
MD
Preferred Stock w/ Warrants
$
38,235,000
Par
MD
FL
CA
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
83,094,000
9,950,000
306,546,000
Par
Par
Par
12/5/2008
South Financial Group, Inc.
Greenville
SC
Preferred Stock w/ Warrants
$
347,000,000
Par
12/5/2008
12/5/2008
12/5/2008
Great Southern Bancorp
Cathay General Bancorp
Southern Community Financial Corp.
Springfield
Los Angeles
Winston-Salem
MO
CA
NC
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Warrants
$
$
$
58,000,000
258,000,000
42,750,000
Par
Par
Par
12/5/2008
CVB Financial Corp
Ontario
CA
Preferred Stock w/ Warrants
$
130,000,000
Par
5
5
4
17
12
24
Preferred Stock w/
Warrants
1/13/2010
Par
Par
Par
Par
Par
Par
Par
Olney
Fernandina Beach
Pasadena
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 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
Final Disposition
Proceeds
89,388,000
Sandy Spring Bancorp, Inc.
Coastal Banking Company, Inc.
East West Bancorp
OH
SC
AL
OK
PR
KS
OH
CA
NC
MA
MO
NY
FL
NJ
MD
FL
WA
CA
IN
NC
WA
CA
OH
DE
PA
NY
KY
MI
IN
15
196,000,000
193,000,000
180,000,000
75,000,000
34,000,000
1,700,000
90,000,000
Eagle Bancorp, Inc.
Defiance
Charleston
Birmingham
Stillwater
San Juan
Overland Park
Fairlawn
Novato
Thomasville
Somerville
Poplar Bluff
Jericho
Naples
Clinton
Bowie
Port St. Lucie
Spokane
Oakdale
Evansville
Raleigh
Seattle
Santa Clara
Lorain
Wilmington
Lititz
New York
Hopkinsville
Flint
Columbus
Disposition
Investment
Description
$
$
$
$
$
$
$
12/5/2008
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 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
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
Final Disposition
Final
Disposition
Date
$
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
12/5/2008
12/5/2008
12/5/2008
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
Remaining
Investment
Description
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
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
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
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
9
9
$
97,500,000
9/2/2009
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
12/23/2009
5
$
235,000,000
$
0
Warrants
4/21/2010
3/31/2009
4
$
$
200,000,000
120,000,000
$
$
3/10/2010
Warrants
A $
11,320,751
8/26/2009
4
100,000,000
0
Warrants
Warrants
Page 5 of 37
Seller
Footnote
22
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
Bank of the Ozarks, Inc.
Center Financial Corporation
NewBridge Bancorp
Sterling Bancshares, Inc.
The Bancorp, Inc.
TowneBank
Wilshire Bancorp, Inc.
Valley Financial Corporation
Little Rock
Los Angeles
Greensboro
Houston
Wilmington
Portsmouth
Los Angeles
Roanoke
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
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
Union First Market Bankshares Corporation
(Union Bankshares Corporation)
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
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
18
12/19/2008
2
2
2
2, 3
2
2
2
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
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
Mandatorily 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
$
$
$
$
$
$
$
$
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
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
Bowling Green
VA
Preferred Stock w/ Warrants
$
59,000,000
Par
Mt. Pleasant
Providence
Lee's Summit
Elmira
Syracuse
Dubuque
Bowling Green
Wabash
Dallas
Waldorf
Boston
Houston
Los Angeles
Chicago
SC
RI
MO
NY
NY
IA
KY
IN
TX
MD
MA
TX
CA
IL
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
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
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
11/24/2009
Warrants
R $
2,650,000
Disposition
Investment
Description
15
Final Disposition
Proceeds
11/4/2009
4
$
75,000,000
$
0
Warrants
5/5/2009
3/10/2010
4
$
$
125,198,000
45,220,000
$
$
0
0
Warrants
Warrants
4/7/2010
4
$
10,000,000
$
0
Warrants
4/7/2010
Warrants
R $
1,488,046
11/18/2009
4
$
15,000,000
$
0
Warrants
12/16/2009
Warrants
R $
560,000
11/24/2009
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
9
R $
R $
900,000
260,000
11/18/2009
5
$
59,000,000
$
0
Warrants
12/23/2009
Warrants
9
R $
450,000
8/5/2009
4
$
30,000,000
$
0
Warrants
9/30/2009
Warrants
R $
1,400,000
5/13/2009
4
$
26,918,000
$
0
Warrants
6/17/2009
Warrants
R $
900,000
5
5
9
Page 6 of 37
Seller
Footnote
Purchase Date
2
2
2
2
2
2
2
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
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
2
2
2
2
3
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
16
2
1a, 1b
Name of Institution
Exchange Bank
Monadnock Bancorp, Inc.
Bridgeview Bancorp, Inc.
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
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
Holdings, Inc
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
Purchase Details
City
Santa Rosa
Peterborough
Bridgeview
Wichita
Dundalk
Los Angeles
Louisville
Cincinnati
San Jose
Laredo
Seattle
Buffalo
Emlenton
Newark
Greeneville
Elkton
Warsaw
Lancaster
Atmore
Muncie
Baltimore
oc este
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
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
State
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
OH
MA
WI
TN
CA
OH
MD
UT
CA
TN
CA
GA
PA
OH
VA
NY
IA
MO
NC
OH
KY
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/ 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
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
Investment Amount
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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
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
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
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
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
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
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
2/24/2010
5
$
80,000,000
$
11/24/2009
4
$
3,455,000
$
2/10/2010
4
$
7,579,200,000
$
0
Warrants
4/29/2010
Warrants
2/8/2010
16
$
(2,330,000,000) $
0
N/A
N/A
N/A
12/9/2009
4/22/2009
4
$
$
10,000,000,000
125,000,000
0
0
Warrants
Warrants
3/3/2010
5/27/2009
Warrants
Warrants
4
$
$
0
10,340,000
15
Final Disposition
Proceeds
Warrants
Preferred Stock 2
A $
324,195,686
N/A
1b
A $
R $
124,228,646
5,025,000
Page 7 of 37
Seller
Footnote
Purchase Date
Name of Institution
Purchase Details
City
State
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
4
2
2
2
2
2
3
2
2
2
2
2
2
2
2
2
2
3
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
$
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
Warrants
R $
2,100,000
6/17/2009
4
$
3,388,890,000
$
0
Warrants
7/29/2009
Warrants
R $
340,000,000
4/22/2009
4
$
78,158,000
$
0
Warrants
5/27/2009
Warrants
R $
2,200,000
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
Warrants
5/19/2010
4
$
3,981,000
$
0
Preferred Stock 2
5/19/2010
Preferred Stock
R $
199,000
2/24/2010
5/20/2009
5/20/2009
5
$
$
$
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
5/13/2009
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
R $
430,797
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
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
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.
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
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,
p, 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.
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
Pleasanton
Rising Sun
Ruston
Greenville
Jacksonville
Cayce
New York
Conway
Oak Harbor
Newport
Bar Harbor
Bernardsville
Columbia
Indiana
Engelhard
g
San Juan
Dallas
Elkin
New York
Wellsboro
Greensburg
Houston
Tecumseh
Aurora
Creve Coeur
Toms River
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
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
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
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
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
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
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
Par
Par
Par
Par
Par
10/7/2009
4
4
21,513,000
2, 7
9
Page 8 of 37
Seller
Footnote
Purchase Date
2
2
2
2
2, 19
3
2
2
2
2
2
2
2
2
2
2
2
3
2
2
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
2
2, 13 12/4/2009
1/23/2009
Purchase Details
Name of Institution
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.
Treaty Oak Bancorp, Inc.
1st Source Corporation
p Inc.
Princeton National Bancorp,
AB&T Financial Corporation
First Citizens Banc Corp
WSFS Financial Corporation
Commonwealth Business Bank
Three Shores Bancorporation, Inc. (Seaside
National Bank & Trust)
2
1/23/2009
CalWest Bancorp
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
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
Fl
t Bancorp,
B
IInc.
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.
City
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
Orlando
Rancho Santa
Margarita
Fresno
Oakland
Ocala
Effingham
Moscow
Windsor
Thousand Oaks
Tacoma
Ashland
Jonesboro
Blaine
Macon
Carmi
Hammond
West Chester
Marietta
Madison
Sewell
Powhatan
Troy
T
Middleburg
Palo Alto
Chicago
Fresno
Quincy
Midland Park
Oak Ridge
Oakland
Middletown
Springfield
Annapolis
State
Investment Description
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
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
Investment Amount
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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
3,268,000
111,000,000
25,083,000
3,500,000
23,184,000
52,625,000
7,701,000
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
FL
Preferred Stock w/ Exercised Warrants
$
5,677,000
Par
CA
Preferred Stock w/ Exercised Warrants
$
4,656,000
Par
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
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
P
Preferred
f
d St
Stock
k w// W
Warrants
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
Preferred Stock w/ 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
266,657,000
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
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
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
Disposition
Investment
Description
15
3/31/2009
4
$
15,000,000
$
0
Preferred Stock 2
4/15/2009
Preferred Stock
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
$
0
Preferred Stock 2
5/27/2009
Preferred Stock
2, 7
R $
600,000
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
$
37,500,000
2,240,000
0
2, 7
Final Disposition
Proceeds
R $
750,000
N/A
Preferred Stock 2
Preferred Stock 2
Warrants
Page 9 of 37
Seller
Footnote
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
2
2
2
3
2
2
2
2
2
2
3
2
Purchase Date
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
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
Name of Institution
City
State
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' Bank of the West Bancorp, Inc.
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
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)
Downingtown
Alma
Visalia
Greer
Ojai
Ogallala
Manhattan Beach
Milwaukee
Boca Raton
Milford
Houlton
Little Rock
Marysville
Denver
Spokane
Munster
Scottsdale
Wichita
PA
MI
CA
SC
CA
NE
CA
WI
FL
NE
ME
AR
KS
CO
WA
IN
AZ
KS
San Rafael
18
2/6/2009
2
2
2
2
2
2
2
2
2
2
2, 13 2/10/2010
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
2/6/2009
2/13/2009
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)
First Western Financial, Inc.
QCR Holdings, Inc.
2/13/2009
Westamerica Bancorporation
2/6/2009
Purchase Details
Investment Description
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
Investment Amount
Pricing
Mechanism
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
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
Reston
VA
Preferred Stock w/ Exercised Warrants
$
6,633,000
Par
Houston
Summit
Berlin
Bethesda
Doraville
Trezevant
Exton
Iowa City
Oak Ridge
Coldwater
Hattiesburg
Lincolnton
Juneau
Chicago
Harper
Rapid City
Garden Grove
Gering
Boston
Versailles
New Orleans
Houston
TX
NJ
NH
MD
GA
TN
PA
IA
NJ
MI
MS
NC
AK
IL
KS
SD
CA
NE
MA
KY
LA
TX
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
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,800,000
4,000,000
10,000,000
4,734,000
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
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Bowling Green
VA
Preferred Stock
$
33,900,000
Par
Harrisburg
Bedford
Hopkinsville
Atlanta
Charleston
Salisbury
S
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
Denver
Moline
CO
IL
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Warrants
$
$
8,559,000
38,237,000
Par
Par
CA
Preferred Stock w/ Warrants
$
83,726,000
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
4/21/2010
4
Remaining Capital
Amount
$
4,000,000
$
$
41,863,000
$
$
41,863,000
$
0
4
9/2/2009
11/18/2009
4
41,863,000
0
Final Disposition
Remaining
Investment
Description
Final
Disposition
Date
Preferred Stock 2
4/21/2010
Disposition
Investment
Description
Preferred Stock
15
2, 7
Final Disposition
Proceeds
R $
200,000
Preferred Stock w/
Warrants
Warrants
Page 10 of 37
Seller
Footnote
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
2
2
2
2
2
2
2
2
2
Purchase Date
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
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
Name of Institution
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.
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
BancGroup, Inc
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
Purchase Details
City
Crestview Hills
Medford
Baltimore
Asheboro
Neenah
Los Angeles
Horn Lake
Waynesville
Greenwood
Greenville
Corning
Basin
Lamar
Santa Paula
Frontenac
Hartsville
Lynden
Cerritos
Ozark
Corbin
Festus
Bern
e
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
State
KY
OR
MD
NC
WI
CA
MS
MO
MS
SC
AR
WY
CO
CA
MO
SC
WA
CA
MO
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
Investment Description
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
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
Investment Amount
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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
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
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
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
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
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 11 of 37
Seller
Footnote
Purchase Date
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2, 13 12/4/2009
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
2/27/2009
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
3
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
3
2
2
2
2
2
2
2
2, 3a 11/13/2009
2
2
2
2
2
Purchase Details
Name of Institution
Ridgestone Financial Services, Inc.
Community Business Bank
D.L. Evans Bancorp
TriState Capital Holdings, Inc.
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.
FNB Bancorp
The Victory Bancorp, Inc.
(The Victory Bank)
Catskill Hudson Bancorp, Inc
Midtown Bank & Trust Company
City
State
Brookfield
West Sacramento
Burley
Pittsburgh
Green City
Gothenburg
Clive
Minneapolis
Nowata
Garland
Salt Lake City
Many
Nashville
Ellicott City
South San Francisco
WI
CA
ID
PA
MO
NE
IA
MN
OK
TX
UT
LA
TN
MD
CA
Investment Description
Investment Amount
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
10,900,000
3,976,000
19,891,000
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
12,000,000
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Limerick
PA
Preferred Stock w/ Exercised Warrants
$
541,000
Par
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
Par
3/13/2009
3/13/2009
3/13/2009
3/13/2009
3/13/2009
Butler Point, Inc.
Bank of George
Moneytree Corporation
Sovereign Bancshares, Inc.
First Intercontinental Bank
Catlin
Las Vegas
Lenoir City
Dallas
Doraville
IL
NV
TN
TX
GA
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
Par
Par
Par
Par
Par
2/27/2009
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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 12 of 37
Seller
Purchase Details
Name of Institution
City
State
Investment Description
Investment Amount
Pricing
Mechanism
Footnote
Purchase Date
2
2
2
2
2
2
2
2
2
2
2
2
2
2
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
3/20/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
3/27/2009
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
Farmers State Bankshares, Inc.
SBT Bancorp, Inc.
CSRA Bank Corp.
Trinity Capital Corporation
Clover Community Bankshares, Inc.
Pathway Bancorp
Paso Robles
Union City
New Orleans
Colebrook
Kirksville
Madisonville
Tallahassee
Covington
Argonia
Holton
Simsbury
Wrens
Los Alamos
Clover
Cairo
CA
TN
LA
NH
MO
TN
FL
LA
KS
KS
CT
GA
NM
SC
NE
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2
3/27/2009
Colonial American Bank
West Conshohocken
PA
Preferred Stock w/ Exercised Warrants
$
574,000
Par
2
2
2
2
2
2
2
2
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
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
4/24/2009
Frontier Bancshares, Inc.
Austin
TX
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
$
3,000,000
Par
2
5/1/2009
5/1/2009
Village Bank and Trust Financial Corp
CenterBank
Midlothian
Milford
VA
OH
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
$
$
14,738,000
2,250,000
Par
Par
2, 3
2
2
2
2
2
2
2
2
2, 3
2
2
2
2
2
2
2
2
2
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
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
700,000
4,000,000
2,400,000
35,539,000
3,000,000
3,727,000
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Remaining Capital
Amount
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
11/24/2009
4
$
1,600,000
$
1,400,000
Subordinated
Debentures 8
Page 13 of 37
Seller
Purchase Details
Name of Institution
Footnote
Purchase Date
2
2
2
5/1/2009
5/1/2009
5/1/2009
Georgia Primary Bank
Union Bank & Trust Company
HPK Financial Corporation
City
Atlanta
Oxford
Chicago
State
GA
NC
IL
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
S h
Heritage
H i
Bancshares,
B
h
Inc.
I
Foresight Financial Group, Inc.
IBC Bancorp, Inc.
Wilmette
Grand Rapids
Closter
Medina
Glen Ellyn
Huntsville
Overland Park
Cleveland
Cl
l d
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
IL
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
8
5/29/2009
Chambers Bancshares, Inc.
Danville
AR
2
6/5/2009
Covenant Financial Corporation
Clarksdale
MS
Investment Description
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
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
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
P f
d Stock
S k w// Exercised
E
i d Warrants
W
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
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
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
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock w/ Exercised Warrants
Capital Repayment Details
Investment Amount
$
$
$
4,500,000
3,194,000
4,000,000
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Remaining Capital
Amount
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
$
6,100,000
Par
$
10,750,000
Par
$
$
$
3,091,000
5,500,000
6,000,000
Par
Par
Par
$
3,000,000
Par
$
4,000,000
Par
$
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
4 862 000
15,000,000
4,205,000
Par
Par
Par
Par
Par
Par
Par
P
Par
Par
Par
$
5,586,000
Par
$
2,400,000
Par
$
1,100,000
Par
$
2,639,000
Par
$
20,300,000
Par
$
$
$
$
$
$
$
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
Par
$
19,817,000
Par
$
5,000,000
Par
Page 14 of 37
Seller
Footnote
Purchase Date
8
6/5/2009
Purchase Details
Name of Institution
City
State
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
IL
8, 10
6/19/2009
Biscayne Bancshares, Inc.
Coconut Grove
FL
Investment Description
Subordinated Debentures 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 w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures 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
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures
Subordinated Debentures 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
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
Investment Amount
Pricing
Mechanism
$
17,969,000
Par
$
17,300,000
Par
$
$
$
$
$
2,892,000
6,000,000
2,760,000
4,700,000
4,000,000
Par
Par
Par
Par
Par
$
3,756,000
Par
$
15,000,000
Par
$
$
3,510,000
8,900,000
Par
Par
$
2,639,000
Par
$
6,400,000
Par
$
12,000,000
Par
$
12,000,000
Par
$
10,000,000
Par
$
2,330,000
Par
$
11,926,000
Par
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
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
$
12,000,000
Par
7/10/2009
Lincoln National Corporation
Radnor
PA
Preferred Stock w/ Warrants
$
950,000,000
Par
2, 10
2
2
2, 3
7/10/2009
7/17/2009
7/17/2009
7/17/2009
Bancorp Financial, Inc.
Brotherhood Bancshares
Bancshares, Inc
Inc.
SouthCrest Financial Group, Inc.
Harbor Bankshares Corporation
Oak Brook
Kansas City
Fayetteville
Baltimore
IL
KS
GA
MD
$
$
$
$
13,669,000
11 000 000
11,000,000
12,900,000
6,800,000
Par
Par
Par
Par
8
7/17/2009
First South Bancorp, Inc.
Lexington
TN
$
50,000,000
Par
8
7/17/2009
Great River Holding Company
Baxter
MN
$
8,400,000
Par
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
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock w/ Warrants
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
IL
Treasury Investment Remaining
After Capital Repayment
Capital Repayment Details
$
15,000,000
Par
$
$
$
$
$
$
$
$
$
$
$
$
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
Par
$
24,900,000
$
1,700,000
Par
$
35,000,000
Par
$
2,500,000
Par
$
$
$
13,312,000
3,872,000
20,471,000
Par
Par
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
3/31/2010
4
$ 3,400,000,000.00
Remaining Capital
Amount
$
0
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Warrants
Page 15 of 37
Seller
Footnote
Purchase Date
Purchase Details
Name of Institution
City
State
9/4/2009
The State Bank of Bartley
Bartley
NE
9/11/2009
Pathfinder Bancorp, Inc.
Oswego
NY
Subordinated Debentures w/ Exercised
Warrants
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 w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock
Preferred Stock w/ Exercised Warrants
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures w/ Exercised
Warrants
Preferred Stock w/ Warrants
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
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.
CoastalSouth Bancshares, Inc.
Detroit
Hammond
Hilton Head Island
MI
LA
SC
8, 10
8/28/2009
TCB Corporation
Greenwood
SC
8, 10
Investment Description
Capital Repayment Details
Investment Amount
Pricing
Mechanism
$
50,000,000
Par
$
7,000,000
Par
$
3,742,000
Par
$
$
$
$
20,000,000
50,236,000
1,004,000
4,000,000
Par
Par
Par
Par
$
5,000,000
Par
$
$
$
3,223,000
20,699,000
16,015,000
Par
Par
Par
$
9,720,000
Par
$
1,697,000
Par
$
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
Fi Eagle
E l Bancshares,
B
h
IInc.
H
Hanover Park
P k
$
7,500,000
7 500 000
Par
P
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
Iselin
Roanoke
Norfolk
Cleveland
Preferred Stock w/ Exercised Warrants
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 w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
Subordinated Debentures
Preferred Stock w/ Exercised Warrants
Subordinated Debentures w/ Exercised
Warrants
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
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
$
$
$
$
5,976,000
10,000,000
10,103,000
3,300,000
Par
Par
Par
Par
Heritage Bankshares, Inc.
Mountain Valley Bancshares, Inc.
IL
NJ
VA
VA
GA
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
3, 10a
2
2, 10
2
2, 10
11/13/2009
11/13/2009
11/20/2009
11/20/2009
11/20/2009
12/4/2009
12/4/2009
12/4/2009
12/11/2009
12/11/2009
Community Pride Bank Corporation
HPK Financial Corporation
Presidio Bank
McLeod Bancshares, Inc.
Metropolitan Capital Bancorp, Inc.
Broadway Financial Corporation
Delmar Bancorp
Liberty Bancshares, Inc.
First Community Financial Partners, Inc.
Wachusett Financial Services, Inc.
Ham Lake
Chicago
San Francisco
Shorewood
Chicago
Los Angeles
Delmar
Fort Worth
Joliet
Clinton
MN
NC
VA
TN
IN
IL
CA
MN
IL
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
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
12/11/2009
GrandSouth Bancorporation
1st Enterprise Bank
First Resource Bank
First Western Financial, Inc.
Meridian Bank
The Victory Bancorp, Inc.
Greenville
Los Angeles
Exton
Denver
Devon
Limerick
San Diego
SC
CA
PA
CO
PA
PA
CA
First Business Bank, N.A.
Preferred Stock w/ Exercised Warrants
Preferred Stock
$
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
6,000,000
9,000,000
6,500,000
22,000,000
12,000,000
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
$
2,000,000
Par
$
$
$
$
$
$
$
6,319,000
6,000,000
2,417,000
11,881,000
6,335,000
1,505,000
2,032,000
Par
Par
Par
Par
Par
Par
Par
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Remaining Capital
Amount
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Page 16 of 37
Seller
Footnote
Purchase Date
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
12/18/2009
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
Purchase Details
Name of Institution
City
State
Layton Park Financial Group
Centric Financial Corporation
Valley Financial Group, Ltd., 1st State Bank
Cache Valley Banking Company
Birmingham Bloomfield Bancshares, Inc
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.
Milwaukee
Harrisburg
Saginaw
Logan
Birmingham
Malvern
Closter
Oxford
Lebanon
Cerritos
Vernon
Salt Lake City
Rock Hill
Kingsport
Bluffton
Albuquerque
Ebensburg
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 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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
Pricing
Mechanism
Capital Repayment
Capital
Amount (Loss) 6
Repayment Date
Treasury Investment Remaining
After Capital Repayment
Remaining Capital
Amount
Remaining
Investment
Description
Final Disposition
Final
Disposition
Date
Disposition
Investment
Description
15
Final Disposition
Proceeds
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
Par
$
3,035,000
Par
$
$
$
$
$
$
4,567,000
1,508,000
2,453,000
3,262,000
1,753,000
4,000,000
Par
Par
Par
Par
Par
Par
$
204,901,756,320
Total Capital Repayment Amount
Total Losses
$
(2,334,120,000)
TOTAL TREASURY CAPITAL PURCHASE PROGRAM (CPP) INVESTMENT AMOUNT
$
65,294,645,320
$ 137,272,991,000
Total Warrant Proceeds
$
5,760,569,943
* Total purchase amount includes the capitalization of accrued dividends referred to in Notes 20 and 22.
Notes appear on the following page.
Page 17 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
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May 26
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May 26
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i gave
Morgan Stanley discretionary authority as its sales agent to sell up to 1,500,000,000 shares of the common stock from time to time during the period ending on June 30, 2010 (or on completion of the sale). Such sales will generally be made at the market price. Treasury will report 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.
25/ As of the date of this report, the banking subsidiary of this institution has been placed in receivership and the subsidiary's assets and liabilities were ordered to be sold to another bank.
26/ On 5/18/2010, Treasury entered into an agreement with The Toronto-Dominion Bank for the sale of all Preferred Stock and Warrants issued by South Financial Group, Inc. to Treasury at an aggregate purchase price of $130,179,218.75 for the Preferred Stock and $400,000.00 for the Warrants. Completion of the sale is subject to the fulfillment of certain
closing conditions.
Page 18 of 37
CAPITAL PURCHASE PROGRAM - CITIGROUP, INC.
COMMON STOCK DISPOSITION
Date
4/26/2010 5/26/2010
Pricing Mechanism
1
$4.1217
Total Proceeds:
2
Number of Shares
1,500,000,000 $
Proceeds
3
6,182,493,158
$6,182,493,158
1/ On April 26, 2010, Treasury gave Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority, as its sales agent, to sell up to 1,500,000,000 shares of the common stock from time to time
during the period ending on June 30, 2010 (or upon completion of the sale). Completion of the sale under this authority occurred on May 26, 2010.
2/ The price set forth is the weighted average price for all sales of Citigroup, Inc. common stock made by Treasury over the course of the corresponding period.
3/ Amount represents the gross proceeds to Treasury.
Page 19 of 37
AUTOMOTIVE INDUSTRY FINANCING PROGRAM
Initial Investment
City, State
Date
Transaction Type
12/29/2008
Purchase
5/21/2009
GMAC
Purchase
Seller
GMAC
GMAC
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
Date
Par
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
Obligor
GMAC
GMAC
$
3,000,000,000
N/A
Purchase
GMAC
Purchase
GMAC
12/29/2008
Purchase
12/31/2008
Purchase
4/22/2009
Purchase
5/20/2009
Purchase
General Motors
Corporation
General Motors
Corporation
General Motors
Corporation
General Motors
Corporation
Trust Preferred Securities w/
Exercised Warrants
Convertible Preferred Stock
w/ Exercised Warrants
Debt Obligation
$
2,540,000,000
Par
$
1,250,000,000
Par
$
884,024,131
Par
Debt Obligation w/ Additional
$ 13,400,000,000
Note
Debt Obligation w/ Additional
$ 2,000,000,000
Note
Debt Obligation w/ Additional
$ 4,000,000,000
Note
Par
$
5,250,000,000
$
4,875,000,000
Date
3
Detroit, MI
5/27/2009
6/3/2009
1/16/2009
Chrysler
FinCo
Purchase
Purchase
General Motors
Corporation
General Motors
Corporation
Chrysler FinCo
Debt Obligation w/ Additional
$
Note
360,624,198
Debt Obligation w/ Additional
$ 30,100,000,000
Note
Debt Obligation w/ Additional
$
Note
1,500,000,000
Par
Par
Par
4/29/2009
4/29/2009
Auburn Hills,
MI
Purchase
Chrysler Holding
Purchase
Chrysler Holding
Purchase
Chrysler Holding
5/1/2009
Purchase
Old Chrysler
5/20/2009
Purchase
Old Chrysler
5/27/2009
Purchase
New Chrysler
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Note
Debt Obligation w/ Additional
Note, Equity
Total Initial Investment
Amount
$
4,000,000,000
$
-
2
5/29/2009
7/10/2009
4
5
6
8
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
$
280,130,642
$
1,888,153,580
$
-
$
6,642,000,000
Par
$
13,400,000,000
N/A
$
2,000,000,000
N/A
$
4,000,000,000
N/A
3
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
Exchange for preferred and
common stock in New GM
$
360,624,198
N/A
7/10/2009
Exchange for preferred and
common stock in New GM
$
22,041,706,310
N/A
7/10/2009
Transfer of debt to New GM
$
7,072,488,605
N/A
7/10/2009
Debt left at Old GM
$
985,805,085
N/A
7
General Motors
Holdings LLC
11, 12 Debt Obligation
$
7,072,488,605
6/10/2009
N/A
Transfer of debt to New
Chrysler
$
500,000,000
N/A
Partial repayment
$
360,624,198 Debt Obligation
$
12/18/2009 Partial repayment
$
1,000,000,000 Debt Obligation
$
5,711,864,407
1/21/2010
$
35,084,421 Debt Obligation
$
5,676,779,986
3/31/2010
Partial repayment
$
1,000,000,000 Debt Obligation
$
4,676,779,986
Repayment
$
4 676 779 986
4,676,779,986
$
0
3/17/2009
Partial repayment
$
1,496,500,945
4/17/2009
Partial repayment
$
1,464,690,823
5/18/2009
Partial repayment
$
1,413,554,739
6/17/2009
Partial repayment
$
1,369,197,029
7/14/2009
Repayment
$
1,369,197,029
7/14/2009
Repayment*
$
15,000,000
None
-
5/14/2010
Termination and
settlement
payment 20
$
1,900,000,000
None
-
17
18
6/10/2009
Completion of bankruptcy
proceeding; transfer of
collateral security to liquidation
trust
Issuance of equity in New
Chrysler
$
$
(1,888,153,580)
-
N/A
N/A
9
9
Motors Liquidation
Company
Debt Obligation
19
Chrysler Holding
20
23
Old Carco
Liquidation Trust
Chrysler Group
LLC
Chrysler Group
LLC
23
19
$
985,805,085
Debt obligation w/
additional note
$
3,500,000,000
Right to recover
proceeds
Debt obligation w/
additional note
Common equity
N/A
$
$
$
$
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
7/10/2009
Repayment
$
280,130,642
Proceeds from
sale of collateral
$
30,544,528
$
10,783,163,775
$
15,000,000
Additional Note
None
Right to recover
proceeds
$
0
$
0
N/A
7,142,000,000
9.9%
Additional Note Proceeds *
$
$
5/10/2010
Total Payments
$ 81,344,932,551
Total Treasury Investment
Amount
None
9
15
4/30/2010
Partial repayment
6,711,864,407
4/20/2010
14
16
-
Remaining
Investment
Amount/Equity %
7
13
Par
-
Remaining
Investment
Description
56.3%
Farmington
Hills, MI
1/2/2009
Chrylser
Purchase
Amount/ Proceeds
Common Stock
7/10/2009
General
Motors
Type
22
Par
Par
Amount/Equity %
Common Stock
GMAC
12/30/2009
Description
Convertible
21, 22
Preferred Stock
Convertible
21, 22
Preferred Stock
GMAC
Detroit, MI
12/30/2009
Payment or Disposition1
Treasury Investment After Exchange/Transfer/Other
67,073,615,196
Footnotes appear on following page.
Page 20 of 37
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".
"Old Chrysler" refers to Old Carco LLC (fka 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 Old GM . 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 loan agreement, as amended on 7/23/2009, Treasury was entitled to proceeds Chrysler Holdco received from Chrysler FinCo equal to the greater of $1.375 billion or 40% of the equity value of Chrysler FinCo. Pursuant to a termination agreement dated 5/14/2010, Treasury agreed to accept a settlement payment of $1.9 billion as satisfaction in full of all existing debt obligations (including additional
notes and accrued and unpaid interest) of Chrysler Holdco,
Holdco and upon receipt of such payment to terminate all such obligations
obligations.
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.
23. On April 30, 2010, the Plan of Liquidation for the debtors of Old Chrysler approved by the respective bankruptcy court became effective (the “Liquidation Plan”). Under the Liquidation Plan, the loan 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 from time to time of the specified collateral security attached to such loan.
AUTOMOTIVE SUPPLIER SUPPORT PROGRAM
Adjustment Details
Seller
Footnote
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
7/8/2009
$ 3,500,000,000
Adjustment
Amount
Adjustment
Date
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
Date
Amount
11/20/2009
Partial
repayment
Debt Obligation w/
Additional Note
$
140,000,000
2/11/2010
Partial
repayment
Debt Obligation w/
Additional Note
$
100,000,000
3/4/2010
Repayment5
Additional Note
$
50,000,000
4/5/2010
Payment6
None
$
56,541,893
3/9/2010
Repayment5
Additional Note
$
123,076,735
4/7/2010
Payment7
None
$
44,533,054
Total Proceeds from Additional Notes
$
101,074,947
2,500,000,000
N/A
6
Debt Obligation w/
Additional Note
Adjusted or Final
Investment Amount
Payment or Disposition4
Remaining
Type
Investment
Description
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
Treasury s commitment was $1 billion (see note 3)
3). As of 4/7/2009
4/7/2009, Treasury's
Treasury s commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note
Note. The final investment amount reflects the total funds disbursed under the loan,
loan all of which have been repaid
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
2
Capital Repayment
Amount
Remaining
Capital Amount
Remaining Capital
Description
$
20,000,000,000
$
0
Warrants
$
20,000,000,000
$
0
Warrants
$
40,000,000,000
Final Disposition
Final
Disposition
Final Disposition Date 3
Description
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
$
(5,000,000,000)
TOTAL
$
Description
Preferred Stock
w/ Warrants
$
Amount
4,034,000,000
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
$
4,034,000,000
Footnote
3
Date
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
$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
Date
1
3/3/2009
Name of Institution
TALF LLC
City
Wilmington
State
Transaction
Type
DE
Purchase
Investment Description
Debt Obligation w/ Additional Note
TOTAL
Investment Amount
$
20,000,000,000
$
20,000,000,000
Pricing Mechanism
N/A
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
Date
3
11/25/2008
4/17/2009
Name of Institution
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
$
69,835,000,000
Pricing Mechanism
Par
Par
Date
4/17/2009
Transaction Type
Exchange
Investment Description
Preferred Stock w/ Warrants
1
Investment
Amount
Pricing
Mechanism
$ 40,000,000,000
Par
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
1
Date
Name of Institution
9/30/2009 UST/TCW Senior Mortgage Securities Fund, L.P.
Adjusted Investment
City
Wilmington
State
DE
Transaction
Type
Purchase
Investment Description
Membership Interest
Pricing
Investment Amount Mechanism
$
1,111,111,111
Par
Date
1/4/2010
3
Amount
4 $
156,250,000
Capital Repayment Details
Repayment
Date
1/15/2010
Investment After Capital Repayment
Repayment
Amount
$
156,250,000
Amount
$
4
2
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
$
1/11/2010
$
34,000,000
$
1/12/2010
$
166,000,000
$
Description
0
Membership Interest
5
Distribution or Disposition
Date
Distribution
2/24/2010
Distribution
Debt Obligation w/ Contingent
166,000,000 Proceeds
200,000,000
0
Description
1/29/2010
5
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
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
$ 2,488,875,000
2/18/2010
$
4,888,718
$
4/15/2010
$
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
Servicer Modifying Borrowers' Loans
Name of Institution
Date
4/13/2009
Adjustment Details
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
eport [Section 105(3)(C, D, G)]
4/13/2009
4/13/2009
4/13/2009
4/13/2009
CitiMortgage, Inc.
Wells Fargo Bank, NA
GMAC Mortgage, Inc.
Saxon Mortgage Services, Inc.
O'Fallon
Des Moines
Ft. Washington
Irving
MO
IA
PA
TX
Purchase
Purchase
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
$
2,071,000,000
2,873,000,000
633,000,000
407,000,000
N/A
N/A
N/A
N/A
4/13/2009
Chase Home Finance, LLC
Iselin
NJ
Purchase
Financial Instrument for Home Loan Modifications
$
3,552,000,000
N/A
4/16/2009
Ocwen Financial Corporation, Inc.
West Palm Beach
FL
Purchase
Financial Instrument for Home Loan Modifications
$
659,000,000
N/A
4/17/2009 as
Bank of America, N.A.
amended on
Simi Valley
CA
Purchase
Financial Instrument for Home Loan Modifications
$
798,900,000
N/A
2
Cap Adjustment Amount
Adjusted Cap
6/12/2009
$
284,590,000
$
9/30/2009
$
121,910,000
$
12/30/2009
$
131,340,000
$
3/26/2010
$
(355,530,000) $
6/12/2009
$
9/30/2009
$
12/30/2009
$
(105,410,000) $
3/26/2010
$
(199,300,000) $
4/19/2010
$
(230,000) $
5/14/2010
$
(3,000,000) $
6/17/2009
$
(462,990,000) $
9/30/2009
$
65,070,000
$
12/30/2009
$
1,213,310,000
$
$
(991,580,000) $
1,010,180,000
$
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
Transfer of cap to Specialized Loan
1,781,660,000 Servicing, LLC due to servicing transfer
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
3/19/2010
$
668,108,890
$
6,406,790,000 Initial 2MP cap
3/26/2010
$
683,130,000
$
7,089,920,000 Updated portfolio data from servicer
6/12/2009
$
384,650,000
$
9/30/2009
$
2,537,240,000
$
12/30/2009
$
(1,679,520,000) $
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
3/26/2010
$
190,180,000
$
5/14/2010
$
1,880,000
$
6/17/2009
$
225,040,000
$
9/30/2009
$
254,380,000
$
12/30/2009
$
355,710,000
$
3/26/2010
$
(57,720,000) $
7/31/2009
$
(3,552,000,000) $
6/12/2009
$
(105,620,000) $
2,065,550,000 Updated portfolio data from servicer
Transfer of cap from Wilshire Credit
2,067,430,000 Corporation due to servicing transfer
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
1,184,410,000 Updated portfolio data from servicer
- Termination of SPA
9/30/2009
$
102,580,000
$
12/30/2009
$
277,640,000
$
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
3/26/2010
$
46,860,000
$
980,460,000 Updated portfolio data from servicer
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
1/26/2010
$
800,390,000
$
2,433,020,000 Initial 2MP cap
3/26/2010
$
(829,370,000) $
1,603,650,000 Updated portfolio data from servicer
Page 25 of 37
Servicer Modifying Borrowers' Loans
Name of Institution
Date
4/17/2009 as
Countrywide Home Loans Servicing LP
amended on
4/20/2009
4/20/2009
4/24/2009
4/27/2009
5/1/2009
5/28/2009
6/12/2009
Home Loan Services, Inc.
Wilshire Credit Corporation
Green Tree Servicing LLC
Carrington Mortgage Services, LLC
Aurora Loan Services, LLC
Nationstar Mortgage LLC
Residential Credit Solutions
Adjustment Details
City
Simi Valley
Pittsburgh
Beaverton
Saint Paul
Santa Ana
Littleton
Lewisville
Fort Worth
State
Transaction
Type
CA
Purchase
PA
OR
MN
CA
CO
TX
TX
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
$
$
$
$
1,864,000,000
319,000,000
366,000,000
156,000,000
195,000,000
798,000,000
101,000,000
19,400,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Cap Adjustment Amount
3,318,840,000
Adjusted Cap
$
Reason for Adjustment
6/12/2009
$
9/30/2009
$
12/30/2009
$
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
1/26/2010
$
450,100,000
$
7,206,300,000 Initial 2MP cap
3/26/2010
$
905,010,000
$
4/19/2010
$
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
$
9/30/2009
$
46,730,000
$
12/30/2009
$
145,820,000
$
3/26/2010
$
(17,440,000) $
622,410,000 Updated portfolio data from servicer
6/12/2009
$
87,130,000
9/30/2009
$
(249,670,000) $
12/30/2009
$
119,700,000
$
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
3/26/2010
$
52,270,000
$
4/19/2010
$
(10,280,000) $
(717,420,000) $
$
5/14/2010
$
(1,880,000) $
6/17/2009
$
(64,990,000) $
9/30/2009
$
130,780,000 $
12/30/2009
$
(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
T
f off cap to
t Countrywide
C
t
id Home
H
365,150,000 Loans due to servicing transfer
Transfer of cap to GMAC Mortgage, Inc.
363,270,000 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
3/26/2010
$
13,080,000
6/17/2009
$
(63,980,000) $
118,120,000 Updated portfolio data from servicer
9/30/2009
$
90,990,000 $
12/30/2009
$
57,980,000
$
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
3/26/2010
$
74,520,000
$
354,510,000 Updated portfolio data from servicer
6/17/2009
$
(338,450,000) $
9/30/2009
$
(11,860,000) $
12/30/2009
$
21,330,000
$
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
3/26/2010
$
9,150,000
$
478,170,000 Updated portfolio data from servicer
6/12/2009
$
16,140,000 $
9/30/2009
$
134,560,000 $
12/30/2009
$
80,250,000
$
$
3/26/2010
$
67,250,000
9/30/2009
$
(1,860,000) $
12/30/2009
$
27,920,000
3/26/2010
$
(1,390,000) $
$
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
p
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
Servicer Modifying Borrowers' Loans
Name of Institution
Date
6/17/2009
6/17/2009
6/19/2009
6/19/2009
6/26/2009
Adjustment Details
CCO Mortgage
RG Mortgage Corporation
First Federal Savings and Loan
Wescom Central Credit Union
Citizens First Wholesale Mortgage Company
City
Glen Allen
San Juan
Port Angeles
Anaheim
The Villages
State
Transaction
Type
VA
Purchase
PR
WA
CA
FL
Purchase
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
$
16,520,000
57,000,000
770,000
540,000
30,000
N/A
N/A
N/A
N/A
N/A
6/26/2009
Technology Credit Union
San Jose
CA
Purchase
Financial Instrument for Home Loan Modifications
$
70,000
N/A
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
3
7/1/2009
7/10/2009
7/10/2009
Bayview Loan Servicing, LLC
Lake National Bank
IBM Southeast Employees' Federal Credit Union
Coral Gables
Mentor
Delray Beach
FL
OH
FL
Purchase
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
44,260,000
100,000
870,000
N/A
N/A
N/A
Cap Adjustment Amount
Adjusted Cap
9/30/2009
$
12/30/2009
$
145,510,000
13,070,000 $
3/26/2010
$
(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
9/30/2009
$
(11,300,000) $
12/30/2009
$
(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
$
65,640,000
69,130,000 Updated portfolio data from servicer
$
4/9/2010
$
(14,470,000) $
12/30/2009
$
2,020,000 $
3/26/2010
$
11,370,000
5/26/2010
$
(14,160,000) $
9/30/2009
$
330,000 $
12/30/2009
$
16,490,000
3/26/2010
$
(14,260,000) $
9/30/2009
$
(10,000) $
12/30/2009
$
590,000
$
$
$
3/26/2010
$
(580,000) $
12/30/2009
$
2,180,000 $
3/26/2010
$
(720,000) $
9/30/2009
$
315,170,000 $
12/30/2009
$
90,280,000
3/26/2010
$
(18,690,000) $
9/30/2009
$
723,880,000 $
12/30/2009
$
692,640,000
2/17/2010
$
(2,050,236,344) $
3/12/2010
$
(54,767) $
$
$
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
- Termination of SPA
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
data
U
d t d portfolio
tf li d
t ffrom servicer
i
&
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) due
293,656 to merger
Transfer of cap (to Wells Fargo Bank) due
238,890 to merger
Updated portfolio data from servicer &
68,110,000 HPDP initial cap
Updated portfolio data from servicer &
111,700,000 HAFA initial cap
9/30/2009
$
23,850,000 $
12/30/2009
$
43,590,000
$
3/26/2010
$
34,540,000
$
146,240,000 Updated portfolio data from servicer
1,010,000
$
147,250,000 Initial 2MP cap
Updated portfolio data from servicer &
250,000 HPDP initial cap
Updated portfolio data from servicer &
380,000 HAFA initial cap
p
5/7/2010
$
9/30/2009
$
150,000 $
12/30/2009
$
130,000
$
3/26/2010
$
50,000
$
9/30/2009
$
(10,000) $
12/30/2009
$
250,000
3/26/2010
$
(10,000) $
$
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
1,100,000 Updated portfolio data from servicer
Page 27 of 37
Servicer Modifying Borrowers' Loans
Name of Institution
Date
7/17/2009
7/17/2009
7/17/2009
7/17/2009
7/22/2009
7/22/2009
7/22/2009
7/29/2009
7/29/2009
7/29/2009
7/31/2009
7/31/2009
Adjustment Details
MorEquity, Inc.
PNC Bank, National Association
Farmers State Bank
ShoreBank
American Home Mortgage Servicing, Inc
Mortgage Center, LLC
Mission Federal Credit Union
First Bank
Purdue Employees Federal Credit Union
Wachovia Bank, N.A.
J.P.Morgan Chase Bank, NA
EMC Mortgage Corporation
City
Evansville
Pittsburgh
West Salem
Chicago
Coppell
Southfield
San Diego
St. Louis
West Lafayette
Charlotte
Lewisville
Lewisville
State
Transaction
Type
IN
Purchase
PA
OH
IL
TX
MI
CA
MO
IN
NC
TX
TX
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
$
$
$
$
$
$
$
$
23,480,000
54,470,000
170,000
1,410,000
1,272,490,000
4,210,000
860,000
6,460,000
1,090,000
85,020,000
2,699,720,000
707,380,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Cap Adjustment Amount
Adjusted Cap
9/30/2009
$
18,530,000 $
12/30/2009
$
24,510,000
$
3/26/2010
$
18,360,000
$
9/30/2009
$
(36,240,000) $
12/30/2009
$
19,280,000
$
3/26/2010
$
2,470,000
$
9/30/2009
$
12/30/2009
$
50,000
$
3/26/2010
$
100,000
$
9/30/2009
$
12/30/2009
$
3/26/2010
$
(90,000) $
890,000 $
1,260,000
$
(20,000) $
9/30/2009
$
(53,670,000) $
12/30/2009
$
250,450,000
$
3/26/2010
$
124,820,000
$
9/30/2009
$
1,780,000 $
12/30/2009
$
2,840,000
$
3/26/2010
$
2,800,000
$
9/30/2009
$
12/30/2009
$
6,750,000
(490,000) $
3/26/2010
$
(6,340,000) $
9/30/2009
$
(1,530,000) $
12/30/2009
$
680,000
$
3/26/2010
$
2,460,000
$
9/30/2009
$
12/30/2009
$
1,260,000
$
3/26/2010
$
2,070,000
$
9/30/2009
$
(37,700,000) $
12/30/2009
$
26,160,000
$
3/26/2010
$
9,820,000
$
9/30/2009
$
12/30/2009
$
1,178,180,000
$
3/26/2010
$
1,006,580,000
$
9/30/2009
$
12/30/2009
$
502,430,000
3/26/2010
$
(134,560,000) $
$
(60,000) $
(
) $
(14,850,000)
(10,000) $
$
Reason for Adjustment
Updated portfolio data from servicer &
42,010,000 HPDP initial cap
Updated portfolio data from servicer &
66,520,000 HAFA initial cap
84,880,000 Updated portfolio data from servicer
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 &
p
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
Page 28 of 37
Servicer Modifying Borrowers' Loans
Name of Institution
Date
8/5/2009
8/5/2009
8/5/2009
8/12/2009
8/12/2009
8/12/2009
8/28/2009
8/28/2009
8/28/2009
9/2/2009
9/2/2009
Adjustment Details
Lake City Bank
Oakland Municipal Credit Union
HomEq Servicing
Litton Loan Servicing LP
PennyMac Loan Services, LLC
Servis One, Inc.
OneWest Bank
Stanford Federal Credit Union
RoundPoint Mortgage Servicing Corporation
Horicon Bank
Vantium Capital, Inc.
City
Warsaw
Oakland
North Highlands
Houston
Calasbasa
Titusville
Pasadena
Palo Alto
Charlotte
Horicon
Plano
State
Transaction
Type
IN
Purchase
CA
CA
TX
CA
PA
CA
CA
NC
WI
TX
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
$
$
$
$
$
$
$
420,000
140,000
674,000,000
774,900,000
6,210,000
29,730,000
668,440,000
300,000
570,000
560,000
6,000,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Cap Adjustment Amount
Adjusted Cap
9/30/2009
$
180,000 $
12/30/2009
$
(350,000) $
3/26/2010
$
20,000
$
9/30/2009
$
290,000 $
12/30/2009
$
210,000
$
3/26/2010
$
170,000
$
(121,190,000) $
9/30/2009
$
12/30/2009
$
(36,290,000) $
3/26/2010
$
199,320,000
$
9/30/2009
$
313,050,000 $
12/30/2009
$
275,370,000
$
3/26/2010
$
278,910,000
$
9/30/2009
$
(1,200,000) $
12/30/2009
$
30,800,000
$
3/26/2010
$
23,200,000
$
(25,510,000) $
Reason for Adjustment
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
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
9/30/2009
$
12/30/2009
$
520,000
$
3/26/2010
$
4,330,000
$
4/19/2010
$
230,000
$
5/19/2010
$
850,000
$
10/2/2009
$
145,800,000 $
12/30/2009
$
1,355,930,000
$
814,240,000 HPDP initial cap
Updated portfolio data from servicer &
2,170,170,000 HAFA initial cap
3/26/2010
$
121,180,000
$
2,291,350,000 Updated portfolio data from servicer
10/2/2009
$
12/30/2009
$
2,680,000
$
370,000 HPDP initial cap
Updated portfolio data from servicer &
3,050,000 HAFA initial cap
3/26/2010
$
350,000
$
3,400,000 Updated portfolio data from servicer
10/2/2009
$
130,000 $
12/30/2009
$
(310,000) $
3/26/2010
$
10/2/2009
$
12/30/2009
$
1,040,000
3/26/2010
$
(1,680,000) $
5/12/2010
$
1,260,000
10/2/2009
$
1,310,000 $
12/30/2009
$
(3,390,000) $
3/26/2010
$
410,000
70,000 $
2,110,000
$
130,000 $
$
$
$
9,070,000 Updated portfolio data from servicer
Transfer of cap from CitiMortgage, Inc.
9,300,000 due to servicing transfer
10,150,000 Initial 2MP cap
700,000 HPDP initial cap
Updated portfolio data from servicer &
390,000 HAFA initial cap
2,500,000 Updated portfolio data from servicer
690,000 HPDP initial cap
Updated portfolio data from servicer &
p
1,730,000 HAFA initial cap
50,000 Updated portfolio data from servicer
1,310,000 Updated portfolio data from servicer
7,310,000 HPDP initial cap
Updated portfolio data from servicer &
3,920,000 HAFA initial cap
4,330,000 Updated portfolio data from servicer
Page 29 of 37
Servicer Modifying Borrowers' Loans
Date
9/9/2009
9/9/2009
9/9/2009
9/11/2009
9/11/2009
9/11/2009
9/11/2009
9/16/2009
9/23/2009
9/23/2009
9/23/2009
9/23/2009
Adjustment Details
Name of Institution
Central Florida Educators Federal Credit Union
U.S. Bank National Association
CUC Mortgage Corporation
ORNL Federal Credit Union
Allstate Mortgage Loans & Investments, Inc.
Metropolitan National Bank
Franklin Credit Management Corporation
Bay Federal Credit Union
AMS Servicing, LLC
Schools Financial Credit Union
Glass City Federal Credit Union
Central Jersey Federal Credit Union
City
Lake Mary
Owensboro
Albany
Oak Ridge
Ocala
Little Rock
Jersey City
Capitola
Buffalo
Sacramento
Maumee
Woodbridge
State
Transaction
Type
FL
Purchase
KY
NY
TN
FL
AR
NJ
CA
NY
CA
OH
NJ
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
$
$
$
$
$
$
$
$
1,250,000
114,220,000
4,350,000
2,070,000
250,000
280,000
27,510,000
410,000
4,390,000
390,000
230,000
30,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Cap Adjustment Amount
Adjusted Cap
10/2/2009
$
280,000 $
12/30/2009
$
(750,000) $
3/26/2010
$
120,000
$
Reason for Adjustment
1,530,000 HPDP initial cap
Updated portfolio data from servicer &
780,000 HAFA initial cap
900,000 Updated portfolio data from servicer
10/2/2009
$
24,920,000 $
12/30/2009
$
49,410,000
$
139,140,000 HPDP initial cap
Updated portfolio data from servicer &
188,550,000 HAFA initial cap
3/26/2010
$
41,830,000
$
230,380,000 Updated portfolio data from servicer
10/2/2009
$
12/30/2009
$
5,700,000
950,000 $
$
5,300,000 HPDP initial cap
Updated portfolio data from servicer &
11,000,000 HAFA initial cap
3/26/2010
$
740,000
$
11,740,000 Updated portfolio data from servicer
10/2/2009
$
12/30/2009
$
2,730,000
460,000 $
$
3/26/2010
$
13,280,000
$
2,530,000 HPDP initial cap
Updated portfolio data from servicer &
5,260,000 HAFA initial cap
18,540,000 Updated portfolio data from servicer
10/2/2009
$
60,000 $
12/30/2009
$
(80,000) $
310,000 HPDP initial cap
Updated portfolio data from servicer &
230,000 HAFA initial cap
3/26/2010
$
280,000
510,000 Updated portfolio data from servicer
$
10/2/2009
$
12/30/2009
$
620,000
70,000 $
$
3/26/2010
$
100,000
$
350,000 HPDP initial cap
Updated portfolio data from servicer &
970,000 HAFA initial cap
1,070,000 Updated portfolio data from servicer
10/2/2009
$
6,010,000 $
12/30/2009
$
(19,750,000) $
33,520,000 HPDP initial cap
Updated portfolio data from servicer &
13,770,000 HAFA initial cap
3/26/2010
$
(4,780,000) $
8,990,000 Updated portfolio data from servicer
10/2/2009
$
90,000 $
12/30/2009
$
1,460,000
$
500,000 HPDP initial cap
Updated portfolio data from servicer &
1,960,000 HAFA initial cap
3/26/2010
$
160,000
$
2,120,000 Updated portfolio data from servicer
10/2/2009
$
960,000 $
12/30/2009
$
(3,090,000) $
3/26/2010
$
230,000
10/2/2009
$
12/30/2009
$
940,000
3/26/2010
$
(980,000) $
10/2/2009
$
60,000 $
12/30/2009
$
(10,000) $
p
290,000 HPDP initial cap
Updated portfolio data from servicer &
280,000 HAFA initial cap
3/26/2010
$
130,000
410,000 Updated portfolio data from servicer
10/2/2009
$
12/30/2009
$
120,000
$
40,000 HPDP initial cap
Updated portfolio data from servicer &
160,000 HAFA initial cap
3/26/2010
$
10,000
$
170,000 Updated portfolio data from servicer
$
90,000 $
$
$
10,000 $
5,350,000 HPDP initial cap
Updated portfolio data from servicer &
2,260,000 HAFA initial cap
2,490,000 Updated portfolio data from servicer
480,000 HPDP initial cap
Updated portfolio data from servicer &
1,420,000 HAFA initial cap
440,000 Updated portfolio data from servicer
Page 30 of 37
Servicer Modifying Borrowers' Loans
Name of Institution
Date
9/23/2009
9/25/2009
Adjustment Details
Yadkin Valley Bank
SEFCU
10/14/2009 Great Lakes Credit Union
City
Elkin
Albany
North Chicago
State
Transaction
Type
NC
Purchase
NY
IL
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
240,000
440,000
570,000
N/A
N/A
N/A
10/14/2009 Mortgage Clearing Corporation
Tulsa
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
10/23/2009 Bank United
10/23/2009 IC Federal Credit Union
Miami Lakes
Fitchburg
FL
MA
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
93,660,000
760,000
N/A
N/A
Cap Adjustment Amount
Adjusted Cap
10/2/2009
$
12/30/2009
$
350,000
60,000 $
$
3/26/2010
$
1,360,000
$
300,000 HPDP initial cap
Updated portfolio data from servicer &
650,000 HAFA initial cap
2,010,000 Updated portfolio data from servicer
10/2/2009
$
12/30/2009
$
3/26/2010
$
(290,000) $
12/30/2009
$
1,030,000 $
3/26/2010
$
(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
$
(1,600,000) $
360,000 Updated portfolio data from servicer
1/22/2010
$
20,000 $
3/26/2010
$
1/22/2010
$
3/26/2010
$
100,000 $
Reason for Adjustment
20,000
400,000
$
$
4,370,000 $
23,880,000
$
1/22/2010
$
40,000 $
3/26/2010
$
(760,000) $
5/12/2010
$
2,630,000
$
540,000 HPDP initial cap
Updated portfolio data from servicer &
560,000 HAFA initial cap
270,000 Updated portfolio data from servicer
Updated portfolio data from servicer &
1,600,000 HAFA initial cap
430,000 Updated HPDP cap & HAFA initial cap
830,000 Updated portfolio data from servicer
98,030,000 Updated HPDP cap & HAFA initial cap
121,910,000 Updated portfolio data from servicer
800,000 Updated HPDP cap & HAFA initial cap
40,000 Updated portfolio data from servicer
2,670,000 Updated portfolio data from servicer
10/28/2009 Harleysville National Bank & Trust Company
Harleysville
PA
Purchase
Financial Instrument for Home Loan Modifications
$
1,070,000
N/A
4/21/2010
$
(1,070,000) $
- Termination of SPA
10/28/2009 Members Mortgage Company, Inc
Woburn
MA
Purchase
Financial Instrument for Home Loan Modifications
$
510,000
N/A
4/21/2010
$
(510,000) $
- Termination of SPA
10/30/2009 DuPage Credit Union
Naperville
IL
Purchase
Financial Instrument for Home Loan Modifications
$
70,000
N/A
11/6/2009
Los Alamos National Bank
Los Alamos
NM
Purchase
Financial Instrument for Home Loan Modifications
$
700,000
N/A
11/18/2009 Quantum Servicing Corporation
Tampa
FL
Purchase
Financial Instrument for Home Loan Modifications
$
18,960,000
N/A
11/18/2009 Hillsdale County National Bank
Hillsdale
MI
Purchase
Financial Instrument for Home Loan Modifications
$
1,670,000
N/A
11/18/2009 QLending, Inc.
Coral Gables
FL
Purchase
Financial Instrument for Home Loan Modifications
$
20,000
N/A
11/25/2009 Marix Servicing, LLC
Phoenix
AZ
Purchase
Financial Instrument for Home Loan Modifications
$
20,360,000
N/A
11/25/2009 Home Financing Center, Inc
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
Community Bank & Trust Company
1/22/2010
$
10,000 $
80,000 Updated HPDP cap & HAFA initial cap
3/26/2010
$
10,000
90,000 Updated portfolio data from servicer
$
1/22/2010
$
40,000 $
740,000 Updated HPDP cap & HAFA initial cap
3/26/2010
$
50,000
790,000 Updated portfolio data from servicer
1/22/2010
$
3/26/2010
$
1/22/2010
$
3/26/2010
$
1/22/2010
$
3/26/2010
$
(10,000) $
1/22/2010
$
950,000 $
3/26/2010
$
(17,880,000) $
$
890,000 $
3,840,000
$
80,000 $
330,000
$
- $
4/21/2010
$
(230,000) $
1/22/2010
$
50,000 $
3/26/2010
$
1/22/2010
$
3/26/2010
$
1,020,000
$
10,000 $
520,000
$
19,850,000 Updated HPDP cap & HAFA initial cap
23,690,000 Updated portfolio data from servicer
1,750,000 Updated HPDP cap & HAFA initial cap
2,080,000 Updated portfolio data from servicer
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
1,330,000 Updated HPDP cap & HAFA initial cap
2,350,000 Updated portfolio data from servicer
390,000 Updated HPDP cap & HAFA initial cap
910,000 Updated portfolio data from servicer
Page 31 of 37
Servicer Modifying Borrowers' Loans
Name of Institution
Date
12/4/2009
12/9/2009
12/9/2009
12/9/2009
Adjustment Details
Idaho Housing and Finance Association
Spirit of Alaska Federal Credit Union
American Eagle Federal Credit Union
Silver State Schools Credit Union
City
Boise
Fairbanks
East Hartford
Las Vegas
State
Transaction
Type
ID
Purchase
AK
CT
NV
Purchase
Purchase
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
$
$
$
9,430,000
360,000
1,590,000
1,880,000
N/A
N/A
N/A
N/A
12/9/2009
Fidelity Homestead Savings Bank
New Orleans
LA
Purchase
Financial Instrument for Home Loan Modifications
$
2,940,000
N/A
12/9/2009
Bay Gulf Credit Union
Tampa
FL
Purchase
Financial Instrument for Home Loan Modifications
$
230,000
N/A
12/9/2009
The Golden 1 Credit Union
Sacramento
CA
Purchase
Financial Instrument for Home Loan Modifications
$
6,160,000
N/A
12/9/2009
Sterling Savings Bank
Spokane
WA
Purchase
Financial Instrument for Home Loan Modifications
$
2,250,000
N/A
12/11/2009 HomeStar Bank & Financial Services
12/11/2009 Glenview State Bank
12/11/2009 Verity Credit Union
12/11/2009 Hartford Savings Bank
Manteno
Glenview
Seattle
Hartford
IL
IL
WA
WI
Purchase
Purchase
Purchase
Purchase
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
Financial Instrument for Home Loan Modifications
$
$
$
$
310,000
370,000
600,000
630,000
N/A
N/A
N/A
N/A
12/11/2009 The Bryn Mawr Trust Co.
Bryn Mawr
PA
Purchase
Financial Instrument for Home Loan Modifications
$
150,000
N/A
12/16/2009 Citizens 1st National Bank
Spring Valley
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
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
Cap Adjustment Amount
Adjusted Cap
1/22/2010
$
3/26/2010
$
14,480,000
$
24,350,000 Updated portfolio data from servicer
5/26/2010
$
(24,200,000) $
150,000 Updated portfolio data from servicer
1/22/2010
$
3/26/2010
$
440,000 $
Reason for Adjustment
10,000 $
850,000
$
1/22/2010
$
70,000 $
3/26/2010
$
(290,000) $
1/22/2010
$
3/26/2010
$
1/22/2010
$
3/26/2010
$
1/22/2010
$
3/26/2010
$
440,000
1/22/2010
$
290 000 $
290,000
3/26/2010
$
1/22/2010
$
100,000 $
3/26/2010
$
(740,000) $
1/22/2010
$
3/26/2010
$
90,000 $
1,110,000
$
140,000 $
6,300,000
$
10,000 $
40,000
$
$
20,000 $
820,000
$
1/22/2010
$
3/26/2010
$
1,250,000
5/26/2010
$
(1,640,000) $
1/22/2010
$
3/26/2010
$
20,000 $
$
30,000 $
400,000
1/22/2010
$
3/26/2010
$
800,000
$
30,000 $
$
4/21/2010
$
(150,000) $
1/22/2010
$
30,000 $
3/26/2010
$
(580,000) $
9,870,000 Updated HPDP cap & HAFA initial cap
370,000 Updated HPDP cap & HAFA initial cap
1,220,000 Updated portfolio data from servicer
1,660,000 Updated HPDP cap & HAFA initial cap
1,370,000 Updated portfolio data from servicer
1,970,000 Updated HPDP cap & HAFA initial cap
3,080,000 Updated portfolio data from servicer
3,080,000 Updated HPDP cap & HAFA initial cap
9,380,000 Updated portfolio data from servicer
240,000 Updated HPDP cap & HAFA initial cap
680,000 Updated portfolio data from servicer
6
6,450,000
450 000 Updated HPDP cap & HAFA initial cap
6,490,000 Updated portfolio data from servicer
2,350,000 Updated HPDP cap & HAFA initial cap
1,610,000 Updated portfolio data from servicer
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
- Termination of SPA
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
70,000 Updated portfolio data from servicer
1/22/2010
$
10,000 $
180,000 Updated HPDP cap & HAFA initial cap
3/26/2010
$
30,000
210,000 Updated portfolio data from servicer
1/22/2010
$
160,000 $
4/21/2010
$
(3,620,000) $
1/22/2010
$
3/26/2010
$
$
20,000 $
1,430,000
$
3,620,000 Updated HPDP cap & HAFA initial cap
- Termination of SPA
460,000 Updated HPDP cap & HAFA initial cap
1,890,000 Updated portfolio data from servicer
Page 32 of 37
Servicer Modifying Borrowers' Loans
Adjustment Details
Name of Institution
Date
12/16/2009 Horizon Bank, NA
City
Michigan City
State
Transaction
Type
IN
Purchase
Investment Description
Financial Instrument for Home Loan Modifications
Cap of Incentive Payments
on Behalf of Borrowers and
Adjustment
to Servicers &
Pricing
1
Date
Mechanism Note
Lenders/Investors (Cap)
$
700,000
N/A
12/16/2009 Park View Federal Savings Bank
Solon
OH
Purchase
Financial Instrument for Home Loan Modifications
$
760,000
N/A
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
Adjusted Cap
1/22/2010
$
3/26/2010
$
30,000 $
1/22/2010
$
3/26/2010
$
140,000
1/22/2010
$
200,000 $
3/26/2010
$
(1,470,000) $
1/22/2010
$
20,000 $
3/26/2010
$
(320,000) $
1/22/2010
$
- $
3/26/2010
$
1,740,000
$
40,000 $
90,000
$
$
1/22/2010
$
- $
3/26/2010
$
(20,000) $
Reason for Adjustment
730,000 Updated HPDP cap & HAFA initial cap
2,470,000 Updated portfolio data from servicer
800,000 Updated HPDP cap & HAFA initial cap
940,000 Updated portfolio data from servicer
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
240,000
N/A
3/26/2010
$
610
610,000
000
$
850
850,000
000 Updated portfolio data from servicer
$
1/13/2010
First National Bank of Grant Park
Grant Park
1/13/2010
Specialized Loan Servicing, LLC
Highlands Ranch
IL
Purchase
Financial Instrument for Home Loan Modifications
$
140,000
N/A
3/26/2010
$
150,000
CO
Purchase
Financial Instrument for Home Loan Modifications
$
64,150,000
N/A
3/26/2010
$
(51,240,000) $
5/14/2010
$
3,000,000
$
290,000 Updated portfolio data from servicer
12,910,000 Updated portfolio data from servicer
Transfer of cap from CitiMortgage, Inc.
15,910,000 due to servicing transfer
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
1/15/2010
Digital Federal Credit Union
Marlborough
MA
Purchase
Financial Instrument for Home Loan Modifications
$
3,050,000
N/A
3/26/2010
$
12,190,000
$
15,240,000 Updated portfolio data from servicer
5/14/2010
$
(15,240,000) $
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
3/5/2010
iServe Servicing, Inc.
Irving
TX
Purchase
Financial Instrument for Home Loan Modifications
$
28,040,000
N/A
5/26/2010
$
120,000 $
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
4/14/2010
Midwest Bank and Trust Co.
Elmwood Park
IL
Purchase
Financial Instrument for Home Loan Modifications
$
300,000
N/A
4/14/2010
Wealthbridge Mortgage Corp
Beaverton
OR
Purchase
Financial Instrument for Home Loan Modifications
$
6,550,000
N/A
5/21/2010
Aurora Financial Group, Inc.
Marlton
NJ
Purchase
Financial Instrument for Home Loan Modifications
$
10,000
N/A
5/26/2010
$
30,000 $
Total Initial Cap
$
23,761,990,000
4
Total Cap Adjustments
TOTAL CAP
$
16,062,028,890
$
39,824,018,890
$
- Termination of SPA
28,160,000 Initial 2MP cap
40,000 Updated FHA-HAMP 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.
4/ Initial cap amount only includes FHA-HAMP.
As used in this table:
"HAFA" means the Home Affordable foreclosure Alternatives program.
"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
ns Report [Section 105(3
3/19/2010
3/19/2010
4/8/2010
4/8/2010
5/11/2010
5/11/2010
5/11/2010
5/25/2010
5/25/2010
1
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
Floating Rate SBA 7a security due 2020
Floating Rate SBA 7a security due 2035
Floating Rate SBA 7a security due 2033
Floating Rate SBA 7a security due 2028
Floating Rate SBA 7a security due 2032
Total Purchase Face Amount
Settlement Details
Purchase Face
Amount 3
$
$
$
$
$
$
$
$
$
$
4,070,000
7,617,617
8,030,000
23,500,000
8,900,014
12,500,000
15,000,000
9,500,000
8,000,000
15,000,000
$
112,117,631
Pricing Mechanism
TBA or
PMF3
Investment Amount
Settlement Date
107.75
109
108.875
110.502
107.5
107
109.5
110.625
110.125
109.375
TBA
TBA
TBA
TBA
TBA
3/24/2010
3/24/2010
3/24/2010
5/28/2010
4/30/2010
6/30/2010
6/30/2010
6/30/2010
7/30/2010
7/30/2010
TOTAL INVESTMENT
AMOUNT
2, 3
$
$
$
$
$
$
$
$
$
$
4,377,249
8,279,156
8,716,265
26,041,643
9,598,523
13,408,008
16,468,198
10,540,246
8,833,039
16,446,427
$
122,708,754 *
TBA or
3
PMF
TBA*
TBA*
TBA*
TBA*
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
12,983
4,783
6,687
8,212
5,254
4,405
8,203
Total Senior Security Proceeds $
61,188 *
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 pricing mechanism, purchase face amount, 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 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 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 May 31, 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 May 31, 2010
Type of Expense
Compensation for financial agents
and legal firms
Amount
$243,031,215
U.S. Treasury Department
Office of Financial Stability
Troubled Asset Relief Program
Description of Vehicles Established [Section 105(a)(3)(H)]
For Period Ending May 31, 2010
Date
Vehicle
None
Description
@FedFRASER