printing money



Dee Finney's blog

start date July 20, 2011

today's date September 15, 2012

page 300


New Banker Bailout Disguised As QE3

Latest move represents huge transfer of wealth from the middle class to the elite

Alex Jones & Paul Joseph Watson
Friday, September 14, 2012

While Ben Bernanke’s announcement that the Federal Reserve will embark on an open ended scheme to purchase $40 billion in mortgage-backed securities each month has been touted by the establishment media as the beginning of “QE3″ it is in fact nothing less than another banker bailout in disguise.

While many have rightly attacked the Fed’s policy of printing money as a band aid that does little to solve the economy in the long term, this new move isn’t even about that. The policy announced yesterday will merely see the Fed use taxpayer money to purchase more bad debt in the form of junk mortgage-backed derivative based securities that have been sold over and over again.

This has nothing to do with getting the economy going again and will only serve as yet another huge wealth transfer from the middle class to the elite.

While the fed claims the move will facilitate more lending it will do nothing of the sort. As the China Securities Journal reports today, “QE3 is not likely to result in more loans.”

“The truth is that it isn’t as if banks are hurting for cash to loan out,” writes Michael Snyder. “In fact, right now banks are already sitting on $1.6 trillion in excess reserves. Just like with the first two rounds of quantitative easing, a lot of the money from QE3 will likely end up being put on the shelf.”

Indeed, after the TARP bailout back in 2008, the Federal Reserve paid the big banks to withhold loans, because the bailouts are not about reinvigorating the real economy, they are about propping up the stock market for the rich while the real economy goes to the dogs.

QE1 and QE2 both did absolutely nothing to rescue the economy. Despite a massive injection of quantitative easing over the last four years, the unemployment rate in the United States has barely improved.

In addition, the “wealth gap” between rich and poor has vastly increased. This again illustrates how actions such as the one announced yesterday have nothing to do with helping the little guy get back on his feet and everything to do with the concentration of financial power into fewer hands.

As George Washington’s Blog points out, “This is just another bailout for the big banks. (If the government had instead given money directly to the consumer, we would be out of this economic slump by now).”

“Bernanke claims that the main justification for QE3 is to boost employment. This is slightly ironic, since Bernanke’s policies are largely responsible for creating high unemployment in the first place. The real justification is to try to artificially prop up asset prices. But that approach has been proven to be an absolute failure.”

Indeed, the Federal Reserve admits that its new program will do little to alleviate the suffering of jobless Americans.

“I want to be clear — While I think we can make a meaningful and significant contribution to reducing this problem, we can’t solve it. We don’t have tools that are strong enough to solve the unemployment problem,” Bernanke said yesterday.

The fact that we haven’t seen massive inflation since the start of the Fed’s so-called quantitative easing policies illustrates how the money is not even being pumped back into the economy. The only real inflation has been in the luxury sector because the rich are getting richer and spending more while the poor continue to live on or below the poverty line.

QE3 is merely another massive wealth transfer and a tool of waging economic warfare on the poor and middle class, another manifestation of neo-feudalism to destroy America and have the global bankers pose as the saviors.

The economy is being destroyed by design so that the elite can exploit the fear and chaos caused by the collapse in order to centralize power and control. This can also be seen over in Europe where Jose Manuel Barroso is exploiting the crisis in a bid to turn the EU into a “federation”.

Bernanke’s latest move is merely a continuation of the engineered takeover of the U.S. economy and will achieve nothing aside from enriching the wealthy to an even greater degree while ensuring the rest of us continue to see outliving standards decline on the path to economic serfdom.


Paul Joseph Watson is the editor and writer for Prison He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show and Infowars Nightly News.

  1. Obama Team Pushes to Complete Banker Bailout
  2. Farm Aid Letter to Congress on Banker Bailout
  3. Volcker Says New Taxes Not an “Unreasonable Response” to Federal Banker Bailout
  4. Europe begs China for huge banker bailout
  5. New banker bailout to be funded by giant tax hikes
  6. Uses for $700 billion bailout money ever shifting
  7. Key banker is skeptical about Fed plan
  8. Lawsuit Challenges Banker Bailout Scam
  9. QE2 Is Not A Recovery Plan, It’s A Stealthy Scheme To Prepare For The Next Bank Bailout
  10. Banker Bailout Bill Contains IRS Police State Provision
  11. Banker Bailout Costs $5 Trillion So Far
  12. Now that Banker Bailout is Almost a Done Deal, Other Bailouts Loom


Bailout Recipients

Last update: Sep. 14, 2012

We're tracking where taxpayer money has gone in the ongoing bailout of the financial system. Our database accounts for both the broader $700 billion bill and the separate bailout of Fannie Mae and Freddie Mac.

For each entity, we provide a “Net Outstanding” amount, which shows how deep taxpayers are in the hole after accounting for any revenue the government has received (usually through interest or dividends).

Companies that failed to repay the government and resulted in a loss are shaded red. You can see a list of those investments here. All other investments either returned a profit to the government or might still be repaid. Recipients of aid through TARP’s housing programs (such as mortgage servicers and state housing orgs) received subsidies that were never intended to be repaid, so we don’t mark those as losses..

Note: Subsidies are listed separately from the investment programs. So, for instance, Bank of America is listed twice – both as a mortgage servicer and as a bank.

Want just the numbers all in one place? See the detailed view here.

Search for a recipient


Total disbursement

Total returned

Total revenues from dividends, interest, and other fees

Total net to date

Name Type State Total Disbursed Profit /
Net Outstanding
Fannie Mae Government-Sponsored Enterprise D.C. $116,149,000,000 -$90,617,000,000
Freddie Mac Government-Sponsored Enterprise Va. $71,336,000,000 -$51,199,000,000
Received other federal aid. Click to see details.
Insurance Company N.Y. $67,835,000,000 -$2,609,686,768
General Motors Auto Company Mich. $50,744,648,329 -$27,197,156,843
Bank of America
Received other federal aid. Click to see details.
Bank N.C. $45,000,000,000 $4,566,857,694
Received other federal aid. Click to see details.
Bank N.Y. $45,000,000,000 $12,354,705,112
JPMorgan Chase Bank N.Y. $25,000,000,000 $1,731,202,357
Wells Fargo Bank Calif. $25,000,000,000 $2,281,347,113
GMAC (now Ally Financial) Financial Services Company Mich. $16,290,000,000 -$10,752,090,618
Chrysler Auto Company Mich. $10,748,284,222 -$1,315,061,737
Goldman Sachs Bank N.Y. $10,000,000,000 $1,418,055,555
Morgan Stanley Bank N.Y. $10,000,000,000 $1,268,055,555
PNC Financial Services Bank Pa. $7,579,200,000 $741,344,650
U.S. Bancorp Bank Minn. $6,599,000,000 $334,220,416
SunTrust Bank Ga. $4,850,000,000 $527,323,605
Capital One Financial Corp. Bank Va. $3,555,199,000 $251,674,702
Regions Financial Corp. Bank Ala. $3,500,000,000 $638,055,555
Fifth Third Bancorp Bank Ohio $3,408,000,000 $593,372,603
Hartford Financial Services Insurance Company Conn. $3,400,000,000 $814,403,447
American Express Financial Services Company N.Y. $3,388,890,000 $414,367,308
AG GECC PPIF Master Fund, L.P. Investment Fund Del. $3,352,000,000 -$1,985,117,622
Wellington Management Legacy Securities PPIF Master Fund, LP Investment Fund Del. $3,315,000,000 -$2,943,867,264
AllianceBernstein Legacy Securities Master Fund, L.P. Investment Fund Del. $3,278,423,500 $321,509,629
BB&T Bank N.C. $3,133,640,000 $159,713,918
Bank of New York Mellon Bank N.Y. $3,000,000,000 $231,416,666
KeyCorp Bank Ohio $2,500,000,000 $367,222,222
CIT Group Bank N.Y. $2,330,000,000 -$2,286,312,500
Comerica Incorporated Bank Texas $2,250,000,000 $322,039,543
State Street Bank Mass. $2,000,000,000 $123,611,111
RLJ Western Asset Public/Private Master Fund, L.P. Investment Fund Del. $1,861,734,774 -$540,644,747
Invesco Legacy Securities Master Fund, L.P. Investment Fund Del. $1,742,880,000 $576,782,515
Marshall & Ilsley Bank Wis. $1,715,000,000 $229,772,916
Oaktree PPIP Fund, L.P. Investment Fund Del. $1,667,000,000 -$1,357,068,626
Blackrock PPIF, L.P. Investment Fund Del. $1,581,000,000 -$1,260,177,502
Northern Trust Bank Ill. $1,576,000,000 $133,623,333
Chrysler Financial Services Financial Services Company Mich. $1,500,000,000 $22,405,894
Zions Bancorp Bank Utah $1,400,000,000 -$459,375,000
Huntington Bancshares Bank Ohio $1,398,071,000 $196,285,810
Marathon Legacy Securities Public-Private Investment Partnership, L.P. Investment Fund Del. $1,369,000,000 -$1,300,630,547
Discover Financial Services Financial Services Company Ill. $1,224,558,000 $239,690,844
Synovus Financial Corp. Bank Ga. $967,870,000 -$803,063,248
Lincoln National Corporation Insurance Company Pa. $950,000,000 $259,851,873
Popular, Inc. Bank Puerto Rico $935,000,000 -$773,828,473
First Horizon National Bank Tenn. $866,540,000 $170,927,405
JPMorgan Chase subsidiaries Mortgage Servicer N.J. $690,790,040 -$690,790,040
Bank of America subsidiaries (incl. Countrywide) Mortgage Servicer Calif. $663,429,389 -$663,429,389
M&T Bank Corporation Bank N.Y. $600,000,000 $100,531,250
Associated Banc-Corp Bank Wis. $525,000,000 $71,539,173
Wells Fargo Bank, NA Mortgage Servicer Iowa $517,696,299 -$517,696,299
First BanCorp Bank Puerto Rico $424,174,000 -$391,174,614
City National Bank Calif. $400,000,000 $41,916,666
Webster Financial Bank Conn. $400,000,000 $57,083,286
Fulton Financial Corp Bank Pa. $376,500,000 $40,135,625
SBA Security Purchases SBA Security Purchases $368,145,452 $8,602,850
TCF Financial Bank Minn. $361,172,000 $17,375,699
UST/TCW Senior Mortgage Securities Fund, L.P. Investment Fund Del. $356,250,000 $20,986,495
South Financial Group Bank S.C. $347,000,000 -$200,034,670
Wilmington Trust Corporation Bank Del. $330,000,000 $39,920,833
East West Bancorp, Inc. Bank Calif. $306,546,000 $46,176,420
Sterling Financial Corp Bank Wash. $303,000,000 -$182,928,586
Citizens Republic Bancorp Bank Mich. $300,000,000 -$286,125,000
Susquehanna Bancshares Bank Pa. $300,000,000 $28,991,401
Valley National Bank N.J. $300,000,000 $18,400,781
Whitney Holding Corp Bank La. $300,000,000 $43,733,333
UCBH Holdings Bank Calif. $298,737,000 -$291,227,080
First Banks, Inc. Bank Mo. $295,400,000 -$289,362,763
GM Supplier Receivables, LLC Auto Company $290,000,000 $65,403,673
New York Private Bank & Trust Corp Bank N.Y. $267,274,000 -$218,476,359
Flagstar Bancorp Bank Mich. $266,657,000 -$229,436,126
Cathay General Bancorp Bank Calif. $258,000,000 -$213,566,667
Ocwen Financial Corporation, Inc. Mortgage Servicer Fla. $250,071,455 -$250,071,455
Wintrust Financial Corp Bank Ill. $250,000,000 $50,704,730
PrivateBancorp Bank Ill. $243,815,000 -$203,687,112
SVB Financial Group Bank Calif. $235,000,000 $18,929,027
CitiMortgage, Inc. Mortgage Servicer Mo. $229,667,149 -$229,667,149
CalHFA Mortgage Assistance Corporation State Housing Orgs Calif. $217,490,000 -$217,490,000
International Bancshares Corporation Bank Texas $216,000,000 -$139,028,889
Trustmark Corp Bank Miss. $215,000,000 $21,287,500
Umpqua Bank Ore. $214,181,000 $17,975,554
Homeward Residential, Inc. Mortgage Servicer Texas $208,446,859 -$208,446,859
Washington Federal Inc. Bank Wash. $200,000,000 $20,749,985
MB Financial Bank Ill. $196,000,000 $33,613,071
Pacific Capital Bancorp Bank Calif. $195,045,000 -$192,937,604
First Midwest Bancorp Bank Ill. $193,000,000 $29,528,332
First Niagara Bank N.Y. $184,011,000 $7,453,618
United Community Banks Bank Ga. $180,000,000 -$148,981,250
Select Portfolio Servicing Mortgage Servicer Utah $172,858,417 -$172,858,417
GMAC Mortgage, Inc. Mortgage Servicer Pa. $171,276,272 -$171,276,272
OneWest Bank Mortgage Servicer Calif. $169,832,936 -$169,832,936
Boston Private Financial Holdings Bank Mass. $154,000,000 $17,224,745
Provident Bankshares Corp. Bank Md. $151,500,000 $9,489,791
National Penn Bancshares Bank Pa. $150,000,000 $17,958,333
Dickinson Financial Corp II Bank Mo. $146,053,000 -$143,421,804
Western Alliance Bancorporation Bank Nev. $140,000,000 $20,365,000
Central Pacific Financial Corp Bank Hawaii $135,000,000 -$60,714,997
Ohio Homeowner Assistance LLC State Housing Orgs Ohio $130,100,000 -$130,100,000
CVB Financial Bank Calif. $130,000,000 $6,046,583
North Carolina Housing Finance Agency State Housing Orgs N.C. $128,000,000 -$128,000,000
Sterling Bancshares Bank Texas $125,198,000 $5,344,485
FirstMerit Corp Bank Ohio $125,000,000 $6,813,194
Banner Corp Bank Wash. $124,000,000 $4,945,661
Chrysler Receivables SPV LLC Auto Company $123,076,735 $49,671,126
Signature Bank Bank N.Y. $120,000,000 $12,967,606
First Merchants Corp Bank Ind. $116,000,000 $15,383,055
1st Source Corp Bank Ind. $111,000,000 $14,479,999
Anchor BanCorp Wisconsin Bank Wis. $110,000,000 -$110,000,000
WTB Financial Corp Bank Wash. $110,000,000 $21,236,874
S&T Bancorp Bank Pa. $108,676,000 $15,712,738
Oregon Affordable Housing Assistance Corporation State Housing Orgs Ore. $107,501,070 -$107,501,070
Taylor Capital Bank Ill. $104,823,000 $16,022,174
Saxon Mortgage Services, Inc. Mortgage Servicer Texas $101,751,519 -$101,751,519
F.N.B. Corporation Bank Pa. $100,000,000 $4,023,433
First Busey Corporation Bank Ill. $100,000,000 $12,410,898
Old National Bancorp Bank Ind. $100,000,000 $2,713,888
Park National Corporation Bank Ohio $100,000,000 $19,536,844
Illinois Housing Development Authority State Housing Orgs Ill. $96,500,000 -$96,500,000
Pinnacle Financial Bank Tenn. $95,000,000 $16,918,194
Union First Market Bankshares Corporation Bank Va. $92,900,000 $10,080,832
IBERIABANK Corp Bank La. $90,000,000 $2,650,000
Florida Housing Finance Corporation State Housing Orgs Fla. $89,800,000 -$89,800,000
Midwest Banc Holdings Bank Ill. $89,388,000 -$88,563,712
Sun Bancorp Bank N.J. $89,310,000 $3,203,970
Plains Capital Corp Bank Texas $87,631,000 $17,621,941
Aurora Loan Services, LLC Mortgage Servicer Colo. $85,828,826 -$85,828,826
Westamerica Bancorporation Bank Calif. $83,726,000 $3,634,236
Integra Bank Corporation Bank Ind. $83,586,000 -$81,635,660
Sandy Spring Bancorp Bank Md. $83,094,000 $12,043,869
Heartland Financial USA Bank Iowa $81,698,000 $12,988,086
BancPlus Corporation Bank Miss. $80,914,000 -$71,672,401
Hampton Roads Bankshares Bank Va. $80,347,000 -$77,836,156
First Financial Bancorp Bank Ohio $80,000,000 $7,644,065
Independent Bank Corp Bank Mass. $78,158,000 $3,318,093
Columbia Banking System Bank Wash. $76,898,000 $9,923,419
TowneBank Bank Va. $76,458,000 $10,619,166
Litton Loan Servicing LP Mortgage Servicer Texas $76,324,760 -$76,324,760
Bank of the Ozarks Bank Ark. $75,000,000 $6,004,166
Texas Capital Bancshares Bank Texas $75,000,000 $7,777,816
WesBanco Bank W.Va. $75,000,000 $3,804,166
Metropolitan Bank Group Bank Ill. $74,706,000 -$71,251,816
Independent Bank Corporation Bank Mich. $74,426,000 -$71,996,000
Old Second Bancorp Bank Ill. $73,000,000 -$67,230,973
First Place Financial Corp Bank Ohio $72,927,000 -$65,917,905
Green Bankshares Bank Tenn. $72,278,000 $2,364,857
Virginia Commerce Bancorp Bank Va. $71,000,000 -$58,841,250
Alpine Banks of Colorado Bank Colo. $70,000,000 $1,804,586
Flushing Financial Corp Bank N.Y. $70,000,000 $3,904,166
Southwest Bancorp Bank Okla. $70,000,000 $12,153,428
Superior Bancorp Bank Ala. $69,000,000 -$64,016,667
Nara Bancorp Bank Calif. $67,000,000 $14,249,316
First Bancorp Bank N.C. $65,000,000 $9,518,906
First Financial Holdings Bank S.C. $65,000,000 $1,741,972
SCBT Financial Corp Bank S.C. $64,779,000 $2,515,638
CoBiz Financial Bank Colo. $64,450,000 $8,907,086
Wilshire Bancorp Bank Calif. $62,158,000 $6,651,170
Standard Bancshares Bank Ill. $60,000,000 -$53,269,250
Lakeland Bancorp Bank N.J. $59,000,000 $9,260,833
Great Southern Bancorp Bank Mo. $58,000,000 $14,274,419
Liberty Bancshares Bank Ark. $57,500,000 $10,691,967
MainSource Financial Group Bank Ind. $57,000,000 $4,436,944
Lakeland Financial Corporation Bank Ind. $56,044,000 $4,473,713
Nationstar Mortgage LLC Mortgage Servicer Texas $55,643,271 -$55,643,271
Center Financial Corp Bank Calif. $55,000,000 $9,739,583
Community Bancshares of Mississippi, Inc. Bank Miss. $54,600,000 -$47,246,768
WSFS Financial Bank Del. $52,625,000 $5,015,859
NewBridge Bancorp Bank N.C. $52,372,000 -$43,403,295
Ameris Bancorp Bank Ga. $52,000,000 $7,637,438
FNB United Corp Bank N.C. $51,500,000 -$48,910,695
U.S. Century Bank Bank Fla. $50,236,000 -$49,490,689
BancTrust Financial Group Bank Ala. $50,000,000 -$42,111,112
Home BancShares, Inc. Bank Ark. $50,000,000 $7,480,555
Seacoast Banking Corp Bank Fla. $50,000,000 -$954,530
State Bankshares Bank N.D. $50,000,000 $8,008,472
First South Bancorp, Inc. Bank Tenn. $50,000,000 -$25,649,727
First American Bank Corporation Bank Ill. $50,000,000 -$23,681,025
SC Housing Corp State Housing Orgs S.C. $50,000,000 -$50,000,000
FHA Refinance Program Fund FHA Refinance Fund $50,000,000 -$50,000,000
Yadkin Valley Financial Corp Bank N.C. $49,312,000 -$1,042,954
Fidelity Southern Corp Bank Ga. $48,200,000 $3,086,668
Arizona (Home) Foreclosure Prevention Funding Corporation State Housing Orgs Ariz. $47,755,000 -$47,755,000
Michigan Homeowner Assistance Nonprofit Housing Corporation State Housing Orgs Mich. $47,317,776 -$47,317,776
The Bancorp Bank Del. $45,220,000 $7,410,660
MetroCorp Bancshares Bank Texas $45,000,000 $5,749,728
Cadence Financial Corp Bank Miss. $44,000,000 -$2,015,937
Exchange Bank Bank Calif. $43,000,000 $3,708,652
Southern Community Financial Bank N.C. $42,750,000 -$38,593,750
Sterling Bancorp Bank N.Y. $42,000,000 $5,869,108
First Community Bancshares Bank Va. $41,500,000 $1,339,002
PremierWest Bancorp Bank Ore. $41,400,000 -$40,353,500
Capital Bank Bank N.C. $41,279,000 $3,973,104
Berkshire Hills Bancorp Bank Mass. $40,000,000 $1,961,130
Heritage Commerce Corp Bank Calif. $40,000,000 $6,761,266
Reliance Bancshares Bank Mo. $40,000,000 -$36,172,889
Peoples Bancorp Inc. Bank Ohio $39,000,000 $5,701,557
Cascade Financial Corp Bank Wash. $38,970,000 -$21,291,100
OceanFirst Financial Corp Bank N.J. $38,263,000 $2,258,918
QCR Holdings Bank Ill. $38,237,000 $6,049,569
Eagle Bancorp Bank Md. $38,235,000 $6,612,155
GHFA Affordable Housing, Inc. State Housing Orgs Ga. $38,200,000 -$38,200,000
Bridgeview Bancorp Bank Ill. $38,000,000 -$35,606,845
Financial Institutions Bank N.Y. $37,515,000 $6,258,719
First Defiance Financial Corp Bank Ohio $37,000,000 $4,631,006
TIB Financial Corp Bank Fla. $37,000,000 -$23,555,641
State Bancorp Bank N.Y. $36,842,000 $5,572,352
U.S. Bank National Association Mortgage Servicer Ky. $36,727,295 -$36,727,295
Fidelity Financial Corp Bank Kan. $36,282,000 $4,190,440
West Bancorporation Bank Iowa $36,000,000 $5,195,000
Trinity Capital Corporation Bank N.M. $35,539,000 -$1,378,745
Marquette National Corp Bank Ill. $35,500,000 -$2,147,741
Enterprise Financial Services Corp Bank Mo. $35,000,000 -$29,040,278
Porter Bancorp Bank Ky. $35,000,000 -$30,216,667
Fremont Bancorporation Bank Calif. $35,000,000 $10,796,066
Encore Bancshares Bank Texas $34,000,000 $5,415,959
The Bank of Kentucky Bank Ky. $34,000,000 $3,940,694
Southern Bancorp Bank Ark. $33,800,000 -$31,744,545
First Security Group Bank Tenn. $33,000,000 -$31,597,500
Firstbank Corp Bank Mich. $33,000,000 $5,185,560
Centrue Financial Bank Mo. $32,668,000 -$32,096,310
Pulaski Financial Corp Bank Mo. $32,538,000 $2,657,846
MutualFirst Financial Bank Ind. $32,382,000 $5,226,789
Parkvale Financial Corp Bank Pa. $31,762,000 $4,808,414
Tennessee Housing Development Agency State Housing Orgs Tenn. $31,315,593 -$31,315,593
Bank of North Carolina Bank N.C. $31,260,000 $2,489,351
Royal Bancshares of Pennsylvania Bank Pa. $30,407,000 -$30,048,029
Hawthorn Bancshares Bank Mo. $30,255,000 -$13,113,243
Carrington Mortgage Services, LLC Mortgage Servicer Calif. $30,212,574 -$30,212,574
Bancorp Rhode Island Bank R.I. $30,000,000 $2,341,666
Farmers Capital Bank Corp Bank Ky. $30,000,000 -$3,164,171
First M&F Corp Bank Miss. $30,000,000 -$26,640,000
First United Corp Bank Md. $30,000,000 -$27,687,500
Spirit BankCorp Bank Okla. $30,000,000 -$27,738,250
StellarOne Corp Bank Va. $30,000,000 $4,271,875
Tennessee Commerce Bancorp Bank Tenn. $30,000,000 -$26,766,667
Peapack-Gladstone Financial Bank N.J. $28,685,000 $3,390,741
Bank of Marin Bancorp Bank Calif. $28,000,000 $2,155,095
Colony Bankcorp Bank Ga. $28,000,000 -$24,010,000
Alabama Housing Finance Authority State Housing Orgs Ala. $28,000,000 -$28,000,000
CenterState Banks of Florida, Inc. Bank Fla. $27,875,000 $1,408,302
Intermountain Community Bancorp Bank Idaho $27,000,000 -$25,777,500
Alliance Financial Corp Bank N.Y. $26,918,000 $1,438,360
Citizens & Northern Corporation Bank Pa. $26,440,000 $2,449,100
Washington Banking Company Bank Wash. $26,380,000 $4,248,344
Patriot Bancshares Bank Texas $26,038,000 -$23,333,865
HMN Financial Bank Minn. $26,000,000 -$23,537,223
Rhode Island Housing and Mortgage Finance Corporation State Housing Orgs R.I. $26,000,000 -$26,000,000
LNB Bancorp Bank Ohio $25,223,000 $1,939,571
Princeton National Bancorp Bank Ill. $25,083,000 -$22,811,595
Peoples Bancorp of North Carolina Bank N.C. $25,054,000 $2,823,965
First California Financial Group Bank Calif. $25,000,000 $3,810,847
HF Financial Corp Bank S.D. $25,000,000 $1,316,666
Horizon Bancorp Bank Ind. $25,000,000 $4,857,322
Intervest Bancshares Bank N.Y. $25,000,000 -$23,881,945
Rogers Bancshares Bank Ark. $25,000,000 -$24,261,979
Shore Bancshares Bank Md. $25,000,000 $358,333
The First Bancorp Bank Maine $25,000,000 -$8,765,625
VIST Financial Corp Bank Pa. $25,000,000 $5,446,757
Citizens Bancshares Co. Bank Mo. $24,990,000 -$24,361,967
Crescent Financial Corp Bank N.C. $24,900,000 -$20,669,909
Stearns Financial Services Bank Minn. $24,900,000 $6,595,444
National Bancshares Bank Iowa $24,664,000 -$22,356,508
CBS Banc-Corp Bank Ala. $24,300,000 $2,801,271
Community Trust Financial Corp Bank La. $24,000,000 $4,459,100
Eastern Virginia Bankshares Bank Va. $24,000,000 -$21,780,000
Heritage Financial Corp Bank Wash. $24,000,000 $2,953,333
Kentucky Housing Corporation State Housing Orgs Ky. $24,000,000 -$24,000,000
Bridge Capital Holdings Bank Calif. $23,864,000 $4,008,582
Severn Bancorp Bank Md. $23,393,000 -$19,611,129
Park Bancorporation Bank Wis. $23,200,000 -$1,496,036
First Citizens Banc Corp Bank Ohio $23,184,000 $2,061,684
TriState Capital Holdings Bank Pa. $23,000,000 -$18,963,733
Bank United Mortgage Servicer Fla. $22,987,043 -$22,987,043
New Jersey Housing and Mortgage Finance Agency State Housing Orgs N.J. $22,513,704 -$22,513,704
Central Bancorp, Inc. Bank Texas $22,500,000 -$20,088,374
Premier Financial Bancorp, Inc. Bank W.Va. $22,252,000 $522,089
University Financial Corp, Inc. Bank Minn. $22,115,000 -$19,863,812
Central Community Corp Bank Texas $22,000,000 -$18,119,903
Middleburg Financial Corp Bank Va. $22,000,000 $1,287,945
Security Federal Corp Bank S.C. $22,000,000 -$19,683,778
Wainwright Bank & Trust Bank Mass. $22,000,000 $1,592,311
First Community Financial Partners, Inc. Bank Ill. $22,000,000 -$4,157,271
Indiana Housing and Community Development Authority State Housing Orgs Ind. $22,000,000 -$22,000,000
Liberty Bancshares, Inc. Bank Mo. $21,900,000 $4,095,453
Blue Valley Ban Corp Bank Kan. $21,750,000 -$21,538,542
Indiana Community Bancorp Bank Ind. $21,500,000 $5,481,875
Medallion Bank Bank Utah $21,498,000 $2,962,676
BancIndependent Bank Ala. $21,100,000 $3,741,412
FC Holdings Bank Texas $21,042,000 -$20,885,910
AmeriServ Financial Bank Pa. $21,000,000 $3,601,666
Heritage Oaks Bancorp Bank Calif. $21,000,000 -$17,564,498
Mercantile Bank Corporation Bank Mich. $21,000,000 $10,631,120
The Baraboo Bancorporation Bank Wis. $20,749,000 -$16,982,874
First Guaranty Bancshares, Inc. Bank La. $20,699,000 $3,360,477
Unity Bancorp Bank N.J. $20,649,000 -$17,092,780
United Bancorp Bank Mich. $20,600,000 -$284,075
Citizens South Banking Corp Bank N.C. $20,500,000 $3,072,379
Florida Bank Group, Inc. Bank Fla. $20,471,000 -$19,290,207
Diamond Bancorp, Inc. Bank Mo. $20,445,000 $227,791
First Western Financial Bank Colo. $20,440,000 -$10,981,038
Commonwealth Bancshares, Inc. Bank Ky. $20,400,000 $747,126
Market Street Bancshares, Inc. Bank Ill. $20,300,000 $3,703,457
BNCCORP Bank N.D. $20,093,000 -$19,183,458
C&F Financial Corp Bank Va. $20,000,000 $2,902,778
Community First Bancshares Bank Tenn. $20,000,000 $3,628,111
First Financial Service Corp Bank Ky. $20,000,000 -$18,400,000
MidSouth Bancorp Bank La. $20,000,000 $2,834,334
The ANB Corporation Bank Texas $20,000,000 $3,234,499
D.L. Evans Bancorp Bank Idaho $19,891,000 $3,795,592
Chambers Bancshares, Inc. Bank Ark. $19,817,000 -$14,893,658
Community Bank Shares of Indiana, Inc. Bank Ind. $19,468,000 $3,334,282
Bayview Loan Servicing, LLC Mortgage Servicer Fla. $19,360,124 -$19,360,124
First PacTrust Bancorp, Inc. Bank Calif. $19,300,000 $2,997,560
Carver Bancorp Bank N.Y. $18,980,000 $1,978,088
Bar Harbor Bankshares Bank Maine $18,751,000 $1,286,514
HopFed Bancorp Bank Ky. $18,400,000 -$15,249,000
Sovereign Bancshares Bank Texas $18,215,000 $3,417,669
Peoples Bancorp Bank Wash. $18,000,000 $3,325,250
First Trust Corporation Bank La. $17,969,000 -$16,922,104
ECB Bancorp Bank N.C. $17,949,000 -$14,959,990
Nevada Affordable Housing Assistance Corporation State Housing Orgs Nev. $17,922,000 -$17,922,000
Security Capital Corporation Bank Miss. $17,910,000 -$15,651,819
First NBC Bank Holding Company Bank La. $17,836,000 $3,197,989
Community First Inc Bank Tenn. $17,806,000 -$15,897,547
Community Bankers Trust Corp Bank Va. $17,680,000 -$15,697,471
First Northern Community Bancorp Bank Calif. $17,390,000 $2,553,580
OneFinancial Corporation Bank Ark. $17,300,000 -$13,517,007
Southern First Bancshares Bank S.C. $17,299,000 $2,102,365
Liberty Shares Bank Ga. $17,280,000 -$15,880,440
F&M Financial Corporation (TN) Bank Tenn. $17,243,000 $1,861
Northern States Financial Corp Bank Ill. $17,211,000 -$16,792,678
The First Bancshares Bank Miss. $17,123,000 -$16,153,745
Bank of Commerce Holdings Bank Calif. $17,000,000 $2,564,028
F&M Financial Corporation Bank N.C. $17,000,000 $2,798,062
First American International Corp Bank N.Y. $17,000,000 -$15,623,945
Guaranty Federal Bancshares Bank Mo. $17,000,000 -$9,182,639
White River Bancshares Company Bank Ark. $16,800,000 -$15,210,417
Timberland Bancorp Bank Wash. $16,641,000 -$14,688,765
Codorus Valley Bancorp Bank Pa. $16,500,000 $2,678,479
First Federal Bancshares of Arkansas Bank Ark. $16,500,000 -$9,929,375
1st Financial Services Corp Bank N.C. $16,369,000 -$15,139,052
Parke Bancorp Bank N.J. $16,288,000 -$13,607,267
Pacific City Financial Corp Bank Calif. $16,200,000 -$15,841,935
Valley Financial Corp Bank Va. $16,019,000 -$13,237,569
CoastalSouth Bancshares, Inc. Bank S.C. $16,015,000 -$14,779,551
Carolina Bank Holdings Bank N.C. $16,000,000 -$13,702,375
MidWest One Financial Group Bank Iowa $16,000,000 $2,933,333
State Capital Corporation Bank Miss. $15,750,000 -$13,156,541
Community West Bancshares Bank Calif. $15,600,000 -$13,138,667
Stockmens Financial Corporation Bank S.D. $15,568,000 $2,533,554
Tri-County Financial Corp Bank Md. $15,540,000 $3,113,117
BankFirst Capital Corp Bank Miss. $15,500,000 $2,992,470
First Reliance Bancshares Bank S.C. $15,349,000 -$13,306,594
Grandsouth Bancorporation Bank S.C. $15,319,000 $2,306,918
Broadway Financial Corporation Bank Calif. $15,000,000 -$14,189,584
Centra Financial Holdings Bank W.Va. $15,000,000 $922,937
LSB Corp Bank Mass. $15,000,000 $1,260,000
Business Bancshares Bank Mo. $15,000,000 -$6,493,145
Foresight Financial Group, Inc. Bank Ill. $15,000,000 -$12,547,500
The Landrum Company Bank Mo. $15,000,000 $2,580,291
River Valley Bancorporation Bank Wis. $15,000,000 -$771,725
Suburban Illinois Bancorp, Inc. Bank Ill. $15,000,000 -$12,601,855
Nicolet Bankshares Bank Wis. $14,964,000 $2,940,842
First Community Bancshares, Inc. (KS) Bank Kan. $14,800,000 -$14,195,050
Village Bank and Trust Financial Corp Bank Va. $14,738,000 -$13,419,768
Monarch Financial Holdings Bank Va. $14,700,000 $1,003,166
Tidelands Bancshares Bank S.C. $14,448,000 -$13,252,027
United Bank Corporation Bank Ga. $14,400,000 $4,482,079
Guaranty Capital Corporation Bank Miss. $14,000,000 -$12,309,118
First National Corporation Bank Va. $13,900,000 $1,210,544
Magna Bank Bank Tenn. $13,795,000 $2,351,468
Bancorp Financial, Inc. Bank Ill. $13,669,000 $1,926,738
Sword Financial Corporation Bank Wis. $13,644,000 $3,375,233
First Texas BHC Bank Texas $13,533,000 $2,539,389
Oak Valley Bancorp Bank Calif. $13,500,000 $2,371,250
WashingtonFirst Bankshares, Inc. Bank Va. $13,475,000 $1,842,319
LCNB Corp Bank Ohio $13,400,000 $1,127,390
Bank of the Carolinas Corporation Bank N.C. $13,179,000 -$12,139,323
Morrill Bancshares Bank Kan. $13,000,000 $2,429,122
SouthCrest Financial Group, Inc. Bank Ga. $12,900,000 -$11,966,506
HCSB Financial Corporation Bank S.C. $12,895,000 -$11,804,298
Community First Bancshares, Inc. Bank Ark. $12,725,000 -$10,563,620
Adbanc Bank Neb. $12,720,000 $2,351,769
Regents Bancshares, Inc. Bank Wash. $12,700,000 $1,894,340
Peoples Bancorporation Bank S.C. $12,660,000 $2,702,912
Community Financial Corp Bank Va. $12,643,000 -$10,490,175
Bankers' Bank of the West Bank Colo. $12,639,000 -$11,577,054
Meridian Bank Bank Pa. $12,535,000 -$10,665,947
Security State Bancshares Bank Mo. $12,500,000 $2,388,681
PeoplesSouth Bancshares Bank Ga. $12,325,000 -$10,181,187
OneUnited Bank Bank Mass. $12,063,000 -$11,969,177
1st Constitution Bancorp Bank N.J. $12,000,000 $1,433,242
Blue Ridge Bancshares Bank Mo. $12,000,000 -$10,239,650
First Manitowoc Bancorp Bank Wis. $12,000,000 $837,983
FNB Bancorp Bank Calif. $12,000,000 $2,267,700
The Queensborough Company Bank Ga. $12,000,000 -$11,117,100
Two Rivers Financial Group Bank Iowa $12,000,000 $2,075,133
Duke Financial Group, Inc. Bank Minn. $12,000,000 -$8,923,827
Farmers Enterprises, Inc. Bank Kan. $12,000,000 -$9,074,684
Alliance Financial Services Bank Minn. $12,000,000 -$11,611,259
Wachusett Financial Services, Inc. Bank Mass. $12,000,000 -$7,455,974
Plumas Bancorp Bank Calif. $11,949,000 -$11,326,657
Citizens Bancshares Bank Ga. $11,841,000 -$10,897,708
DNB Financial Corp Bank Pa. $11,750,000 $1,933,277
M&F Bancorp Bank N.C. $11,735,000 -$10,652,773
TCB Holding Company Bank Texas $11,730,000 -$11,039,168
Pacific Coast Bankers' Bancshares Bank Calif. $11,600,000 $2,221,963
Cecil Bancorp Bank Md. $11,560,000 -$11,043,012
Western Illinois Bancshares Bank Ill. $11,422,000 -$9,610,799
Central Virginia Bankshares Bank Va. $11,385,000 -$10,934,344
First Community Corp Bank S.C. $11,350,000 $1,614,585
Liberty Financial Services Bank La. $11,334,000 -$10,500,859
Central Jersey Bancorp Bank N.J. $11,300,000 $1,390,020
PennyMac Loan Services, LLC Mortgage Servicer Calif. $11,084,911 -$11,084,911
Steele Street Bank Corporation Bank Colo. $11,019,000 $2,059,672
Farmers & Merchants Bancshares Bank Texas $11,000,000 -$9,086,595
Mackinac Financial Corporation Bank Mich. $11,000,000 $1,062,988
Brotherhood Bancshares, Inc. Bank Kan. $11,000,000 $1,845,585
Stonebridge Financial Corp Bank Pa. $10,973,000 -$10,338,391
First Capital Bancorp Bank Va. $10,958,000 $732,671
First Southern Bancorp Bank Fla. $10,900,000 $1,363,468
Ridgestone Financial Services Bank Wis. $10,900,000 -$10,622,777
BCSB Bancorp Bank Md. $10,800,000 $1,129,500
Presidio Bank Bank Calif. $10,800,000 -$9,384,780
Security State Bank Holding Company Bank N.D. $10,750,000 -$10,038,427
First Community Bank Corp of America Bank Fla. $10,685,000 -$2,185,751
Crosstown Holding Company Bank Minn. $10,650,000 -$8,727,996
Northwest Bancorporation Bank Wash. $10,500,000 -$9,924,571
Katahdin Bankshares Bank Maine $10,449,000 $1,974,048
1st Enterprise Bank Bank Calif. $10,400,000 $1,348,156
Citizens Bancorp Bank Calif. $10,400,000 -$10,176,429
Mission Valley Bancorp Bank Calif. $10,336,000 -$9,530,205
United Bancorporation of Alabama, Inc. Bank Ala. $10,300,000 -$9,077,162
Illinois State Bancorp, Inc. Bank Ill. $10,272,000 $1,564,113
North Central Bancshares Bank Iowa $10,200,000 $2,094,583
Midland States Bancorp Bank Ill. $10,189,000 $1,017,989
Mississippi Home Corporation State Housing Orgs Miss. $10,188,832 -$10,188,832
Heritage Bankshares, Inc. Bank Va. $10,103,000 $1,250,284
District of Columbia Housing Finance Agency State Housing Orgs D.C. $10,034,860 -$10,034,860
1st United Bancorp Bank Fla. $10,000,000 $870,902
Blackhawk Bancorp Bank Wis. $10,000,000 -$8,271,139
BOH Holdings Bank Texas $10,000,000 $1,783,777
Center Bancorp Bank N.J. $10,000,000 $1,586,667
Central Bancorp Bank Mass. $10,000,000 $3,886,111
ColoEast Bankshares Bank Colo. $10,000,000 -$8,770,723
First Bankers Trustshares Bank Ill. $10,000,000 $1,941,221
First Litchfield Financial Corp Bank Conn. $10,000,000 $2,147,768
Mid Penn Bancorp Bank Pa. $10,000,000 -$8,297,223
Mid-Wisconsin Financial Services Bank Wis. $10,000,000 -$8,917,569
NCAL Bancorp Bank Calif. $10,000,000 -$8,688,973
New Hampshire Thrift Bancshares Bank N.H. $10,000,000 $2,041,266
Northway Financial Bank N.H. $10,000,000 $1,930,625
Stewardship Financial Corp Bank N.J. $10,000,000 $1,400,453
Uwharrie Capital Corp Bank N.C. $10,000,000 -$8,150,028
Century Financial Services Corporation Bank N.M. $10,000,000 -$7,562,239
HomeTown Bankshares Corporation Bank Va. $10,000,000 -$8,543,721
Greer Bancshares Bank S.C. $9,993,000 -$9,017,169
Regent Bancorp Bank Fla. $9,982,000 -$9,197,719
Penn Liberty Financial Corp Bank Pa. $9,960,000 $1,785,689
Coastal Banking Company Bank Fla. $9,950,000 -$8,982,639
Universal Bancorp Bank Ind. $9,900,000 -$8,291,839
PSB Financial Corporation Bank La. $9,734,000 -$8,150,302
TCB Corporation Bank S.C. $9,720,000 $1,891,380
Southern Missouri Bancorp Bank Mo. $9,550,000 $1,254,764
Moneytree Corporation Bank Tenn. $9,516,000 $1,775,481
Premier Bank Holding Company Bank Fla. $9,500,000 -$9,032,588
Florida Business BancGroup Bank Fla. $9,495,000 $1,814,751
City National Bancshares Corporation Bank N.J. $9,439,000 -$9,157,141
Cache Valley Banking Company Bank Utah $9,407,000 $1,267,335
FCB Bancorp Bank Ky. $9,294,000 $1,862,235
Freedom First Federal Credit Union Bank Va. $9,278,000 -$8,975,950
Provident Community Bancshares Bank S.C. $9,266,000 -$8,722,909
Carrollton Bancorp Bank Md. $9,201,000 -$8,278,344
First Priority Financial Corp Bank Pa. $9,175,000 -$7,813,961
Elmira Savings Bank Bank N.Y. $9,090,000 $1,219,575
Community Partners Bancorp Bank N.J. $9,000,000 $1,598,750
HPK Financial Corporation Bank Ill. $9,000,000 -$7,678,662
Delmar Bancorp Bank Md. $9,000,000 -$8,167,513
UBT Banchares Bank Kan. $8,950,000 $1,684,911
RCB Financial Corporation Bank Ga. $8,900,000 -$8,006,066
Salisbury Bancorp Bank Conn. $8,816,000 $1,284,960
Citizens First Corp Bank Ky. $8,779,000 -$5,210,090
Farmers Bank Bank Va. $8,752,000 -$7,172,534
Equity Bancshares Bank Kan. $8,750,000 $1,644,872
Georgia Commerce Bancshares Bank Ga. $8,700,000 $1,385,366
United American Bank Bank Calif. $8,700,000 -$8,700,000
First Freedom Bancshares, Inc. Bank Tenn. $8,700,000 -$7,600,895
PNC Mortgage Mortgage Servicer Ohio $8,678,393 -$8,678,393
Sonoma Valley Bancorp Bank Calif. $8,653,000 -$8,305,836
BancStar, Inc. Bank Mo. $8,600,000 -$7,139,219
Summit State Bank Bank Calif. $8,500,000 $1,430,625
Great River Holding Company Bank Minn. $8,400,000 -$7,640,425
HomEq Servicing Mortgage Servicer Calif. $8,308,819 -$8,308,819
Private Bancorporation Bank Minn. $8,222,000 -$7,614,786
Annapolis Bancorp Bank Md. $8,152,000 -$2,749,602
F&M Bancshares Bank Tenn. $8,144,000 -$6,871,005
IBC Bancorp, Inc. Bank Ill. $8,086,000 -$7,237,524
Fairfax County Federal Credit Union Bank Va. $8,044,000 -$7,779,889
Syringa Bancorp Bank Idaho $8,000,000 -$7,746,878
The Magnolia State Corporation Bank Miss. $7,922,000 -$7,522,245
First Eagle Bancshares, Inc. Bank Ill. $7,875,000 -$6,454,745
Specialized Loan Servicing LLC Mortgage Servicer Colo. $7,736,919 -$7,736,919
MS Financial Bank Texas $7,723,000 $1,483,290
Commonwealth Business Bank Bank Calif. $7,701,000 -$7,255,652
Metro City Bank Bank Ga. $7,700,000 -$6,318,649
Oak Ridge Financial Services Bank N.C. $7,700,000 -$6,432,708
Valley Commerce Bancorp Bank Calif. $7,700,000 $1,703,403
First Gothenburg Bancshares Bank Neb. $7,570,000 -$6,242,524
Country Bank Shares Bank Neb. $7,525,000 -$6,175,117
Centrix Bank & Trust Bank N.H. $7,500,000 $1,387,792
Emclaire Financial Corp Bank Pa. $7,500,000 $1,045,904
The Little Bank Bank N.C. $7,500,000 -$6,112,518
BNB Financial Services Corp Bank N.Y. $7,500,000 -$7,059,458
Gulfstream Bancshares Bank Fla. $7,500,000 $1,251,543
GulfSouth Private Bank Bank Fla. $7,500,000 -$6,818,689
Somerset Hills Bancorp Bank N.J. $7,414,000 $402,685
Avenue Financial Holdings Bank Tenn. $7,400,000 $1,398,415
First Sound Bank Bank Wash. $7,400,000 -$7,069,056
First BancTrust Corp Bank Ill. $7,350,000 -$2,438,267
Western Community Bancshares Bank Calif. $7,290,000 -$6,735,917
FFW Corp Bank Ind. $7,289,000 -$5,936,276
Millenium Bancorp Bank Colo. $7,260,000 -$4,013,086
Central Federal Corp Bank Ohio $7,225,000 -$6,612,882
NC Bancorp Bank Ill. $7,186,000 -$6,853,744
TriSummit Bank Bank Tenn. $7,002,000 -$6,024,561
Central Valley Community Bancorp Bank Calif. $7,000,000 $1,077,516
Fidelity Bancorp, Inc. Bank Pa. $7,000,000 -$5,801,250
Hamilton State Bancshares Bank Ga. $7,000,000 $1,169,166
Old Line Bancshares Bank Md. $7,000,000 $438,888
Chicago Shore Corporation Bank Ill. $7,000,000 -$5,934,980
Heartland Bancshares, Inc. Bank Ind. $7,000,000 $1,321,471
Community Financial Shares, Inc. Bank Ill. $6,970,000 -$6,400,135
Guaranty Bancorp Bank N.H. $6,920,000 $1,315,040
Idaho Bancorp Bank Idaho $6,900,000 -$6,775,695
Security California Bancorp Bank Calif. $6,815,000 $1,337,698
Pierce County Bancorp Bank Wash. $6,800,000 -$6,592,053
Harbor Bankshares Corporation Bank Md. $6,800,000 -$6,517,256
Monarch Community Bancorp Bank Mich. $6,785,000 -$6,522,081
Premier Bancorp Bank Ill. $6,784,000 -$6,123,785
Pathfinder Bancorp, Inc. Bank N.Y. $6,771,000 $1,205,330
Highlands Independent Bancshares Bank Fla. $6,700,000 -$6,082,288
Fidelity Federal Bancorp Bank Ind. $6,657,000 -$6,657,000
Green Tree Servicing LLC Mortgage Servicer Minn. $6,640,834 -$6,640,834
Alarion Financial Services Bank Fla. $6,514,000 -$5,515,944
Catskill Hudson Bancorp Bank N.Y. $6,500,000 $948,073
Pacific International Bancorp Bank Wash. $6,500,000 -$6,036,875
Liberty Bancshares, Inc. (TX) Bank Texas $6,500,000 -$5,661,484
Biscayne Bancshares, Inc. Bank Fla. $6,400,000 -$4,883,730
First Intercontinental Bank Bank Ga. $6,398,000 -$5,640,547
Premier Financial Corp Bank Iowa $6,349,000 -$5,826,738
Citizens Commerce Bancshares Bank Ky. $6,300,000 -$6,119,742
Carter Federal Credit Union Bank La. $6,300,000 -$6,094,900
Cardinal Bancorp II, Inc. Bank Mo. $6,251,000 $1,296,478
First Vernon Bancshares Bank Ala. $6,245,000 -$5,566,271
CCO Mortgage Mortgage Servicer Va. $6,243,840 -$6,243,840
Randolph Bank & Trust Company Bank N.C. $6,229,000 -$5,620,837
Moscow Bancshares Bank Tenn. $6,216,000 -$3,926,334
Union Bank & Trust Company Bank N.C. $6,191,000 $840,293
OSB Financial Services Bank Texas $6,100,000 $1,562,316
Centric Financial Corporation Bank Pa. $6,056,000 $683,821
American State Bancshares Bank Kan. $6,000,000 $1,220,142
Beach Business Bank Bank Calif. $6,000,000 $1,263,316
IBW Financial Corporation Bank D.C. $6,000,000 -$5,342,933
ICB Financial Bank Calif. $6,000,000 -$4,956,325
Patapsco Bancorp Bank Md. $6,000,000 -$5,622,134
Peninsula Bank Holding Co Bank Calif. $6,000,000 -$4,991,057
Gateway Bancshares Bank Ga. $6,000,000 $1,260,795
McLeod Bancshares, Inc. Bank Minn. $6,000,000 $870,433
Howard Bancorp Bank Md. $5,983,000 $1,136,793
Rising Sun Bancorp Bank Md. $5,983,000 -$5,787,363
IA Bancorp, Inc. Bank N.J. $5,976,000 -$5,138,498
Leader Bancorp Bank Mass. $5,830,000 $894,016
Security Business Bancorp Bank Calif. $5,803,000 $1,085,019
Central Bancshares Bank Texas $5,800,000 $1,059,177
FPB Bancorp Bank Fla. $5,800,000 -$5,526,112
CFBanc Corporation Bank D.C. $5,781,000 -$5,588,942
Seaside National Bank & Trust Bank Fla. $5,677,000 -$4,652,506
United Financial Banking Companies Bank Va. $5,658,000 $991,965
Waukesha Bankshares Bank Wis. $5,625,000 -$4,769,384
Boscobel Bancorp, Inc Bank Wis. $5,586,000 -$5,117,376
First Southwest Bancorporation Bank Colo. $5,500,000 -$5,292,673
Valley Community Bank Bank Calif. $5,500,000 -$4,870,524
One Georgia Bank Bank Ga. $5,500,000 -$5,500,000
Legacy Bancorp Bank Wis. $5,498,000 -$5,142,921
American Bancorp of Illinois, Inc. Bank Ill. $5,457,000 -$5,175,994
The Private Bank of California Bank Calif. $5,450,000 $1,024,753
Highlands State Bank Bank N.J. $5,450,000 $761,927
Connecticut Bank and Trust Company Bank Conn. $5,448,000 $1,454,866
BankAsiana Bank N.J. $5,250,000 -$5,079,083
Midtown Bank & Trust Company Bank Ga. $5,222,000 -$4,946,896
First Choice Bank Bank Calif. $5,146,000 -$4,566,397
Mission Community Bancorp Bank Calif. $5,116,000 $759,584
Capital Commerce Bancorp, Inc. Bank Wis. $5,100,000 -$4,795,027
Franklin Bancorp, Inc. Bank Mo. $5,097,000 -$4,269,002
First Resource Bank Bank Pa. $5,017,000 $714,794
Blue River Bancshares Bank Ind. $5,000,000 -$4,470,895
Commerce National Bank Bank Calif. $5,000,000 $36,111
Financial Security Corp Bank Wyo. $5,000,000 $914,597
First Express of Nebraska Bank Neb. $5,000,000 $1,074,313
Southern Illinois Bancorp Bank Ill. $5,000,000 $955,472
BlackRidge Financial, Inc. Bank N.D. $5,000,000 $1,075,326
Covenant Financial Corporation Bank Miss. $5,000,000 -$4,189,011
AmFirst Financial Services, Inc. Bank Neb. $5,000,000 -$3,853,365
Germantown Capital Corporation Bank Tenn. $4,967,000 -$4,102,939
First ULB Corp Bank Calif. $4,900,000 $311,020
York Traditions Bank Bank Pa. $4,871,000 $834,023
Southern Heritage Bancshares, Inc. Bank Tenn. $4,862,000 $856,113
BNC Financial Group Bank Conn. $4,797,000 $876,922
First Menasha Bancshares Bank Wis. $4,797,000 $916,867
Alaska Pacific Bankshares Bank Alaska $4,781,000 -$3,996,393
Monument Bank Bank Md. $4,734,000 $889,960
Capital Bancorp Bank Md. $4,700,000 $752,281
Western Reserve Bancorp, Inc Bank Ohio $4,700,000 -$3,931,547
Virginia Company Bank Bank Va. $4,700,000 -$3,974,978
CalWest Bancorp Bank Calif. $4,656,000 -$4,259,837
MorEquity, Inc. Mortgage Servicer Ind. $4,628,164 -$4,628,164
Lafayette Bancorp Bank Miss. $4,551,000 -$4,035,706
Hope Federal Credit Union Bank Miss. $4,520,000 -$4,369,836
First Colebrook Bancorp Bank N.H. $4,500,000 $839,489
Puget Sound Bank Bank Wash. $4,500,000 $855,158
Georgia Primary Bank Bank Ga. $4,500,000 -$4,500,000
Mainline Bancorp, Inc. Bank Pa. $4,500,000 $763,190
Community Pride Bank Corporation Bank Minn. $4,400,000 -$3,951,747
CBB Bancorp Bank Ga. $4,397,000 -$3,722,326
Pinnacle Bank Holding Company Bank Fla. $4,389,000 -$4,104,001
Metropolitan Capital Bancorp, Inc. Bank Ill. $4,388,000 -$3,751,781
First Business Bank, N.A. Bank Calif. $4,243,000 -$3,622,999
Northeast Bancorp Bank Maine $4,227,000 -$3,503,123
Pacific Coast National Bancorp Bank Calif. $4,120,000 -$4,101,913
CB Holding Corp. Bank Ill. $4,114,000 -$3,842,421
Community Bank of the Bay Bank Calif. $4,060,000 -$3,871,936
Pacific Commerce Bank Bank Calif. $4,060,000 -$3,672,777
Residential Credit Solutions Mortgage Servicer Texas $4,041,499 -$4,041,499
The Bank of Currituck Bank N.C. $4,021,000 -$2,108,316
California Bank of Commerce Bank Calif. $4,000,000 $755,900
Capital Pacific Bancorp Bank Ore. $4,000,000 -$3,260,012
Carolina Trust Bank Bank N.C. $4,000,000 -$3,495,000
Hilltop Community Bancorp Bank N.J. $4,000,000 $467,049
Naples Bancorp Bank Fla. $4,000,000 -$3,043,934
Premier Service Bank Bank Calif. $4,000,000 -$3,945,500
Santa Lucia Bancorp Bank Calif. $4,000,000 -$868,889
SBT Bancorp Bank Conn. $4,000,000 $717,144
Todd Bancshares Bank Ky. $4,000,000 -$3,286,050
SV Financial, Inc. Bank Ill. $4,000,000 $721,382
Grand Capital Corporation Bank Okla. $4,000,000 $717,145
Investors Financial Corporation of Pettis County Bank Mo. $4,000,000 -$3,825,676
Enterprise Financial Services Group Bank Pa. $4,000,000 $680,205
KS Bancorp, Inc. Bank N.C. $4,000,000 -$3,404,134
Providence Bank Bank N.C. $4,000,000 $596,313
Texas National Bancorporation Bank Texas $3,981,000 $494,307
Community Business Bank Bank Calif. $3,976,000 -$3,278,914
Fidelity Bancorp, Inc (LA) Bank La. $3,942,000 -$2,962,700
Midland Mortgage Company Mortgage Servicer Okla. $3,920,415 -$3,920,415
Peoples Bancshares of TN Bank Tenn. $3,900,000 -$3,229,875
Community Bancshares, Inc. Bank Ariz. $3,872,000 -$3,247,978
Redwood Capital Bancorp Bank Calif. $3,800,000 $710,626
Tifton Banking Company Bank Ga. $3,800,000 -$3,576,792
Pascack Community Bank Bank N.J. $3,756,000 $741,313
First Financial Bancshares Bank Kan. $3,756,000 $807,302
Financial Services of Winger, Inc. Bank Minn. $3,742,000 $745,324
Pathway Bancorp Bank Neb. $3,727,000 -$3,649,149
Triad Bancorp Bank Mo. $3,700,000 $686,326
Patterson Bancshares Bank La. $3,690,000 -$2,554,153
AMB Financial Corp Bank Ind. $3,674,000 $713,576
Allied First Bancorp Bank Ill. $3,652,000 -$3,242,246
CedarStone Bank Bank Tenn. $3,564,000 -$2,927,929
Merchants and Manufacturers Bank Corporation Bank Ill. $3,510,000 $600,668
AB&T Financial Corp Bank N.C. $3,500,000 -$3,139,306
Mercantile Capital Corp Bank Mass. $3,500,000 $650,816
First Alliance Bancshares Bank Tenn. $3,422,000 -$2,883,767
Birmingham Bloomfield Bancshares Bank Mich. $3,379,000 $424,024
Bainbridge Bancshares, Inc. Bank Ga. $3,372,000 -$3,261,286
Madison Financial Corp Bank Ky. $3,370,000 -$3,200,579
First Bank of Charleston Bank W.Va. $3,345,000 $615,105
California Oaks State Bank Bank Calif. $3,300,000 $502,219
Mountain Valley Bancshares, Inc. Bank Ga. $3,300,000 -$2,825,393
Bancorp of Okolona, Inc. Bank Miss. $3,297,000 -$3,130,629
Congaree Bancshares Bank S.C. $3,285,000 -$2,676,271
Treaty Oak Bancorp Bank Texas $3,268,000 -$2,575,585
Border Federal Credit Union Bank Texas $3,260,000 -$3,153,869
Hometown Bancorp of Alabama Bank Ala. $3,250,000 -$2,676,655
FPB Financial Corp Bank La. $3,240,000 $383,721
First Independence Corporation Bank Mich. $3,223,000 -$2,785,654
Oregon Bancorp Bank Ore. $3,216,000 -$2,679,902
Kilmichael Bancorp, Inc. Bank Miss. $3,154,000 -$2,987,782
Crazy Woman Creek Bancorp Bank Wyo. $3,100,000 -$2,553,257
Fortune Financial Corporation Bank Mo. $3,100,000 $568,929
Grand Mountain Bancshares, Inc. Bank Colo. $3,076,000 -$3,076,000
Lone Star Bank Bank Texas $3,072,000 -$3,072,000
Sound Banking Company Bank N.C. $3,070,000 -$2,509,344
FBHC Holding Company Bank Colo. $3,035,000 -$2,230,408
Citizens Community Bank Bank Va. $3,000,000 $574,645
Clover Community Bankshares Bank S.C. $3,000,000 -$2,477,231
Marine Bank & Trust Company Bank Fla. $3,000,000 -$2,764,287
PGB Holdings Bank Ill. $3,000,000 -$2,741,751
St. Johns Bancshares Bank Mo. $3,000,000 -$2,481,342
Tennessee Valley Financial Holdings Bank Tenn. $3,000,000 -$2,853,759
Frontier Bancshares Bank Texas $3,000,000 $408,191
Freeport Bancshares Bank Ill. $3,000,000 -$2,240,007
Fidelity Resources Company Bank Texas $3,000,000 $503,795
Bank of Commerce Bank N.C. $3,000,000 -$2,578,080
Layton Park Financial Group Bank Wis. $3,000,000 -$2,606,238
Redwood Financial Bank Minn. $2,995,000 $575,812
F & C Bancorp, Inc. Bank Mo. $2,993,000 -$2,244,402
Alliance Bancshares Bank Ga. $2,986,000 -$2,516,398
Santa Clara Valley Bank Bank Calif. $2,900,000 -$2,741,072
Berkshire Bancorp Bank Pa. $2,892,000 $509,124
US Metro Bank Bank Calif. $2,861,000 -$2,428,322
Santa Cruz Community Credit Union Bank Calif. $2,828,000 -$2,735,147
Omega Capital Corp Bank Colo. $2,816,000 -$2,765,690
Prairie Star Bancshares Bank Kan. $2,800,000 -$2,667,747
Cooperative Center Federal Credit Union Bank Calif. $2,799,000 -$2,707,099
Tri-State Bank of Memphis Bank Tenn. $2,795,000 -$2,506,649
SouthFirst Bancshares Bank Ala. $2,760,000 -$2,395,204
Worthington Financial Holdings, Inc. Bank Ala. $2,720,000 -$2,349,400
First Bank Mortgage Servicer Mo. $2,713,418 -$2,713,418
DeSoto County Bank Bank Miss. $2,681,000 -$2,293,491
Bank of George Bank Nev. $2,672,000 -$2,392,009
Regent Capital Corporation Bank Okla. $2,655,000 $480,328
Community First Guam Federal Credit Union Bank Guam $2,650,000 -$2,562,992
Shreveport Federal Credit Union Bank La. $2,646,000 -$2,559,858
Deerfield Financial Corporation Bank Wis. $2,639,000 $644,339
Manhattan Bancshares, Inc. Bank Ill. $2,639,000 -$1,995,654
Community Investors Bancorp Bank Ohio $2,600,000 -$2,119,008
Northern State Bank Bank N.J. $2,571,000 $416,782
Goldwater Bank Bank Ariz. $2,568,000 -$2,422,250
Community 1st Bank Bank Calif. $2,550,000 -$2,410,980
Plato Holdings Inc. Bank Minn. $2,500,000 -$1,965,712
Atlantic City Federal Credit Union Bank Wyo. $2,500,000 -$2,417,917
Pyramid Federal Credit Union Bank Ariz. $2,500,000 -$2,417,917
AmeriBank Holding Company Bank Okla. $2,492,000 $468,023
Grand Financial Corporation Bank Miss. $2,443,320 -$1,902,424
Citizens Bank & Trust Company Bank La. $2,400,000 -$2,151,117
CSRA Bank Corp Bank Ga. $2,400,000 -$2,219,060
Green Circle Investments Bank Iowa $2,400,000 -$1,979,260
Brogan Bankshares, Inc. Bank Wis. $2,400,000 -$1,997,280
NEMO Bancshares Inc. Bank Mo. $2,330,000 -$1,761,802
IBT Bancorp Bank Texas $2,295,000 -$1,903,020
Columbine Capital Corp Bank Colo. $2,260,000 $429,480
CenterBank Bank Ohio $2,250,000 -$1,877,217
Alternatives Federal Credit Union Bank N.Y. $2,234,000 -$2,160,650
Union Financial Corporation Bank N.M. $2,179,000 -$1,300,199
Marix Servicing, LLC Mortgage Servicer Ariz. $2,162,025 -$2,162,025
Security Bancshares of Pulaski County Bank Mo. $2,152,000 -$1,770,058
Titonka Bancshares Bank Iowa $2,117,000 $452,493
Ojai Community Bank Bank Calif. $2,080,000 -$1,763,537
Market Bancorporation Bank Minn. $2,060,000 -$1,921,222
The Victory Bank Bank Pa. $2,046,000 $276,184
Vericrest Financial, Inc. Mortgage Servicer Okla. $2,043,670 -$2,043,670
Surrey Bancorp Bank N.C. $2,000,000 $314,972
TCNB Financial Corp Bank Ohio $2,000,000 $384,611
Nationwide Bankshares, Inc. Bank Neb. $2,000,000 $276,190
Atlantic Bancshares, Inc. Bank S.C. $2,000,000 -$1,877,276
Northwest Commercial Bank Bank Wash. $1,992,000 -$1,719,897
Fresno First Bank Bank Calif. $1,968,000 -$1,646,340
Virginia Community Capital, Inc. Bank Va. $1,915,000 -$1,852,124
Hometown Bancshares Bank Ky. $1,900,000 -$1,562,885
Merchants and Planters Bancshares Bank Tenn. $1,881,000 $350,562
Monadnock Bancorp Bank N.H. $1,834,000 -$1,643,483
Seacoast Commerce Bank Bank Calif. $1,800,000 $353,780
American Premier Bancorp Bank Calif. $1,800,000 $252,682
Southern Chautauqua Federal Credit Union Bank N.Y. $1,709,000 -$1,653,364
BCB Holding Company Bank Ala. $1,706,000 -$1,532,492
Manhattan Bancorp Bank Calif. $1,700,000 $129,711
Maryland Financial Bank Bank Md. $1,700,000 -$1,502,344
Signature Bancshares Bank Texas $1,700,000 $294,588
The State Bank of Bartley Bank Neb. $1,697,000 $333,299
Gateway Community Federal Credit Union Bank Mont. $1,657,000 -$1,602,595
Gold Canyon Bank Bank Ariz. $1,607,000 -$1,553,141
Tongass Federal Credit Union Bank Alaska $1,600,000 -$1,547,467
Hyperion Bank Bank Pa. $1,552,000 -$1,274,869
Saigon National Bank Calif. $1,549,000 -$1,549,000
D.C. Federal Credit Union Bank D.C. $1,522,000 -$1,472,450
Regional Bankshares Bank S.C. $1,500,000 -$1,233,855
Vision Bank - Texas Bank Texas $1,500,000 -$1,249,978
PFSB Bancorporation, Inc. Bank Wis. $1,500,000 $230,164
Franklin Credit Management Corporation Mortgage Servicer N.J. $1,389,960 -$1,389,960
Indiana Bank Corp Bank Ind. $1,312,000 -$1,146,861
Fort Lee Federal Savings Bank Bank N.J. $1,300,000 -$1,212,816
Valley Financial Group, Ltd., 1st State Bank Bank Mich. $1,300,000 $189,776
Vigo County Federal Credit Union Bank Ind. $1,229,000 -$1,188,989
First Advantage Bancshares Inc. Bank Minn. $1,177,000 -$985,768
Riverside Bancshares, Inc. Bank Ark. $1,100,000 -$823,127
Southside Credit Union Bank Texas $1,100,000 -$1,064,189
Brewery Credit Union Bank Wis. $1,096,000 -$1,060,015
Opportunities Credit Union Bank Vt. $1,091,000 -$1,055,482
Independence Bank Bank R.I. $1,065,000 -$870,633
Community Holding Company of Florida Bank Fla. $1,050,000 -$853,191
Calvert Financial Corp Bank Mo. $1,037,000 -$849,820
Navy Federal Credit Union Mortgage Servicer Va. $1,034,606 -$1,034,606
Bank Financial Services, Inc. Bank Minn. $1,004,000 -$853,424
BankGreenville Bank S.C. $1,000,000 -$822,572
Butte Federal Credit Union Bank Calif. $1,000,000 -$967,167
First Legacy Community Credit Union Bank N.C. $1,000,000 -$967,444
Bern Bancshares Bank Kan. $985,000 $187,064
The Golden 1 Credit Union Mortgage Servicer Calif. $928,634 -$928,634
Vantium Capital, Inc. dba Acqura Loan Services Mortgage Servicer Texas $910,291 -$910,291
Lower East Side People's Federal Credit Union Bank N.Y. $898,000 -$868,516
Fay Servicing, LLC Mortgage Servicer Ill. $865,285 -$865,285
Scotiabank de Puerto Rico Mortgage Servicer Puerto Rico $832,760 -$832,760
Gregg Bancshares Bank Mo. $825,000 -$779,810
Banner County Bank Corp Bank Neb. $795,000 $147,412
RG Mortgage Corporation Mortgage Servicer Puerto Rico $793,769 -$793,769
UNO Federal Credit Union Bank La. $743,000 -$718,605
Wescom Central Credit Union Mortgage Servicer Calif. $740,291 -$740,291
Servis One, Inc. Mortgage Servicer Pa. $734,715 -$734,715
First State Bank of Mobeetie Bank Texas $731,000 $82,086
Farmers State Bancshares Bank Kan. $700,000 $130,174
Midwest Regional Bancorp Bank Mo. $700,000 $63,294
Independent Employers Group Federal Credit Union Bank Hawaii $698,000 -$675,276
Green City Bancshares Bank Mo. $651,000 $82,037
Corning Savings and Loan Association Bank Ark. $638,000 -$524,772
Quantum Servicing Corporation Mortgage Servicer Fla. $607,179 -$607,179
Butler Point Bank Ill. $607,000 $117,125
Colonial American Bank Bank Pa. $574,000 $94,143
PNC Bank, National Association Mortgage Servicer Pa. $567,987 -$567,987
Bethex Federal Credit Union Bank N.Y. $502,000 -$485,657
Community Bancshares of Kansas Bank Kan. $500,000 $116,745
RoundPoint Mortgage Servicing Corporation Mortgage Servicer N.C. $495,498 -$495,498
Kirksville Bancorp Bank Mo. $470,000 -$389,100
Community Plus Federal Credit Union Bank Ill. $450,000 -$435,350
Farmers & Merchants Financial Corp Bank Kan. $442,000 -$366,081
Liberty County Teachers Federal Credit Union Bank Texas $435,000 -$420,717
Haviland Bancshares Bank Kan. $425,000 $62,524
Tulane-Loyola Federal Credit Union Bank La. $424,000 -$410,079
Mortgage Center, LLC Mortgage Servicer Mich. $392,087 -$392,087
Sterling Savings Bank Mortgage Servicer Wash. $367,394 -$367,394
Urban Partnership Bank Mortgage Servicer Ill. $352,364 -$352,364
Northeast Community Federal Credit Union Bank Calif. $350,000 -$338,508
Greater Kinston Credit Union Bank N.C. $350,000 $10,714
ShoreBank Mortgage Servicer Ill. $346,986 -$346,986
North Side Community Federal Credit Union Bank Ill. $325,000 -$314,419
The Freeport State Bank Bank Kan. $301,000 -$247,290
Genesee Co-op Federal Credit Union Bank N.Y. $300,000 -$290,033
Brooklyn Cooperative Federal Credit Union Bank N.Y. $300,000 -$290,250
Union Settlement Federal Credit Union Bank N.Y. $295,000 -$285,396
Neighborhood Trust Federal Credit Union Bank N.Y. $283,000 -$273,708
Prince Kuhio Federal Credit Union Bank Hawaii $273,000 -$264,036
Central Florida Educators Federal Credit Union Mortgage Servicer Fla. $246,350 -$246,350
Wachovia subsidiaries Mortgage Servicer Iowa $238,889 -$238,889
Silver State Schools Credit Union Mortgage Servicer Nev. $235,820 -$235,820
Mission Federal Credit Union Mortgage Servicer Calif. $195,137 -$195,137
CUC Mortgage Corporation Mortgage Servicer N.Y. $183,454 -$183,454
Greater Nevada Mortgage Services Mortgage Servicer Nev. $182,568 -$182,568
Technology Credit Union Mortgage Servicer Calif. $169,042 -$169,042
Phenix Pride Federal Credit Union Bank Ala. $153,000 -$147,976
Gregory Funding, LLC Mortgage Servicer Ore. $152,745 -$152,745
Buffalo Cooperative Federal Credit Union Bank N.Y. $145,000 -$140,239
United Bank Mortgage Corporation Mortgage Servicer Mich. $118,838 -$118,838
Hill District Federal Credit Union Bank Pa. $100,000 -$96,744
Episcopal Community Federal Credit Union Bank Calif. $100,000 -$96,744
Rushmore Loan Management Services LLC Mortgage Servicer Calif. $96,436 -$96,436
Hillsdale County National Bank Mortgage Servicer Mich. $76,392 -$76,392
Thurston Union of Low-Income People (TULIP) Cooperative Credit Union Bank Wash. $75,000 -$72,537
Schools Financial Credit Union Mortgage Servicer Calif. $74,484 -$74,484
Selene Financial, L.P. Mortgage Servicer Texas $74,111 -$74,111
Citizens 1st National Bank Mortgage Servicer Ill. $61,989 -$61,989
M&T Bank Mortgage Servicer N.Y. $60,110 -$60,110
Yadkin Valley Bank Mortgage Servicer N.C. $59,372 -$59,372
FCI Lender Services, Inc. Mortgage Servicer Calif. $59,103 -$59,103
AmTrust Bank, A Division of New York Community Bank Mortgage Servicer Ohio $57,450 -$57,450
Workers United Federal Credit Union Bank N.Y. $57,000 -$55,144
Park View Federal Savings Bank Mortgage Servicer Ohio $53,936 -$53,936
IC Federal Credit Union Mortgage Servicer Mass. $51,734 -$51,734
IBM Southeast Employees' Federal Credit Union Mortgage Servicer Fla. $48,589 -$48,589
Idaho Housing and Finance Association Mortgage Servicer Idaho $48,204 -$48,204
Aurora Financial Group, Inc Mortgage Servicer N.J. $46,699 -$46,699
Los Alamos National Bank Mortgage Servicer N.M. $46,426 -$46,426
Western Federal Credit Union Mortgage Servicer Calif. $46,413 -$46,413
Statebridge Company, LLC Mortgage Servicer Colo. $38,046 -$38,046
ORNL Federal Credit Union Mortgage Servicer Tenn. $32,745 -$32,745
Renaissance Community Development Credit Union Bank N.J. $31,000 -$29,991
Faith Based Federal Credit Union Bank Calif. $30,000 -$29,023
DuPage Credit Union Mortgage Servicer Ill. $26,264 -$26,264
Iberiabank Mortgage Servicer Fla. $25,502 -$25,502
Fresno County Federal Credit Union Mortgage Servicer Calif. $24,954 -$24,954
The Bryn Mawr Trust Company Mortgage Servicer Pa. $23,230 -$23,230
Great Lakes Credit Union Mortgage Servicer Ill. $21,666 -$21,666
Horicon Bank Mortgage Servicer Wis. $20,558 -$20,558
Lake City Bank Mortgage Servicer Ind. $18,945 -$18,945
Allstate Mortgage Loans & Investments, Inc. Mortgage Servicer Fla. $17,159 -$17,159
First Keystone Bank Mortgage Servicer Pa. $14,916 -$14,916
Fidelis Federal Credit Union Bank N.Y. $14,000 -$13,544
HomeStar Bank & Financial Services Mortgage Servicer Ill. $13,322 -$13,322
Lake National Bank Mortgage Servicer Ohio $10,651 -$10,651
Glass City Federal Credit Union Mortgage Servicer Ohio $10,245 -$10,245
Oakland Municipal Credit Union Mortgage Servicer Calif. $10,068 -$10,068
Union Baptist Church Federal Credit Union Bank Ind. $10,000 -$9,672
Pathfinder Bank Mortgage Servicer N.Y. $9,109 -$9,109
Marsh Associates, Inc. Mortgage Servicer N.C. $7,767 -$7,767
United Bank Mortgage Servicer Ga. $7,359 -$7,359
East End Baptist Tabernacle Federal Credit Union Bank Conn. $7,000 -$6,772
Franklin Savings Mortgage Servicer Ohio $6,207 -$6,207
Midwest Community Bank Mortgage Servicer Ill. $4,272 -$4,272
Purdue Employees Federal Credit Union Mortgage Servicer Ind. $3,795 -$3,795
Community Credit Union of Florida Mortgage Servicer Fla. $2,000 -$2,000
First Mortgage Corporation Mortgage Servicer Calif. $2,000 -$2,000
Guaranty Bank Mortgage Servicer Minn. $1,916 -$1,916
James B. Nutter & Company Mortgage Servicer Mo. $1,750 -$1,750
AMS Servicing, LLC Mortgage Servicer N.Y. $1,470 -$1,470
QLending, Inc. Mortgage Servicer Fla. $0 $0
Community Bank & Trust Company Mortgage Servicer Pa. $0 $0
Horizon Bank, NA Mortgage Servicer Ind. $0 $0
Fidelity Homestead Savings Bank Mortgage Servicer La. $0 $0
Hartford Savings Bank Mortgage Servicer Wis. $0 $0
iServe Residential Lending, LLC Mortgage Servicer Calif. $0 $0
iServe Servicing, Inc. Mortgage Servicer Texas $0 $0
Vist Financial Corp Mortgage Servicer Pa. $0 $0
Wealthbridge Mortgage Corp Mortgage Servicer Ore. $0 $0
First Financial Bank, N.A. Mortgage Servicer Idaho $0 $0
RBC Bank (USA) Mortgage Servicer N.C. $0 $0
Amarillo National Bank Mortgage Servicer Texas $0 $0
American Financial Resources Inc. Mortgage Servicer N.J. $0 $0
Banco Popular de Puerto Rico Mortgage Servicer Puerto Rico $0 $0
Capital International Financial, Inc. Mortgage Servicer Fla. $0 $0
CU Mortgage Services, Inc. Mortgage Servicer Minn. $0 $0
First Federal Bank of Florida Mortgage Servicer Fla. $0 $0
Flagstar Capital Markets Corporation Mortgage Servicer Mich. $0 $0
Gateway Mortgage Group, LLC Mortgage Servicer Okla. $0 $0
Liberty Bank and Trust Co Mortgage Servicer La. $0 $0
Magna Bank (servicing) Mortgage Servicer Tenn. $0 $0
Schmidt Mortgage Company Mortgage Servicer Ohio $0 $0
Stockman Bank of Montana Mortgage Servicer Mont. $0 $0
Weststar Mortgage, Inc. Mortgage Servicer Va. $0 $0
SunTrust Mortgage, Inc. Mortgage Servicer Va. $0 $0
Bangor Savings Bank Mortgage Servicer Maine $0 $0
PHH Mortgage Corporation Mortgage Servicer N.J. $0 $0
Sun West Mortgage Company, Inc Mortgage Servicer Calif. $0 $0
PrimeWest Mortgage Corporation Mortgage Servicer Texas $0 $0



Ron Paul: “Country Should Panic Over Fed’s Decision”

Zero Hedge
Sept 14, 2012

What took Ben Bernanke sixty minutes of mumbling about tools, word-twisting, and data-manipulating to kinda-sorta admit – that in fact he is lost; Ron Paul eloquently expresses in 25 seconds in this Bloomberg TV clip. Noting that “we are creating money out of thin air,” Paul sums up Bernanke’s position perfectly “We’ve Lost Control!”

Paul’s reaction to more Federal Reserve stimulus:

“It should not surprise anybody, but it is still astounding. To me, it is so astounding that it does not collapse the markets. [Bernanke] said, ‘We are in very big trouble. We are going to do something unprecedented and we believe it will not hurt the dollar.’ And yet the stocks, they say ‘we love this stuff.’ But the dollar didn’t do so well today and the real value of the dollar is measured against gold, and gold skyrocketed from its very low to its highest. It means we are weakening the dollar. We are trying to liquidate our debt through inflation. The consequence of what the Fed is doing is a lot more than just CPI. It has to do with malinvestment and people doing the wrong things at the wrong time.Believe me, there is plenty of that. The one thing that Bernanke has not achieved and it frustrates him, I can tell—is he gets no economic growth. He doesn’t do anything with the unemployment numbers. I think the country should have panicked over what theFed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time.”

On potential unintended consequences:

“The biggest unintended consequence is what we need is a restoration of confidence. If the Fed is expressing a lack of confidence and they do not know what to do, it does not do anything to restore confidence. People might restrain from doing anything. ‘Interest rates are low. I do not have to buy my house this year. I will wait until next year. It might be a little easier. Prices might come down.’ So people are restrained and it is the opposite of when you expect that housing prices are going up, and you are afraid interest rates are going up. That is why the market rate of interest is so crucial. The rate of interest should give the businessman, the entrepreneurs, the investors and the savers information. But there is no market to interest rates. That is why there is such gross distortion and why we do not have a market economy. We have a rigged economy through central economic planning by central banking. The system is failing, it was doomed to fail and we have to wake up to that fact.”

On whether the Federal Reserve needs discipline:

“Short of getting rid of the Fed, which is not going to come and I wouldn’t do that overnight anyway, I would say that Congress has the authority to say, do not buy debt. Do not buy any debt. The Congress can yell and scream and pander to the people. They can say the deficits are terrible and terrible. But nobody wants to cut overseas spending or food stamps for the poor. They say, ‘we cannot do it without the Fed. The Fed has to buy this debt.’ That is a moral hazard for the politician. If the Fed couldn’t buy the debt, and interest rates would rise all of the sudden the burden would be on the Congress to get their house in order to restore confidence. Even that would panic a lot of people because live within your means? We do not like that. We like this idea that we can give people anything they want for free, so we can get reelected. Well, all of this is coming to an end.”

On whether Bernanke should be pulling back liquidity and raising interest rates right now instead:

“Liquidity should be determined by the market. I don’t think he should raise rates. He should just get out of rigging rates. The system is so biased. It helps the bankers who get free money and then they buy government debt. What about the people who are frightened, they do not like the stock market and they are frugal and want to take care of themselves? What do they get—1% on a CD? That is unfair. It’s bad economics. You want to let the market determine interest rates and let it sort it out. People get so nervous, because we have lived so long with a Keynesian economic model of fixing interest rates and intervening in the market.”

On whether Romney would do the right thing with the Federal Reserve if elected:

“So far, I have not heard that he would, but he has changed his mind before. If he gets to be president, we will keep our fingers crossed.”

  1. Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve
  2. Ron Paul: Euro Bailout Will Lead To Currency Collapse
  3. Ron Paul: US Dollar Collapse When China Stops Buying Debt
  4. Bernanke Not Obama to Make “Trillion Dollar Decision”
  5. Bernanke delivers blunt warning on U.S. debt
  6. Ron Paul Grills Bernanke: “You Can’t Reinflate The Bubble”
  7. Rep. Ron Paul: The country is ripe for revolution
  8. Ron Paul: More Power for the Fed
  9. Ron Paul Confronts Bernanke: “Do You Buy Your Own Groceries?”
  10. “No Country For Old Men?” Bernanke Plan To Exterminate Savers Is Unsustainable
  11. Ron Paul: Bernanke Deliberately Destroying Dollar
  12. Paul Krugman Is Insane

Schiff: QE is Final Nail in Dollar’s Coffin

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Quantitative easing

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Quantitative easing (QE) is an unconventional[1][2] monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions with newly created money, in order to inject a pre-determined quantity of money into the economy. This is distinguished from the more usual policy of buying or selling government bonds to keep market interest rates at a specified target value.[3][4][5][6] Quantitative easing increases the excess reserves of the banks, and raises the prices of the financial assets bought, which lowers their yield.[7]

Expansionary monetary policy typically involves the central bank buying short-term government bonds in order to lower short-term market interest rates (using a combination of standing lending facilities[8][9] and open market operations).[10][11][12][13] However, when short-term interest rates are either at, or close to, zero, normal monetary policy can no longer lower interest rates. Quantitative easing may then be used by the monetary authorities to further stimulate the economy by purchasing assets of longer maturity than only short-term government bonds, and thereby lowering longer-term interest rates further out on the yield curve.[14][15]

Quantitative easing can be used to help ensure inflation does not fall below target.[6] Risks include the policy being more effective than intended in acting against deflation – leading to higher inflation,[16] or of not being effective enough if banks do not lend out the additional reserves. [17]



Ordinarily, a central bank conducts monetary policy by raising or lowering its interest rate target for the inter-bank interest rate. A central bank generally achieves its interest rate target mainly through open market operations, where the central bank buys or sells short-term government bonds from banks and other financial institutions.[11][13] When the central bank disburses or collects payment for these bonds, it alters the amount of money in the economy, while simultaneously affecting the price (and thereby the yield) for short-term government bonds. This in turn affects the interbank interest rates.[18][19]

If the nominal interest rate is at or very near zero, the central bank cannot lower it further. Such a situation, called a liquidity trap,[20] can occur, for example, during deflation or when inflation is very low.[21] In such a situation, the central bank may perform quantitative easing by purchasing a pre-determined amount of bonds or other assets from financial institutions without reference to the interest rate.[5][22] The goal of this policy is to increase the money supply rather than to decrease the interest rate, which cannot be decreased further.[23] This is often considered a "last resort" to stimulate the economy.[24][25]

Quantitative easing, and monetary policy in general, can only be carried out if the central bank controls the currency used. The central banks of countries in the Eurozone, for example, cannot unilaterally expand their money supply, and thus cannot employ quantitative easing. They must instead rely on the European Central Bank (ECB) to set monetary policy.[26]


In Japan

The original Japanese expression for quantitative easing (量的金融緩和, ryōteki kin'yū kanwa), was used for the first time by a Central Bank in the Bank of Japan's publications. The Bank of Japan has claimed that the central bank adopted a policy with this name on 19 March 2001.[27] However, the Bank of Japan's official monetary policy announcement of this date does not make any use of this expression (or any phrase using "quantitative") in either the Japanese original statement or its English translation.[28] Indeed, the Bank of Japan had for years, including as late as February 2001, claimed that "quantitative easing … is not effective" and rejected its use for monetary policy.[29] Speeches by the Bank of Japan leadership in 2001 gradually, and ex post, hardened the subsequent official Bank of Japan stance that the policy adopted by the Bank of Japan on March 19, 2001 was in fact quantitative easing. This became the established official view, especially after Toshihiko Fukui was appointed governor in February 2003. The use by the Bank of Japan is not the origin of the term quantitative easing or its Japanese original (ryoteki kinyu kanwa). This expression had been used since the mid-1990s by critics of the Bank of Japan and its monetary policy.[30]

Quantitative easing was used unsuccessfully by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[14][31][32][33] The Bank of Japan has maintained short-term interest rates at close to zero since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[34] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities and equities, and extended the terms of its commercial paper purchasing operation.[35]

 After 2007

More recently, similar policies have been used by the United States, the United Kingdom and the Eurozone during the Financial crisis of 2007–2012. Quantitative easing was used by these countries as their risk-free short-term nominal interest rates are either at, or close to, zero. In US, this interest rate is the federal funds rate. In UK, it is the official bank rate.

During the peak of the financial crisis in 2008, in the United States the Federal Reserve expanded its balance sheet dramatically by adding new assets and new liabilities without "sterilizing" these by corresponding subtractions. In the same period the United Kingdom also used quantitative easing as an additional arm of its monetary policy in order to alleviate its financial crisis.[36][37][38]

The European Central Bank has used 12-month and 36-month long term refinancing operations (LTRO) (forms of quantitative easing without referring to them as such[39]) through a process of expanding the assets that banks can use as collateral that can be posted to the ECB in return for euros. This process has led to bonds being "structured for the ECB".[40] By comparison the other central banks were very restrictive in terms of the collateral they accept: the US Federal Reserve used to accept primarily treasuries (in the first half of 2009 it bought almost any relatively safe dollar-denominated securities); the Bank of England applied a large haircut.

During its QE programme, the Bank of England bought gilts from financial institutions, along with a smaller amount of relatively high-quality debt issued by private companies.[23] The banks, insurance companies and pension funds can then use the money they have received for lending or even to buy back more bonds from the bank. The central bank can also lend the new money to private banks or buy assets from banks in exchange for currency. These have the effect of depressing interest yields on government bonds and similar investments, making it cheaper for business to raise capital.[41] Another side effect is that investors will switch to other investments, such as shares, boosting their price and thus encouraging consumption.[23] QE can reduce interbank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying and financially weaker bodies.

Nevin argued that QE failed to stimulate recovery in the UK and instead prolonged the recession between 2009 and 2012 as it caused a collapse in the velocity of circulation, or rate at which money circulates around the economy. This happened because QE drove down gilt yields and annuity rates and forced pensioners, savers and companies to hoard cash to counter the negative impact of QE on their investment income[42] .


The US Federal Reserve held between $700 billion and $800 billion of Treasury notes on its balance sheet before the recession. In late November 2008, the Fed started buying $600 billion in Mortgage-backed securities (MBS).[43] By March 2009, it held $1.75 trillion of bank debt, MBS, and Treasury notes, and reached a peak of $2.1 trillion in June 2010. Further purchases were halted as the economy had started to improve, but resumed in August 2010 when the Fed decided the economy was not growing robustly. After the halt in June holdings started falling naturally as debt matured and were projected to fall to $1.7 trillion by 2012. The Fed's revised goal became to keep holdings at the $2.054 trillion level. To maintain that level, the Fed bought $30 billion in 2–10 year Treasury notes a month. In November 2010, the Fed announced a second round of quantitative easing, or "QE2", buying $600 billion of Treasury securities by the end of the second quarter of 2011.[44][45] A third round of quantitative easing, or "QE3," was announced by the Federal Reserve in September 2012. The third round includes a plan to purchase US$40 billion of mortgage-backed securities (MBS) per month. Additionally, the Federal Open Market Committee (FOMC) announced that it would likely maintain the federal funds rate near zero "at least through 2015."[46]

The Bank of England had purchased around £165 billion of assets by September 2009 and around £175 billion of assets by end of October 2010.[47] At its meeting in November 2010, the Monetary Policy Committee (MPC) voted to increase total asset purchases to £200 billion. Most of the assets purchased have been UK government securities (gilts), the Bank has also been purchasing smaller quantities of high-quality private sector assets.[48] In December 2010 MPC member Adam Posen called for a £50 billion expansion of the Bank's quantitative easing programme, whilst his colleague Andrew Sentance has called for an increase in interest rates due to inflation being above the target rate of 2%.[49] In October 2011, the Bank of England announced it would undertake another round of QE, creating an additional £75 billion,[50] in February 2012 it announced an additional £50 billion,[51] in July 2012 it announce another £50 billion[52] bringing the total amount to £375 billion. The Bank of England has said that it will not buy more than 70% of any issue of government debt.[53] This means that at least 30% of each issue of government debt will have to be bought by other institutions.

The European Central Bank (ECB) said it would focus efforts on buying covered bonds, a form of corporate debt. It signalled initial purchases would be worth about €60 billion in May 2009. [54]

The Bank of Japan (BOJ) increased the commercial bank current account balance from ¥5 trillion yen to ¥35 trillion (approximately US$300 billion) over a 4 year period starting in March 2001. As well, the BOJ tripled the quantity of long-term Japan government bonds it could purchase on a monthly basis. In early October 2010, the BOJ announced that it would examine the purchase of ¥5 trillion (US$60 billion) in assets. This was an attempt to push the value of the yen versus the US dollar down to stimulate the local economy by making their exports cheaper; it did not work.[55] On 4 August 2011 the bank announced a unilateral move to increase the amount from ¥40 trillion (US$504 billion) to a total of ¥50 trillion (US$630 billion).[56][57] In October 2011 the Bank of Japan expanded its asset purchase program by ¥5 trillion ($66bn) to a total of ¥55 trillion.[58]

QE1, QE2, and QE3

The expression "QE2" became a "ubiquitous nickname" in 2010, usually used to refer to a second round of quantitative easing by central banks in the United States.[59] Retrospectively, the round of quantitative easing preceding QE2 may be called "QE1". Similarly, "QE3" refers to the third round of quantitative easing involving the purchase of mortgage-backed securities, announced in September 2012, following QE2.[60][61]


According to the IMF, the quantitative easing policies undertaken by the central banks of the major developed countries since the beginning of the late-2000s financial crisis have contributed to the reduction in systemic risks following the bankruptcy of Lehman Brothers. The IMF states that the policies also contributed to the improvements in market confidence and the bottoming out of the recession in the G-7 economies in the second half of 2009.[62]

Former Federal Reserve Chairman Alan Greenspan calculated that as of July 2012 there was "very little impact on the economy" and noted "I'm very surprised at the data."[63]

Economist Martin Feldstein argues that QE2 led to a rise in the stock-market in the second half of 2010, which in turn contributed to increasing consumption and the strong performance of the US economy in late-2010.[64]

Impact on savings and pensions

In November 2010, a group of conservative Republican economists and political activists released an open letter to Federal Reserve Chairman Ben Bernanke questioning the efficacy of the Fed's QE program. The Fed responded that their actions reflected the economic environment of high unemployment and low inflation.[65]

Lowering interest rates can actually hurt the economy if people who depend on interest income spend less in response to their reduced income. In general, however, the Federal Reserve has assumed that the advantages of the low interest rates outweigh this effect, though they often admit that seniors may be hit as collateral damage.[citation needed]

In the European Union, World Pensions Council (WPC) financial economists have also argued that QE-induced artificially low interest rates will have an adverse impact on the underfunding condition of pension funds as “without returns that outstrip inflation, pension investors face the real value of their savings declining rather than ratcheting up over the next few years” [66]

 Other risks

Quantitative easing may cause higher inflation than desired if the amount of easing required is overestimated, and too much money is created.[16] On the other hand, it can fail if banks remain reluctant to lend money to small business and households in order to spur demand. Quantitative easing can effectively ease the process of deleveraging as it lowers yields. But in the context of a global economy, lower interest rates may contribute to asset bubbles in other economies.[citation needed]

An increase in money supply has an inflationary effect (as indicated by an increase in the annual rate of inflation). There is a time lag between money growth and inflation, inflationary pressures associated with money growth from QE could build before the central bank acts to counter them.[67] Inflationary risks are mitigated if the system's economy outgrows the pace of the increase of the money supply from the easing. If production in an economy increases because of the increased money supply, the value of a unit of currency may also increase, even though there is more currency available. For example, if a nation's economy were to spur a significant increase in output at a rate at least as high as the amount of debt monetized, the inflationary pressures would be equalized. This can only happen if member banks actually lend the excess money out instead of hoarding the extra cash. During times of high economic output, the central bank always has the option of restoring the reserves back to higher levels through raising of interest rates or other means, effectively reversing the easing steps taken.

On the other hand, in economies when the monetary demand is highly elastic with respect to interest rates, or interest rates are close to zero (symptoms which imply a liquidity trap), quantitative easing can be implemented in order to further boost monetary supply, and assuming that the economy is well below potential (inside the production possibilities frontier), the inflationary effect would not be present at all, or in a much smaller proportion.

Increasing the money supply tends to depreciate a country's exchange rates versus other currencies. This feature of QE directly benefits exporters residing in the country performing QE and also debtors whose debts are denominated in that currency, for as the currency devalues so does the debt. However, it directly harms creditors and holders of the currency as the real value of their holdings decrease. Devaluation of a currency also directly harms importers as the cost of imported goods is inflated by the devaluation of the currency.[68]

The new money could be used by the banks to invest in emerging markets, commodity-based economies, commodities themselves and non-local opportunities rather than to lend to local businesses that are having difficulty getting loans.[69]

Comparison with other instruments

 Qualitative easing

Professor Willem Buiter, of the London School of Economics, has proposed a terminology to distinguish quantitative easing, or an expansion of a central bank's balance sheet, from what he terms qualitative easing, or the process of a central bank adding riskier assets onto its balance sheet:

Quantitative easing is an increase in the size of the balance sheet of the central bank through an increase [in its] monetary liabilities (base money), holding constant the composition of its assets. Asset composition can be defined as the proportional shares of the different financial instruments held by the central bank in the total value of its assets. An almost equivalent definition would be that quantitative easing is an increase in the size of the balance sheet of the central bank through an increase in its monetary liabilities that holds constant the (average) liquidity and riskiness of its asset portfolio. Qualitative easing is a shift in the composition of the assets of the central bank towards less liquid and riskier assets, holding constant the size of the balance sheet (and the official policy rate and the rest of the list of usual suspects). The less liquid and more risky assets can be private securities as well as sovereign or sovereign-guaranteed instruments. All forms of risk, including credit risk (default risk) are included.[70]

Credit easing

In introducing the Federal Reserve's response to the 2008–9 financial crisis, Fed Chairman Ben Bernanke distinguished the new programme, which he termed "credit easing" from Japanese-style quantitative easing. In his speech, he announced:

Our approach—which could be described as "credit easing"—resembles quantitative easing in one respect: It involves an expansion of the central bank's balance sheet. However, in a pure QE regime, the focus of policy is the quantity of bank reserves, which are liabilities of the central bank; the composition of loans and securities on the asset side of the central bank's balance sheet is incidental. Indeed, although the Bank of Japan's policy approach during the QE period was quite multifaceted, the overall stance of its policy was gauged primarily in terms of its target for bank reserves. In contrast, the Federal Reserve's credit easing approach focuses on the mix of loans and securities that it holds and on how this composition of assets affects credit conditions for households and businesses.[71]

Credit easing involves increasing the money supply by the purchase not of government bonds, but of private sector assets such as corporate bonds and residential mortgage-backed securities.[72][73] When undertaking credit easing, the Federal Reserve increases the money supply not by buying government debt, but instead by buying private sector assets including residential mortgage-backed securities.[72][73] In 2010, the Federal Reserve purchased $1.25 trillion of mortgage-backed securities (MBS) in order to support the sagging mortgage market. These purchases increased the monetary base in a way similar to a purchase of government securities.[74]

Printing money

Quantitative easing has been nicknamed "printing money" by some members of the media,[75][76][77] central bankers,[78] and financial analysts.[79][80] However, central banks state that the use of the newly created money is different in QE. With QE, the newly created money is used for buying government bonds or other financial assets, whereas the term printing money usually implies that the newly minted money is used to directly finance government deficits or pay off government debt (also known as monetizing the government debt).[75]

Central banks in most developed nations (e.g., UK, US, Japan, and EU) are forbidden by law to buy government debt directly from the government and must instead buy it from the secondary market.[74][81] This two-step process, where the government sells bonds to private entities which the central bank then buys, has been called "monetizing the debt" by many analysts.[74] The distinguishing characteristic between QE and monetizing debt is that with QE, the central bank is creating money to stimulate the economy, not to finance government spending. Also, the central bank has the stated intention of reversing the QE when the economy has recovered (by selling the government bonds and other financial assets back into the market).[75] The only effective way to determine whether a central bank has monetized debt is to compare its performance relative to its stated objectives. Many central banks have adopted an inflation target. It is likely that a central bank is monetizing the debt if it continues to buy government debt when inflation is above target, and the government has problems with debt-financing.[74]

Ben Bernanke remarked in 2002 that the US Government had a technology called the printing press, or today its electronic equivalent, so that if rates reached zero and deflation was threatened the government could always act to ensure deflation was prevented. He said, however, that the Government would not print money and distribute it "willy nilly" but would rather focus its efforts in certain areas (for example, buying federal agency debt securities and mortgage-backed securities).[82][83] According to economist Robert McTeer, former president of the Federal Reserve Bank of Dallas, there is nothing wrong with printing money during a recession, and quantitative easing is different from traditional monetary policy "only in its magnitude and pre-announcement of amount and timing".[84][85] Richard W. Fisher, president of the Federal Reserve Bank of Dallas, warned that a potential risk of QE is, "the risk of being perceived as embarking on the slippery slope of debt monetization. We know that once a central bank is perceived as targeting government debt yields at a time of persistent budget deficits, concern about debt monetization quickly arises." and later in the same speech states that the Fed is monetizing the government debt, "The math of this new exercise is readily transparent: The Federal Reserve will buy $110 billion a month in Treasuries, an amount that, annualized, represents the projected deficit of the federal government for next year. For the next eight months, the nation’s central bank will be monetizing the federal debt."[86]

Altering debt maturity structure

Based on research reassessing the effectiveness of the US Federal Open Market Committee action in 1961 known as Operation Twist, The Economist has posited that a similar restructuring of the supply of different types of debt would have an effect equal to that of QE.[87] Such action would allow finance ministries (e.g., the US Department of the Treasury) a role in the process now reserved for central banks.[87]

 See also


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  4. ^ "Quantitative Easing". Bank of England. "The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money"
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  12. ^ Swiss National Bank: Monetary policy Instruments
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  19. ^ Mankiw, N. Gregory (2002), "Chapter 18: Money Supply and Money Demand", Macroeconomics (5th ed.), Worth, pp. 482–489
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  71. ^ Credit Easing versus Quantitative Easing
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  75. ^ a b c
  76. ^
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  78. ^ Bullard, James (30 Jun 2009). Exit Strategies for the Federal Reserve (Speech). Global Interdependence Center, Philadelphia, Pennsylvania, United States.
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 External links

10 Shocking Quotes About What QE3 Is Going To Do To America

Michael Snyder
The American Dream
Saturday, September 15, 2012

Ready or not, QE3 is here, and the long-term effects of this reckless money printing by the Federal Reserve are going to be absolutely nightmarish. The Federal Reserve is hoping that buying $40 billion worth of mortgage-backed securities per month will spur more lending and more economic activity.

But that didn’t happen with either QE1 or QE2. Both times the banks just sat on most of the extra money. As I pointed out the other day, U.S. banks are already sitting on $1.6 trillion in excess reserves. So will pumping them up with more cash suddenly make them decide to start lending? Of course not. In addition, QE3 is not likely to produce many additional jobs. As I showed in a previous article, the employment level did not jump up as a result of either QE1 or QE2. So why will this time be different? But what did happen under both QE1 and QE2 is that a lot of the money ended up pumping up the financial markets. So once again we should see stock prices go up (at least in the short-term) and commodities such as gold, silver, food and oil should also rise. But that also means that average American families will be paying more for the basic necessities that they buy on a regular basis. The most dangerous aspect of QE3, however, is what it is going to do to the U.S. dollar. Most of the rest of the world uses the U.S. dollar to conduct international trade, and by choosing to recklessly print money Ben Bernanke is severely damaging international confidence in our currency. If at some point the rest of the world rejects the dollar and no longer wants to use it as a reserve currency we are going to be facing a crisis unlike anything we have ever seen before. The real debate about QE3 should not be about whether or not it will help the economy a little bit in the short-term. Rather, everyone should be talking about the long-term implications and about how QE3 is going to accelerate the destruction of the dollar.

The following are 10 shocking quotes about what QE3 is going to do to America….

#1 Ron Paul

“It means we are weakening the dollar. We are trying to liquidate our debt through inflation. The consequence of what the Fed is doing is a lot more than just CPI. It has to do with malinvestment and people doing the wrong things at the wrong time. Believe me, there is plenty of that. The one thing that Bernanke has not achieved and it frustrates him, I can tell—is he gets no economic growth. He doesn’t do anything with the unemployment numbers. I think the country should have panicked over what the Fed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time.”

#2 Peter Schiff, CEO Of Euro Pacific Capital

“This is a disastrous monetary policy; it’s kamikaze monetary policy”

#3 Michael Pento, The Founder Of Pento Portfolio Strategies

This is the nuclear option for them. This is a never-ending weapon that is being fired at the middle class”

#4 Donald Trump

“People like me will benefit from this.”

#5 Economist Anthony Randazzo

“Quantitative easing—a fancy term for the Federal Reserve buying securities from predefined financial institutions, such as their investments in federal debt or mortgages—is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality formed by crony capitalism. And it is hurting prospects for economic growth down the road by promoting malinvestments in the economy.”

#6 John Williams Of

“That’s absolutely nonsense. The Fed is just propping up the banks.”

#7 Marc Faber

“I happen to believe that eventually we will have a systemic crisis and everything will collapse. But the question is really between here and then. Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election the next Fed chairman will also be a money printer. And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down.”

#8 Mesirow Financial Chief Economist Diane Swonk

“I think this will end up being a trillion-dollar commitment by the Fed”

#9 Federal Reserve Chairman Ben Bernanke

“I want to be clear — While I think we can make a meaningful and significant contribution to reducing this problem, we can’t solve it. We don’t have tools that are strong enough to solve the unemployment problem”

#10 Credit Rating Agency Egan-Jones

“[T]he FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities). The increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US….”

We have reached a major turning point in the financial history of the United States.

It would be hard to overstate how much damage that QE3 could potentially do to our financial system. If the rest of the world decides at some point that they no longer have confidence in our dollars and our debt then we are finished.

Sadly, the mainstream media does not seem to understand this, and most Americans gleefully believe whatever the mainstream media tells them.

So what do you think about QE3? Please feel free to post a comment with your opinion following this article….

  1. Prophets Of Doom: 12 Shocking Quotes From Insiders
  2. On Why America’s 234th Birthday May Not Have Many More To Follow
  3. 35 Shocking Statistics That Prove That Things Have Gotten Worse In America
  4. Now Bernanke Wants To Eliminate Reserve Requirements Completely
  5. Shocking Charts And Statistics That Prove That America Is No Longer A Wealthy Nation
  6. 34 Shocking Facts About U.S. Debt That Should Set America On Fire With Anger
  7. Wealth Gap in America Caused by Federal Reserve, Not Capitalism
  8. Senator warns of hyperinflation
  9. Child Poverty In America Is Absolutely EXPLODING – 16 Shocking Statistics That Will Break Your Heart
  10. Bernanke under pressure to calm markets
  11. The Biggest Bank Robbery In History?
  12. 17 Quotes About The Coming Global Financial Collapse That Will Make Your Hair Stand Up

  1. Gerald Celente: CME, The White Shoe Boyz Club!
  2. Nightly News: Celente on MF Global, Internet Lies, EAS and More
  3. Gerald Celente on Freedom Watch: The Rise of a Third Party
  4. Gerald Celente Predicts “Winter of Discontent”
  5. Gerald Celente: “There is no recovery — it’s a coverup!”
  6. Gerald Celente: Economy is going to get much worse
  7. Gerald Celente & Alex Jones: The House of Presstitution
  8. Gerald Celente On “Green Shoots”
  9. Gerald Celente: Financial Reform Is Just a Show
  10. The Rot at The Top with Gerald Celente
  11. Gerald Celente’s gold account was emptied by MF Global
  12. Gerald Celente: What’s in store for 2011


OTHER PAGES ABOUT THE ECONOMY ON THIS SITE,or.r_gc.r_pw.r_qf.&fp=4b8d9f76356d42b1&biw=1026&bih=750


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