About: Capital Purchase Program

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The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP). According to the first congressionally mandated oversight report published by GAO, "[TARP's] primary focus was expected to be the purchase of mortgage-backed securities (MBS) and whole loans... [but] within 2 weeks of enactment... the Treasury announced that it would make $250 billion of the $700 billion available to U.S. financial institutions through purchases of preferred stock." This followed a model initiated by the United Kingdom bank rescue package announced on October 8, 2008.

Attributes	Values
rdf:type	agent
rdfs:label	Capital Purchase Program (en)
rdfs:comment	The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP). According to the first congressionally mandated oversight report published by GAO, "[TARP's] primary focus was expected to be the purchase of mortgage-backed securities (MBS) and whole loans... [but] within 2 weeks of enactment... the Treasury announced that it would make $250 billion of the $700 billion available to U.S. financial institutions through purchases of preferred stock." This followed a model initiated by the United Kingdom bank rescue package announced on October 8, 2008. (en)
dcterms:subject	Troubled Asset Relief Program
Wikipage page ID	20540328 (xsd:integer)
Wikipage revision ID	1099518965 (xsd:integer)
Link from a Wikipage to another Wikipage	American Bankers Association Huntington Bancshares Regions Financial Corporation Umpqua Holdings Corporation Call options Congressional Budget Office GAO Morgan Stanley Mortgage-backed securities State Street Corporation Common stock Zions Bancorporation Troubled Asset Relief Program Banner Bank Timothy Geithner Trustmark Bank U.S. Bancorp Western Alliance Bancorporation 2008 United Kingdom bank rescue package Ameris Bancorp First Horizon National Corporation Pacific Capital Bancorp Capital Assistance Program Preferred stock Associated Banc-Corp TCF Financial Corporation Troubled Asset Relief Program Merrill Edge Dividends Executive compensation United States National Economic Council BB&T Corporation Broadway Financial Corporation Valley National Bancorp First Niagara Financial Group Bank of America Corporation Bank of New York Mellon Corporation Banner Corp. Citigroup Incorporated City National Corporation KeyCorp Marshall & Ilsley Corporation SunTrust Banks, Incorporated Northern Trust Corporation Comerica Incorporated Capital One Financial Corporation Larry Summers Goldman Sachs Group Incorporated JPMorgan Chase & Company UCBH Holdings, Incorporated Webster Financial Corporation Wells Fargo and Company dbr:1st_FS_Corporation dbr:Bank_of_Commerce_Holdings dbr:Boston_Private_Financial dbr:Cascade_Financial_Corporation dbr:Centerstate_Banks_of_Florida_Incorporated dbr:Columbia_Banking_System_Incorporated dbr:First_Community_Bancshares_Incorporated dbr:First_Community_Corporation dbr:Heritage_Commerce_CorporationHeritage_Financial_Corporation dbr:Hf_Financial_Corporation dbr:Nara_Bancorp_Incorporated dbr:Porter_Bancorp_Incorporated dbr:Provident_Bancshares_Corporation dbr:Severn_Bancorp_Incorporated dbr:Taylor_Capital_Group dbr:Washington_Federal,_Incorporated
sameAs	Capital Purchase Program Capital Purchase Program Capital Purchase Program
dbp:wikiPageUsesTemplate	dbt:Citation_needed dbt:Reflist dbt:Subprime_mortgage_crisis
has abstract	The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP). According to the first congressionally mandated oversight report published by GAO, "[TARP's] primary focus was expected to be the purchase of mortgage-backed securities (MBS) and whole loans... [but] within 2 weeks of enactment... the Treasury announced that it would make $250 billion of the $700 billion available to U.S. financial institutions through purchases of preferred stock." This followed a model initiated by the United Kingdom bank rescue package announced on October 8, 2008. Because preferred stock is similar to debt in that it gets paid before common stock, some economists have questioned whether the buying of preferred stock by the CPP will be effective in getting banks to lend. Other economists have argued that the capital purchases represent a taxpayer subsidy of unsecured creditors. A review of investor presentations and conference calls by executives of some two dozen US-based banks by the New York Times found that "few [banks] cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future." In a letter to Congress the Director-designate of the National Economic Council Larry Summers said that the Obama administration would place tighter controls on how CPP funds could be used. In particular, the second $350 billion would include restrictions on the payment of common stock dividends and executive compensation. Professor Summers also promised greater disclosure and more attempts to tie the funds to foreclosure mitigation efforts. On January 16, 2009 the Congressional Budget Office estimated that of the first $247 billion of securities purchased represented 26 percent ($64 billion) subsidy to the banks receiving funds. In his speech on February 10, 2009, the new Secretary of the Treasury Timothy Geithner announced the Capital Assistance Program. This signaled an end to the capital purchase program. A Government Accountability Office (GAO) report from March 2012 gave further details, stating "As of January 31, 2012, the Department of the Treasury (Treasury) had received $211.5 billion from its CPP investments, exceeding the $204.9 billion it had disbursed. Of that amount, $16.7 billion remains outstanding, and most of these investments were concentrated in a relatively small number of institutions. In particular, as of January 31, 2012, 25 institutions accounted for $11.2 billion, or 67 percent, of outstanding investments. As of November 30, 2011, Treasury estimated that CPP would have a lifetime income of $13.5 billion after all institutions exited the program." (en)
gold:hypernym	Stock
prov:wasDerivedFrom	wikipedia-en:Capital_Purchase_Program?oldid=1099518965&ns=0
page length (characters) of wiki page	10007 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Capital_Purchase_Program
is Link from a Wikipage to another Wikipage of	David Nason Debt overhang Emergency Economic Stabilization Act of 2008 Troubled Asset Relief Program U.S. Bancorp 2008 United Kingdom bank rescue package 2009 Supervisory Capital Assessment Program Capital Assistance Program Global financial crisis in October 2008 Subprime mortgage crisis Great Recession CPP Oversight of the Troubled Asset Relief Program
is Wikipage disambiguates of	CPP
is foaf:primaryTopic of	wikipedia-en:Capital_Purchase_Program

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