America's $700 billion bailout stabilised the banks... but DIDN'T 上げる lending or 妨げる people losing their homes

By Mail Foreign Service
Updated: 13:45 BST, 9 December 2009

The U.S. 政府's $700 billion bailout program helped stabilise the 財政上の system, but has done little to 上げる lending or 突き破る off millions of home foreclosures, a 政府 監視者 group said on Wednesday.

In its new 月毎の 報告（する）／憶測 on the Troubled 資産 救済 Programme (TARP), the 連邦議会の Oversight パネル盤 拒絶する／低下するd to take a stand on whether U.S. 財務省 長官 Timothy Geithner should 延長する the program beyond the end of 2009.

The 14-month-old bailout 基金 has propped up banks, car 製造者s and 保険会社 American International Group, but has failed to 解決する 重要な problems in the 財政上の system.

大きくする ?

財務省 長官 Timothy Geithner 証言するs on （ワシントンの）連邦議会議事堂 Hill: 14-month-old $700million bailout 基金 which has propped up banks

That 含むs 有毒な 資産s still 重さを計るing 負かす／撃墜する bank balance sheets, a sharp 収縮過程 of credit and the moral hazard associated with bailouts, the パネル盤 said.

'その結果, the 部隊d 明言する／公表するs continues to 直面する the prospect of banks too big t o fail and too weak to play their 役割 adequately in keeping credit flowing throughout the economy. The foreclosure 危機 continues to grow,' the パネル盤 said in its 報告（する）／憶測.

The 報告（する）／憶測 結論するd that the 安定 that markets have enjoyed this year was not 単独で 予定 to TARP, but to an 驚くべき／特命の／臨時の mix of 政府 support, 含むing 連邦の Deposit 保険 Corp and 連邦の Reserve 資産 保証（人）s.

'The 除去 of this support too quickly could 土台を崩す the economy's nascent 安定,' it said, without 結論するing whether Geithner should continue the program through October 2, 2010.

The Obama 行政 has signaled an 拡張 by considering the use of TARP 基金s to 刺激（する） small 商売／仕事 lending and possible other programs to 上げる 職業 創造, a move …に反対するd by many 共和国の／共和党のs.

大きくする ?

歩行者s walk through New York's Times Square under a glowing Bank of America marquee

The oversight パネル盤's 孤独な sitting member of 議会, 代表者／国会議員 Jeb Hensarling, a Texas 共和国の／共和党の, 投票（する）d against 是認 of the パネル盤's 報告（する）／憶測 but agreed with 確かな 批評s.

He called for TARP to be shut 負かす／撃墜する at year-end.

'One can not help but conclud e that TARP is failing its 委任統治（領）,' Hensarling said in a 声明.

He 追加するd that the 財務省's bailout of General モーターs, Chrysler and GMAC were '乱用s', while TARP's foreclosure mitigation 成果／努力s were 'misguided.'

Indeed, the 報告（する）／憶測 from the oversight パネル盤, 長，率いるd by Harvard 法律 School professor Elizabeth 過密な住居, also 非難するd TARP programs 目的（とする）d at stemming foreclosures, 説 they 'have not yet 達成するd the 範囲, 規模 and permanence to 演説（する）／住所 the 危機.'

It said that foreclosure starts over the next five years were 事業／計画（する）d to 範囲 from 8 million to 13 million, 除外するing many more homeowners that have lost homes to short sales or 簡単に walked away from their mortgages.

That number is far larger than the 3 million to 4 million homeowners that the TARP foreclosure mitigation program 目的（とする）s to 援助（する）.

大きくする ?

An American International Group office building is shown in New York: AIG received billions of dollars in bailout money

'Even if every best-事例／患者 シナリオ that 財務省 has made （機の）カム true, we're 取引，協定ing with only about a third of the foreclosures,' 過密な住居 told reporters in a 会議／協議会 call.

She 追加するd that the 財務省 was far from reach ing its goals, with いっそう少なく than 5 パーセント of mortgage modifications having 達成するd 永久的に lower 支払い（額）s.

The 危険 of these 貸付金s redefaulting remained high as long as the homes remain 価値（がある） いっそう少なく than their mortgages, she said.

'減ずるing 貸付金 主要な／長／主犯 is the only way to 除去する 消極的な 公正，普通株主権, so 財務省 should consider how its 存在するing programs might be adapted in ways that result in 主要な／長／主犯 削減s,' the パネル盤 said in the 報告（する）／憶測.

Another パネル盤 member, New York 明言する／公表する banking superintendent Richard Neiman, said in a separate opinion that the 財務省 should 拡大する its foreclosure 予防 program and TARP 基金s should support 明言する／公表する 緊急 mortgage 援助 programs to help 失業した borrowers make their 支払い（額）s.

'Looking ahead, TARP needs to の近くに the 調書をとる／予約する on large 会・原則 support and 焦点（を合わせる） all of its energies on 演説（する）／住所ing the problems of foreclosures, small 商売／仕事 credit, and 商業の real 広い地所,' wrote Neiman, who 投票（する）d to 認可する the 報告（する）／憶測.