New lending from the Top 20 TARP Banks Increases

Lending normally drops during a recession.   According to GAO  survey, aggregate new lending by the top twenty TARP institutions in December and January amounted to roughly $245 billion up considerably from  November’s $207 billion.  TARP funds were first received on October 28 and November 14 for most of these institutions.  See the Table below.

For more details how things are going, go to the recently released GAO publication.  Click on the following:  http://www.gao.gov/new.items/d09504.pdf?source=ra

 

Walgreens' clinics to offer free care to jobless -- chicagotribune.com

Current Take Care clinic patients who lose their jobs after Tuesday, and who are without health insurance, will be eligible for free care at the clinics throughout the rest of 2009.

To read the exact conditions, click on the following:

Walgreens' clinics to offer free care to jobless -- chicagotribune.com

Ford, GM plan to cover some payments for car buyers who lose their jobs -- chicagotribune.com

Well two of the three big three have followed Hyundai Motor Co—if Chrysler merges with FIAT will it follow?

Click on the following to read the details:

Ford, GM plan to cover some payments for car buyers who lose their jobs -- chicagotribune.com

Illinois Unemployment by County and Area

 

Click on the map to enlarge: 

Chicago Sun-Times parent files for bankruptcy | U.S. | Reuters

Sun-Times joins Tribune in bankruptcy.

Sun-Times properties include the Beacon News in Aurora, the Courier-News in Elgin, the Lake County News-Sun in Waukegan and the Herald News in Joliet

Click on the following to read why:

Chicago Sun-Times parent files for bankruptcy | U.S. | Reuters

U.S. January home prices drop record 19 percent | U.S. | Reuters

 

After hurting growth for multiple quarters, a continued deterioration could prolong a turnaround for the world's largest economy, which has been in a recession since late 2007.  Click on the following to read the rest of this Reuters story:

U.S. January home prices drop record 19 percent | U.S. | Reuters

Home values sink at record pace in January - MarketWatch

Home values in 20 major U.S. cities fell at the fastest rate on record in January and are now down a record 19% in the 12 months ending in January, Standard & Poor's reported.   Chicago down 16.4% for 2008.

"We estimate that an additional 10%-15% in downside is still in store."

And what is the current tax assessment on your house?

Click on the following to read the rest of the story:

Home values sink at record pace in January - MarketWatch

Ford to cover car payments if buyer loses job

Ford follows Hyundai Motor Co.into the “new” economy of car finance.  Will the Obama Administration “allow” its two auto companies (GM and Chrysler) go there?

Click on the following to read the Ford story: 

Ford to cover car payments if buyer loses job

Financial Q&A: If crude-oil price is down, why are gas prices up? | csmonitor.com

Click on the following to find the “answer”. 

Financial Q&A: If crude-oil price is down, why are gas prices up? | csmonitor.com

Is auto rescue too big a role for government? | csmonitor.com

The Obama administration will give Chrysler working capital for 30 days to see if it can conclude a definitive agreement with Fiat or some other partner.

The strategy may make sense in the long run. But if clean cars clash with consumer tastes or exceed their budgets, carmakers might end up building lots of cars they can’t sell.

Is auto rescue too big a role for government? | csmonitor.com