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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Galirayo who wrote (211364)	7/21/2009 12:39:05 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 306849

I still think that this story has been made up. these are private label tarp funds. The more sinister explanation is: > If the private failout does not work, the treasury can easily justify its own bailout dealings, pointing out how important government sponsored programs are. > If the private failout does work then, well the government can say, mission accomplished, the TARP investment is not lost, we are past the crisis. >>>>>>>>>> Private rescue of CIT marks shift in crisis Denied federal bailout, CIT taps $3B private rescue; may be strategy for other troubled banks By Stephen Bernard, AP Business Writers On Tuesday July 21, 2009, 12:09 pm EDT Buzz up! 7 Print Companies:Cit group, inc. NEW YORK (AP) -- CIT Group Inc. said in a regulatory filing Tuesday that it might have to file for bankruptcy protection if not enough bondholders participate in a recently launched debt exchange. Related Quotes Symbol Price Change CIT 0.95 -0.30 The commercial lender offered the grim assessment only a day after major bondholders agreed to provide it with a $3 billion loan. CIT, one of the largest lenders to U.S. small and midsize businesses, was forced to scramble in recent weeks to line up new funding as it faced mounting liquidity pressure amid upcoming debt maturities and as customers tapped their credit lines. CIT said in the filing with the Securities and Exchange Commission that the new loan might not provide enough relief to cover the liquidity squeeze. CIT said it still needs to pay off about $7 billion in debt maturing over the next year, including $1 billion in August. It has launched an offer to repay that $1 billion in maturing debt at a discount. <<<<<<<<<<<<<<<