Troubled Assets Relief Program (TARP)

Monthly 105(a) Report – July 2010

August 10, 2010

This report to Congress is pursuant to Section 105(a) of the Emergency Economic Stabilization Act of 2008.
Monthly 105(a) Report July 2010

Section Page

Key Developments .................................................................................................................................. 3

Where is TARP Money Going? ........................................................................................................................................... 4

TARP reduced to maximum $475 billion

Existing TARP Budget; Commitments, Disbursements and Repayments

Program Updates ......................................................................................................................................... 8

Dividends, Interest and Other Income Received

Capital Purchase Program

Consumer and Bank Lending Initiatives 

Home Affordable Modification Program

Office of the Special Master

Certification ............................................................................................................................................ 17

Appendices

Appendix 1 – Description of TARP Programs & How Treasury Exercises Its Voting Rights

Appendix 2 – Public Private Investment Program Quarterly Report

Appendix 3 – Housing Scorecard & Servicer Performance Report

Appendix 4 – Financial Statement
Monthly 105(a) Report July 2010

2

Treasury is pleased to present the Office of Financial Stability’s Monthly 105(a) Report for July 2010.

The Troubled Assets Relief Program or TARP was established by Treasury pursuant to the Emergency Economic Stabilization Act of 2008 or 

EESA. This law was adopted on October 3, 2008 in response to the response to the worst financial crisis since the Great Depression.

To carry out its duties, Treasury has used the TARP authority to make investments that have helped to stabilize the financial system, restore 

confidence in the strength of our financial institutions, restart markets that are critical to financing American households and businesses, and 

prevent avoidable foreclosures in the housing market and keep people in their homes.

Together with the American Recovery and Reinvestment Act of 2009, TARP succeeded in helping to stabilize the financial system and restore the 

conditions necessary for economic growth. Moreover, TARP did so faster, and at a much lower cost, than anticipated.

Treasury is now well on its way to winding down the Troubled Assets Relief Program. Specifically:

Treasury has recovered more than 75 percent of the TARP funds provided to banks, and expects these capital support programs to 

provide a positive return to taxpayers.

As a result of improved economic conditions and careful stewardship, the expected cost of TARP continues to fall. In the MidSession Review of the President’s 2010 Budget last August, the cost of TARP was projected to be $341 billion; as of the Mid-Session 

review of the 2011 Budget, the estimated cost of TARP was over $225 billion lower.

1

 

The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act will accelerate the wind down of the Troubled 

Assets Relief Program. Treasury has revised the TARP budget so that total expenditures will not exceed $475 billion, roughly onethird lower than the $700 billion originally authorized.

Of the $475 billion authorized, Treasury has recovered almost $200 billion to date, and expects to recover most of the funds that 

have been invested.

Final authority to make commitments within the reduced TARP authorization will expire in October 2010. Treasury will continue to manage 

remaining investments in a way that protects taxpayers and supports our financial and economic recovery.

While our economy continues to go through a difficult period, the actions taken under TARP have put us in a much stronger position to address the 

challenges we continue to face.

 

1

Projected cost represents deficit impact.
Monthly 105(a) Report July 2010

3

Key Developments

The following key developments took place during July 2010:

TARP Authority after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The enactment of the Dodd-Frank 

Act furthers the wind down of TARP and reduces its cost:

 Total TARP purchase authority is reduced from $700 billion to $475 billion; 

 Repayments of amounts invested under TARP, which currently total almost $200 billion, cannot be used to increase the purchase 

authority and are dedicated to reducing the debt; and 

 Obligations cannot be incurred for any program or initiative that was not initiated prior to June 25, 2010. 

Treasury has recovered over half of TARP investments. Treasury has recovered almost $200 billion of investments made and received 

nearly $25 billion in additional income from the investments.

Under the Capital Purchase Program:

 Following the sales of a total of 2.6 billion shares of common stock in Citigroup, Inc. for proceeds of approximately $10.5 billion 

completed in June, Treasury announced the sale of an additional 1.5 billion shares commencing on July 23, 2010.

 Repayments of CPP investments in July included $376.5 million by Fulton Financial Corp., Inc. (PA).

Under the Public Private Investment Program, Treasury released its third quarterly report, with a summary of capital activity, portfolio holdings 

and current pricing, and fund performance. Please refer to the complete Quarterly Report included as Appendix 2.

 As of June 30, 2010, the eight investment funds have completed their fundraising and have closed on approximately $7.4 billion of 

private sector equity capital, which was matched 100 percent by Treasury, representing $14.7 billion of total equity capital. Treasury 

has also provided $14.7 billion of debt capital, representing $29.4 billion of total purchasing power. 

 As of June 30, 2010, the funds have drawn approximately $16.2 billion of total capital for investment in eligible legacy non-agency 

residential and commercial mortgage-backed securities and cash equivalents pending investment.

The U.S. Department of Housing and Urban Development (HUD) and Treasury released the second Housing Scorecard on the nation’s 

housing market. Each month, the scorecard incorporates key housing market indicators and highlights the impact of housing recovery efforts, 

including assistance to homeowners through the Federal Housing Administration (FHA) and the TARP Home Affordable Modification 

Program. Please refer to the complete Housing Scorecard and Servicer Performance Report included as Appendix 3.
Monthly 105(a) Report July 2010

4

Where is TARP Money Going?

Treasury has used the TARP authority to make investments that have helped to stabilize the financial system, restore confidence in the strength of 

our financial institutions, restart markets that are critical to financing American households and businesses, and prevent avoidable foreclosures in 

the housing market and keep people in their homes.

A large part of the total investments occurred in 2008 under the Capital Purchase Program. The commitments made in 2009 and 2010 include 

amounts extended under the Obama Administration’s Financial Stability Plan. These include funds committed under the Home Affordable 

Modification Program, the Legacy Securities Public Private Investment Program, the Automotive Industry Financing Program and the other 

programs described in this report (and Appendix 1).2

Passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act – TARP reduced to maximum $475 billion

The enactment on July 21, 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ―Reform Act‖) furthers the effort, already 

well underway, to wind down TARP and reduce its cost by making the following changes: 

1) Total TARP purchase authority is reduced from $700 billion to $475 billion; 

2) Repayments of amounts invested under TARP, which total almost $200 billion, cannot be used to increase the purchase authority

and are dedicated to reducing the debt; and 

3) Obligations cannot be incurred for any program or initiative that was not initiated prior to June 25, 2010. 

Figure 1 below shows the changes in the planned commitments under TARP as announced by Treasury before and after passage of the Reform 

Act.3 Key changes in the TARP purchase authority include:

Term Asset-Backed Securities Loan Facility (TALF): This program succeeded in helping to restart the securitization markets and 

is now closed. Because the facility is smaller today than originally anticipated, Treasury’s commitment is reduced from $20 billion to 

approximately $4.3 billion.

Section (7a) Securities Purchase Program: Treasury will not spend more than $400 million on this program, which is designed to 

help the small business lending market. 

 

2

Taxpayers can track progress on all of the financial stability programs on Treasury’s website www.FinancialStability.gov. Specifically, taxpayers can look at investments and 

repayments within two business days of closing in the TARP transaction reports at www.FinancialStability.gov/latest/reportsanddocs.html.

3 Numbers in text and tables in this report may not add up because of rounding.
Monthly 105(a) Report July 2010

5

Small business lending initiatives: TARP no longer includes $30 billion for initiatives in this area. As proposed by the 

Administration, legislation to create a $30 billion Small Business Lending Fund outside of TARP is under consideration by Congress.

Public Private Investment Program: Treasury has committed approximately $22 billion in debt and equity capital to the eight 

funds. The program did not use its planned commitment size because there was less aggregate demand from private sector 

investors due to improved market conditions for legacy non-agency residential and commercial mortgage-backed securities. 

Automotive Industry: Treasury invested a total of $82 billion in restructuring GM, Chrysler and the automotive financing 

companies. GM, Chrysler and Ally Financial (GMAC) are much stronger and more competitive today as a result. Treasury has 

recovered $11 billion and is working with the companies to dispose of its remaining investments as soon as practicable. 

Approximately $3 billion of commitments were unused in the Automotive Supplier Support Program, which is now closed after full 

repayment to Treasury.

Housing: A total of approximately $46 billion, a reduction of $3 billion, is allocated for all housing programs and initiatives that

address the housing crisis. These include the Home Affordable Modification Program, the Hardest Hit Fund, in which funds are 

provided for innovative programs in areas hit hardest by the housing crisis, and a program with the FHA to provide additional

refinancing options to homeowners who owe more than their home is worth due to large price declines. 

Figure 1: TARP purchase authority reduced to $475 billion

 TARP PROGRAM Previous Allocation Change New Allocation

 Capital Purchase Program $204.9 $204.9

 Targeted Investment Program $40.0 $40.0

 Asset Guarantee Program $5.0 $5.0

 AIG $69.8 $69.8

 Term Asset-Backed Securities Loan Facility $20.0 -$15.7 $4.3

 SBA 7(a) $1.0 -$0.6 $0.4

 Community Development Capital Initiative $0.8 $0.0 $0.8

 Small Business Lending Fund $30.0 -$30.0 $0.0

 Public Private Investment Program $30.4 -$7.9 $22.4

 Automotive Industry Financing Program $84.8 -$3.1 $81.8

 Housing/HAMP* $48.7 * -$3.1 $45.6

 Total $535.5 -$60.5 $475.0

(US$, billions)

* Net of $1.26 billion used to offset the cost of the ―Helping Families Save Their Homes Act of 2009", Public Law 111-22
Monthly 105(a) Report July 2010

6

Existing TARP Budget; Commitments, Disbursements and Repayments

As of July 31, 2010, approximately $475 billion had been planned for TARP programs and of that amount, approximately:

$454 billion has been committed to specific institutions under signed contracts.

$386 billion has been paid out by Treasury under those contracts.

$199 billion has been repaid to Treasury.

The charts below show, as of July 31, 2010, (i) a summary of the planned TARP investment amounts together with the total funds disbursed and 

investments that have been repaid by program; and (ii) the amount of TARP investments by both the amount obligated – or committed for 

investment – and the amount disbursed or actually paid out, over each month since inception.

Figure 2: TARP Summary through July 2010 ($ billions)

* Of the $10.51 billion in proceeds from Citigroup common stock sales, $8.48 billion is reflected as repayment, and $2.03 billion is reflected as income (see Figure 5). Together with 

the other Capital Purchase Program (CPP) repayments, the total amount of CPP repayments is $146.88 billion.

** $5.48 billion has been reserved for the Consumer and Business Lending Initiative, of which $4.3 billion has been allocated to TALF. $400 million is planned for SBA 7(a) 

purchases and $780 million is planned for the Community Development Capital Initiative.

*** Planned TARP funds for housing include (i) approximately $30.6 billion in funds that may be provided to servicers under existing agreements for the Making Home Affordable 

Program (MHA), (ii) $4.1 billion for the Hardest Hit Fund program and (iii) not more than $11 billion which will be used for the FHA Refinance Program. 

Repayments

Capital Purchase Program $ 204.89 $ 204.89 $ 204.89 $ 138.84

 Citigroup repayment* $ 8.48

Targeted Investment Program $ 40.00 $ 40.00 $ 40.00 $ 40.00

Asset Guarantee Program $ 5.00 $ 0.00 $ 0.00 $ 0.00

Consumer and Business Lending Initiative** $ 5.48 $ 5.31 $ 0.23 $ 0.00

Legacy Securities Public-Private Investment Program $ 22.41 $ 22.41 $ 13.10 $ 0.37

AIG $ 69.84 $ 69.84 $ 47.54 $ 0.00

Auto Industry Financing Program $ 81.76 $ 81.76 $ 79.69 $ 11.20

Treasury Housing Programs*** $ 45.63 $ 30.25 *** $ 0.35 *** $ 0.00

 Totals $ 475 ** $ 454 $ 386 $ 199

Planned 

Investments

Commitments Total Disbursed
Monthly 105(a) Report July 2010

7

Figure 3: Funds committed and paid out under TARP from October 2008 through July 2010 

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180 Billions

Amount Committed to Specific Institutions Each Month (Left Scale) Amount Paid Out in Each Month (Left Scale)

Cumulative Amount Committed to Specific Institutions (Right Scale) Cumulative Amount Paid Out (Right Scale)
Monthly 105(a) Report July 2010

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Program Updates

Dividends and Interest

Most of the TARP money has been used to make investments in preferred stock or loans of financial institutions. 

In July, Treasury received approximately $77 million in dividends, interest and distributions from TARP investments.

Cumulative proceeds from TARP investments has reached approximately $25 billion, consisting of $18 billion of dividends, interest, 

distributions and other income4, and more than $7 billion of warrant sales from Capital Purchase Program and the Targeted 

Investment Program investments.

Figure 4 shows total income from dividends, interest and distributions, other income and warrant sales in all TARP programs.

Figure 4: Total dividends, warrant proceeds and other income from TARP investments through July 2010 ($ billions) 

 

4 Of the $10.5 billion in proceeds received through June 30, 2010 from the Citigroup common stock disposition, $8.5 billion was repayment and $2 billion was income.

CPP

$11.5 

PPIP & Other 

Income

$0.3 

CPP & TIP 

Warrant 

Proceeds

$7.2 

AGP

$0.4 

AIFP

$2.3 

TIP

$3.0 
Monthly 105(a) Report July 2010

9

Capital Purchase Program

Treasury created the Capital Purchase Program in October 2008 to stabilize the financial system by providing capital to viable banks of all sizes 

throughout the nation. This program is now closed; Treasury estimates the program will result in a positive return for taxpayers. Of the $205 billion 

invested, more than $147 billion has already been repaid.

5

 

Figure 5 shows the cumulative Capital Purchase Program activity since program inception. 

Figure 5: Capital Purchase Program Snapshot since inception

Repayments

Seventy-eight (78) of the banks that received investments under the Capital Purchase Program have repaid Treasury in full. Treasury continues to 

work with federal banking regulators who must evaluate requests from banks interested in repaying Treasury’s investment.

In July, two banks exchanged Treasury’s investments into the Community Development Capital Initiative (see below).

 

5

Further information on the Capital Purchase Program is available in Appendix 1 and at http://www.FinancialStability.gov/roadtostability/capitalpurchaseprogram.html. Repayments 

include amounts from the sales of Citigroup common stock through June 30, 2010.
Monthly 105(a) Report July 2010

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Dividends and Interest

Cumulative dividends and interest received from Capital Purchase Program investments through month-end together was approximately $9.5

billion. The amount of dividends and interest received in July was $3.9 million. Treasury’s Dividends and Interest Reports for TARP programs are 

available at http://www.FinancialStability.gov/latest/reportsanddocs.html.

Dispositions

The overriding objective of EESA was to ―restore liquidity and stability to the financial system of the United States‖ in a manner which ―maximizes 

overall returns to the taxpayers.‖ Consistent with the statutory requirement, Treasury’s four portfolio management guiding principles for the TARP 

are: (i) protect taxpayer investments and maximize overall investment returns within competing constraints; (ii) promote stability for and prevent 

disruption of financial markets and the economy; (iii) bolster market confidence to increase private capital investment; and (iv) dispose of 

investments as soon as practicable, in a timely and orderly manner that minimizes financial market and economic impact.

Citigroup Common Stock Disposition

 Pursuant to the June 2009 Exchange Agreement between Treasury and Citigroup, which was part of a series of exchange offers 

conducted by Citigroup to strengthen its capital base, Treasury exchanged the $25 billion in preferred stock it received in 

connection with Citigroup’s participation in the Capital Purchase Program for approximately 7.7 billion shares of common stock at 

a price of $3.25 per share.

 As of June 30, 2010, Treasury has sold approximately 2.6 billion shares of Citigroup common stock at an average price per share 

of $4.03, for total gross proceeds of approximately $10.5 billion. 

 In April, Treasury entered into a pre-arranged written trading plan with Morgan Stanley & Co. Incorporated as its sales agent and 

gave discretionary authority to sell up to 1.5 billion shares of common stock under certain parameters during the period ending on 

June 30, 2010. Completion of the sale under this authority occurred on May 26, 2010.

 Treasury then entered into a second pre-arranged written trading plan with its sales agent that provided discretionary authority for 

the sale up to 1.5 billion additional shares under certain parameters. Because Treasury would not sell shares during the blackout 

period set by Citigroup in advance of its second quarter earnings release, which period began on July 1st, the plan terminated on 

June 30th. Treasury completed the sale of approximately 1.1 billion shares under this plan.

 In July, Treasury entered into a third pre-arranged written trading plan with its sales agent that provided discretionary authority to 

sell 1.5 billion additional shares under certain parameters. Because Treasury will not sell shares during the blackout period set by 
Monthly 105(a) Report July 2010

11

Citigroup in advance of its third quarter earnings release, which period is expected to begin on October 1, 2010, this third trading 

plan will terminate on September 30, 2010 even if all shares have not been sold by that time.6

 To enable these sales, Citigroup filed a prospectus supplement with the Securities and Exchange Commission covering 

Treasury’s common stock. These sales of common stock do not include Treasury’s holdings of Citigroup trust preferred securities 

or warrants for common stock.

Exchange for Other Securities

In limited cases, in order to protect the taxpayers’ interest in the value of a Capital Purchase Program investment and promote financial 

stability, Treasury may participate in exchanges of preferred stock for other securities or in a direct disposition of the investment to new 

investors who are able to provide fresh equity investment, conduct a capital restructuring or otherwise strengthen the capital position of the 

bank.

 Treasury completed the exchange of its $400 million of preferred stock in First BanCorp (PR) for mandatorily convertible 

preferred stock, equivalent to the initial investment amount plus capitalized previously accrued and unpaid dividends. Subject to 

the fulfillment by First BanCorp of certain conditions, including those related to its capital plan, the mandatorily convertible 

preferred stock may be converted to common stock.

 Treasury entered into an agreement with Pacific Capital Bancorp (Pacific Capital) to exchange Treasury’s $180.63 million of 

preferred stock for an equivalent amount of mandatorily convertible preferred stock, plus a capitalized amount equal to accrued 

and unpaid dividends as of the date of closing. Completion of the exchange is subject to certain closing conditions, including the 

satisfactory completion of a capital plan. Then, subject to the fulfillment by Pacific Capital of certain conditions, including the 

receipt of regulatory and shareholder approvals, the mandatorily convertible preferred stock may be converted to common stock.

Warrant Disposition Report

On August 4, 2010, Treasury released the second Warrant Disposition Report. Through June 30, 2010, Treasury has received over $7 billion in 

warrant repurchases by and sales to 64 institutions. For the full report, please visit:

http://www.financialstability.gov/docs/TARP_WRRTDISP_80310.pdf.

 

6

In July, Treasury sold approximately 226.63 million shares of Citigroup common stock at an average price per share of $4.12, for gross proceeds of approximately $934 million.
Monthly 105(a) Report July 2010

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Consumer and Business Lending Initiatives

Community Development Capital Initiative

In July, two financial institutions exchanged their CPP investments ($14 million and $11.9 million, respectively) for an equivalent amount of 

investment with Treasury under the Community Development Capital Initiative (CDCI) program terms. Treasury made an additional investment of 

$10.2 million in one institution at the time of the exchange. Together the two institutions received a total of $36 million in investments from Treasury 

under the Community Development Capital Initiative. 

The CDCI is a program in which Treasury will invest lower-cost capital in Community Development Financial Institutions (CDFIs) that operate in 

markets underserved by traditional financial institutions. CDFIs are banks, thrifts, bank holding companies, savings and loan holding companies, 

and credit unions that target more than 60 percent of their small business lending and other economic development activities to low- and moderateincome communities.7

 Treasury continues to work in consultation with the federal banking and credit union agencies to process and make a 

determination on all applications submitted to the Community Development Capital Initiative. 

Small Business and Community Lending Initiatives - SBA 7a Securities Purchase Program

In March 2009, Treasury and the Small Business Administration announced several initiatives directed at enhancing credit for small businesses, 

including a Treasury program to purchase SBA-guaranteed securities (―pooled certificates‖). Treasury subsequently developed a pilot program to 

purchase SBA-guaranteed securities from one pool assembler, and as of July 31, 2010, has agreed to purchase or have already purchased 

securities in an aggregate purchase face amount of approximately $206 million. 

Term Asset-Backed Securities Loan Facility (TALF)

A joint Treasury-Federal Reserve program, the Term Asset-Backed Securities Loan Facility begun in March 2009 played a key role in enabling the 

securitization markets important for consumer and small business loans to improve. The TALF operated as a lending facility of the Federal Reserve 

Bank of New York (FBRNY) to provide non-recourse term loans collateralized by AAA-rated asset-backed securities (ABS), and by commercial 

mortgage-backed securities (CMBS). Treasury provided credit support for TALF. This program succeeded in helping to restart the securitization 

markets and is now closed. Because the facility is smaller today than originally anticipated, as of July, Treasury’s commitment was reduced from 

$20 billion to approximately $4.3 billion.

In June 2010, the TALF ceased making loans. Since the program launch, a total $70 billion of TALF loans backing eligible ABS and CMBS has 

been extended, of which $43 billion is currently outstanding. Data from the Federal Reserve has indicated that for most ABS asset classes, interest 

rate spreads have tightened to levels below the TALF loan rate, thereby reducing the need for support to the ABS through the facility. This is one 

measure of the improving health of these asset classes. The expiration of TALF is expected to have limited impact on spreads for those asset types 

that were considered TALF-eligible, as there has been an increasing level of demand by cash-only investors.

 

7 More information is available at http://www.FinancialStability.gov/roadtostability/comdev.html.
Monthly 105(a) Report July 2010

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Home Affordable Modification Program

Housing Scorecard

The monthly Housing Scorecard presents key housing market indicators and highlights the impact of the Administration’s housing recovery efforts, 

including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program. The 

Housing Scorecard is available at www.hud.gov/scorecard, and is attached as Appendix 3.

8 Key data presented on the housing market show,

among others, that:

Historically low 30-year fixed mortgage rates continue to promote affordability. Since April 2009, record low rates have helped more 

than 7.2 million homeowners to refinance, resulting in more stable home prices and $12.9 billion in total borrower savings.

In the Home Affordable Modification Program, permanent modifications continued on pace, as more than 50,000 trials graduated to 

permanent modifications in June.

Nearly three million borrowers have received restructured mortgages since April 2009, outpacing the 1.24 million foreclosure 

completions for the same period. See Figure 6 below.

Figure 6: Cumulative mortgages restructured or foreclosed since April 1, 2009 (millions)

 

8

Please refer to the Housing Scorecard and Servicer Performance Report for a description of the sources and methodology used to collect and present the data summarized herein.

Sources: HUD, Dept. of Treasury, and Hope Now Alliance
Monthly 105(a) Report July 2010

14

The Administrations’ housing initiatives were intended to help prevent avoidable foreclosures and stabilize the housing market. The foreclosure 

prevention initiatives were not designed to help every borrower and the housing market will continue to adjust for some time. Other data in the 

Housing Scorecard shows that in May, new and existing home sales dropped after the expiration of the tax credit, and the supply of homes on and 

off the market remains near all-time highs.

Servicer Performance Report 

The Housing Scorecard now incorporates the monthly Servicer Performance Report. The HAMP modification data in the Servicer Performances 

Report Through June 2010 (included in Appendix 3) shows:

A continued month-over-month increase in permanent modifications, with average growth of roughly 50,000 permanent modifications 

per month over the last six months. Permanent modifications exist for approximately 390,000 homeowners, and over 51,000 trial 

modifications converted to permanent modifications in June, an increase of nearly 15 percent from May.

Borrowers in permanent modifications are experiencing a median payment reduction of 36 percent, more than $500 per month. 

Servicers continue to work through aged trial population:

Cancellations continue to rise as servicers comply with Treasury guidance to make decisions on aged trials. Of the newly canceled 

trials in June, more than 60% had been in trial six months or longer. 

Servicers are still completing their reviews of nearly 166,000 active trials lasting six months or more.

Approximately 45% of homeowners in canceled trials entered an alternative modification, based on survey data from the eight 

largest HAMP participants. Fewer than 2% of homeowners in canceled trials went to foreclosure sale. 

The most common causes of cancellations include incomplete documentation, missed trial payments, or mortgage payments 

already less than 31% of the homeowner’s income.

As part of the continued development of the data collected and monitored from servicers, this month’s performance report presents new data on: 

Servicer timetables for participating in the Home Affordable Foreclosure Alternatives Program and the HAMP Second Lien 

Modification Program (2MP).

Call center metrics and time to resolve escalated cases are reported for the eight largest participating servicers.
Monthly 105(a) Report July 2010

15

Office of the Special Master for TARP Executive Compensation

In July 2010, the Office of the Special Master announced the conclusion of the ―lookback‖ review of bonuses and other compensation paid to ―Top 

25‖ executives at TARP recipients between the date these companies first received TARP financial assistance and February 17, 2009.9 The 

Special Master was charged with reviewing these payments to determine if they were ―inconsistent with the purposes of Section 111(f) of the 

Emergency Economic Stabilization Act of 2008 or the TARP or were otherwise contrary to the public interest.‖ Although the American Recovery 

and Reinvestment Act of 2009 (the ―Recovery Act‖) and Treasury regulations provided authority to conduct the review and obtain compensation 

information from the TARP recipients, the Special Master had no authority to force reimbursements from firms or executives, or require any other 

remedy. The statute and the Treasury regulations authorized the Special Master to ―seek to negotiate‖ reimbursements only for any payments 

determined to be contrary to public interest standard referenced above. The results of the review are summarized below:

The review covered the 419 firms that received TARP financial assistance prior to February 17, 2009.

The review required detailed submissions on executives who earn more than $500,000 per year, and company certifications for 

those who earn less. The Special Master concluded that payments to executives earning $500,000 or less per year would be highly 

unlikely to be inconsistent with the public interest. As a result, rather than require detailed submissions on every "Top 25" executive, 

the Special Master allowed firms to certify that a particular executive earns $500,000 per year or less. 

Most of the 419 firms certified that some of their "Top 25" executives earned $500,000 or less per year. For 240 institutions, 

certifications covered their entire "Top 25" group; for 116 others, detailed submissions were required for less than five executives. 

In conducting the review, the Special Master focused on payments that, although legal and permitted under rules at the time, were 

later restricted by standards established under the Recovery Act and Treasury regulations: cash bonuses, retention awards, stock 

grants, golden parachute payments and tax gross-ups. The Special Master analyzed $2.3 billion in total payments and identified 

$1.7 billion of payments in these categories. The overwhelming majority of the identified payments—$1.6 billion—were made by 17 

firms.

The Special Master did not determine that any of the payments were contrary to the public interest standard. Of the $1.7 billion in 

payments identified by the Special Master, more than 90% were made by firms that fully repaid their TARP financial assistance, or 

were made to employees at exceptional assistance recipients under the Special Master’s jurisdiction and had been taken into 

consideration in the Special Master’s 2009 determinations. Additionally, at the time the reviewed payments were made, 

compensation such as cash bonuses and retention awards were permitted by the rules then in place.

Because the Special Master determined that no payments were contrary to the public interest standard, he had no authority under the statute or 

Treasury regulations to negotiate reimbursements for any payments. The Special Master nevertheless concluded that some action was warranted. 

He therefore proposed that all TARP recipients, and in particular the 17 companies identified during the review, adopt a prospective compensation 

 

9 More information is available at http://www.FinancialStability.gov/about/executivecompensation.html.
Monthly 105(a) Report July 2010

16

policy that would provide companies the authority to alter pending payments to executives in the event of a financial crisis. Under the proposal, if 

the company's board of directors has identified that the firm is in a crisis situation, the compensation committee would have the authority to 

restructure, reduce or cancel pending payments to executives, and this authority would supersede any rights and entitlements executives have in 

normal circumstances. Adoption of the proposed policy is voluntary.
Monthly 105(a) Report July 2010

Certification

As Assistant Secretary for Financial Stability at the United States Department of the Treasury, I am the official with delegated authority to approve purchases of troubled assets under the Troubled Assets Relief Program. I certify to the Congress that each decision by my office to approve purchases of troubled assets during this reporting period was based on the office’s evaluation of the facts and circumstances of each proposed investment,

including recommendations from regulators, in order to promote financial stability and the other purposes of the Emergency Economic Stabilization

Act of 2008.

Herbert M. Allison, Jr.

Assistant Secretary

Office of Financial Stability
Monthly 105(a) Report July 2010

Appendix 1

Description of TARP Programs & How Treasury Exercises Its Voting Rights

Section Page

Capital Purchase Program...................................................................................................... 2 

SCAP and CAP (Stress Tests) ................................................................................................ 3

Asset Guarantee Program ...................................................................................................... 4

Targeted Investment Program and AIG .................................................................................... 5

Automotive Industry Financing Program .................................................................................. 6 

Consumer & Business Lending Initiative ................................................................................. 10

Bank Lending Surveys ........................................................................................................... 11

Public Private Investment Program ........................................................................................... 12 

Home Affordable Modification Program .................................................................................... 14

Hardest Hit Fund.................................................................................................................... 19

Executive Compensation......................................................................................................... 22

How Treasury Exercises Its Voting Rights ................................................................................. 26
Monthly 105(a) Report July 2010

Appendix 1 – page 2

What is the Capital Purchase Program (CPP)?

Treasury created the Capital Purchase Program in October 2008 to stabilize the financial system by providing capital to viable banks of all sizes 

throughout the nation. Under this program, Treasury invested in banks and other financial institutions to increase their capital. With a 

strengthened capital base, banks have an increased capacity to invest in assets, lend to businesses and consumers and to support the U.S. 

economy. The CPP investment amount was determined by the size of the bank: no less than one percent and no greater than three percent 

(five percent for small banks) of the recipient’s risk-weighted assets. 

Although many banks were fundamentally sound, because of the capital restraints caused by the troubled market conditions, they were hesitant 

to lend. The level of confidence between banks and other financial institutions was also low, so they were unwilling to lend to each other. 

Restoring capital and confidence is essential to allowing the financial system to work effectively and efficiently.

The CPP remained open through 2009 for investments in small banks, with terms aimed at encouraging participation by small community banks 

that are qualified financial institutions (QFIs) under CPP terms. The last application deadline was in November 2009 and final investments

occurred in December 2009.

This program is now closed. Treasury expects the CPP will result in a positive return for taxpayers.

How does the CPP work?

Treasury purchased senior preferred shares and other interests from qualifying U.S.-controlled banks, savings associations, and other financial 

institutions. Treasury also receives warrants to purchase common shares or other securities from the banks.

The charts below show the number of banks by investment amount (left) and total CPP funds disbursed by investment amount (right).

381

271

55

0

50

100

150

200

250

300

350

400

450

$12 million or less > $12 million - $250 million > $250 million

$2.15 

$13.29 

$189.46 

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$12 million or less > $12 million - $250 million > $250 million
Monthly 105(a) Report July 2010

Appendix 1 – page 3

Banks participating in the CPP pay Treasury dividends on the preferred shares at a rate of five percent per year for the first five years following 

Treasury’s investment and at a rate of nine percent per year thereafter. S-corporation banks pay an interest rate of 7.7 percent per year for the 

first five years and 13.8 percent thereafter. Preferred shares (or stock) are a form of ownership in a company.

Banks may repay Treasury under the conditions established in the purchase agreements as amended by the American Recovery and 

Reinvestment Act. Treasury also has the right to sell the securities. The repayment price is equal to what Treasury paid for the shares, plus any 

unpaid dividends or interest.

When a publicly-traded bank repays Treasury for the preferred stock investment, the bank has the right to repurchase its warrants. The warrants 

do not trade on any market and do not have observable market prices. If the bank wishes to repurchase warrants, an independent valuation 

process is used to establish fair market value. If an institution chooses not to repurchase the warrants, Treasury is entitled to sell the warrants. 

In November and December 2009, Treasury began public offerings registered with the Securities and Exchange Commission for the sale of 

warrants using a modified Dutch auction methodology. More information is available in the Warrant Disposition Report available at 

http://www.FinancialStability.gov/docs/TARP%20Warrant%20Disposition%20Report%20v4.pdf

What was the Supervisory Capital Assessment Program (SCAP) and Capital Assistance Program (CAP)?

The Supervisory Capital Assessment Program and Capital Assistance Program were important components of the Financial Stability Plan to 

help ensure that banks have a sufficient capital cushion in a more adverse economic scenario. SCAP was a comprehensive capital assessment 

exercise, or ―stress test‖, for the largest 19 U.S. bank holding companies and a complement to the CAP.

In November 2009, Treasury announced the closure of the Capital Assistance Program. Of the 19 banks that participated in the SCAP, 18 

demonstrated no need for additional capital or fulfilled their need in the private market.

GMAC was the only financial institution not able to raise sufficient capital in the private market, and in December 2009, GMAC and Treasury 

completed the investment contemplated in May, an additional $3.8 billion, which was funded under the Automotive Industry Financing Program.

Following announcement of the stress test results, the largest banking institutions raised over $140 billion in high-quality capital and over $60

billion in non-guaranteed unsecured debt in the private markets. Banks used private capital to repay TARP investments, allowing TARP to fulfill 

its function as a bridge to private capital.

How did the SCAP and the CAP work?

Federal banking supervisors conducted forward-looking assessments to estimate the amount of capital banks would need to absorb losses in a 

more adverse economic scenario and to provide the transparency necessary for individuals and markets to judge the strength of the banking 

system. Results of the stress tests were released on May 7, 2009.

Some banks were required to take steps to improve the quality and/or the quantity of their capital to give them a larger cushion to support future 

lending even if the economy performs worse than expected. Banks had a range of options to raise capital in the private markets, including 
Monthly 105(a) Report July 2010

Appendix 1 – page 4

common equity offerings, asset sales and the conversion of other forms of capital into common equity. Banks that did not satisfy their 

requirement by using these options could request additional capital from the government through the CAP. Financial institutions had to submit a 

detailed capital plan to supervisors, who consulted with Treasury on the development and evaluation of the plan. Any bank needing to augment 

its capital buffer at the conclusion of the SCAP was required to develop a detailed capital plan in June 2009, and had until November 2009 to 

implement that capital plan.

In cases in which the SCAP indicated that an additional capital buffer was warranted, institutions had an opportunity to turn first to private 

sources of capital, but were also eligible to receive government capital via investment available immediately through the CAP. Eligible U.S. 

banks that did not participate in the SCAP could have applied to their primary federal regulator to receive capital under the CAP.

What was the Asset Guarantee Program (AGP)?

Under the AGP, Treasury acted to support the value of certain assets held by qualifying financial institutions, by agreeing to absorb 

unexpectedly large losses on certain assets. The program was designed for financial institutions whose failure could harm the financial system 

and was used in conjunction with other forms of exceptional assistance.

The program is closed, and resulted in a positive return to the taxpayers. 

Who received assistance under the AGP?

Citigroup Bank of America

TARP funds were committed as a reserve to cover up to $5 billion of possible losses 

on a $301 billion pool of Citigroup’s covered assets. As a premium for the guarantee, 

Treasury received $4.034 billion of preferred stock, subsequently exchanged for trust

preferred securities, with identical terms as the securities received under the TIP, and 

Treasury also received warrants to purchase approximately 66 million shares of 

common stock at a strike price of $10.61 per share. For the period that the Citigroup 

asset guarantee was outstanding, Citigroup made no claims for loss payments to any 

federal party and consequently Treasury made no guarantee payments of TARP 

funds to Citigroup.

In January 2009, Treasury, the Federal 

Reserve and the FDIC agreed to share 

potential losses on a $118 billion pool of 

financial instruments owned by Bank of 

America, consisting of securities backed by 

residential and commercial real estate loans 

and corporate debt and derivative 

transactions that reference such securities, 

loans and associated hedges. 
Monthly 105(a) Report July 2010

Appendix 1 – page 5

Citigroup Bank of America

In December 2009, Treasury, the Federal Deposit Insurance Corporation (FDIC), the 

Federal Reserve Bank of New York (FRBNY) and Citigroup, agreed to terminate 

Citigroup's AGP agreement, pursuant to which: (1) Treasury’s guarantee commitment 

was terminated, (2) Treasury agreed to cancel $1.8 billion of the trust preferred 

securities issued by Citigroup from $4.034 billion to $2.234 billion for early termination 

of the guarantee, (3) the FDIC and Treasury agreed that, subject to certain 

conditions, the FDIC would transfer up to $800 million of trust preferred securities to 

Treasury at the close of Citigroup’s participation in the FDIC’s Temporary Liquidity 

Guarantee Program, and (4) Citigroup agreed to comply with the determinations of 

the Special Master for TARP Executive Compensation as if its obligations related to 

exceptional financial assistance had remained outstanding through December 31, 

2009 and (in addition to compliance with the executive compensation provisions of 

EESA’s Section 111, as amended) to permit, for 2010, the Federal Reserve Board of 

Governors, in consultation with the Office of the Comptroller of the Currency and the 

FDIC, to review the actual incentive compensation arrangements for Citigroup’s top 

30 earners to be sure they comport with the Board of Governors’ incentive 

compensation principles as set forth in the Board of Governors’ guidance.

In September 2009, Treasury, the Federal 

Reserve and Bank of America agreed to 

terminate the asset guarantee arrangement 

announced in January 2009. In connection 

with that termination and in recognition of 

the benefits provided by entering into the 

term sheet for such arrangement, Bank of 

America paid the U.S. government $425 

million, including $276 million to Treasury.

What are the Targeted Investment Program (TIP) and the AIG Investment?

Pursuant to EESA, Treasury has provided exceptional assistance on a case-by-case basis in order to stabilize institutions that were considered 

systemically significant to prevent broader disruption of financial markets.

Treasury provided this assistance by purchasing preferred stock, and also received warrants to purchase common stock, in the institutions. 

How did the TIP work?

Under the TIP, Treasury purchased $20 billion in preferred stock from Citigroup Inc. and $20 billion in preferred stock from Bank of America 

Corporation. Both preferred stock investments paid a dividend of eight percent per annum. The TIP investments were in addition to CPP 

investments in these banks.

As part of an exchange offer designed to strengthen Citigroup’s capital, Treasury exchanged all of its CPP preferred stock in Citigroup for a 

combination of common stock and trust preferred securities, and the TIP preferred shares were exchanged for trust preferred securities.

In December 2009, Bank of America and Citigroup repaid their TIP investments in full. Treasury continues to hold warrants acquired from 

Citigroup under the TIP. The Bank of America TIP warrants were sold in a public auction.

The program is closed, and Treasury expects it will result in a positive return for taxpayers. 
Monthly 105(a) Report July 2010

Appendix 1 – page 6

How does the AIG Investment work?

The Federal Reserve loans to AIG were carried out through the Federal Reserve Bank of New York (―FRBNY‖) under section 13(3) authority of the 

Federal Reserve Act to lend on a secured basis under ―unusual and exigent‖ circumstances to companies that are not depository institutions:

In September 2008, the FRBNY provided an $85 billion credit facility to AIG, subsequently reduced to $60 billion, and received shares which 

currently have approximately 79.8% of the voting rights of the common stock in AIG. The FRBNY created a trust to hold the shares that exists 

for the benefit of the U.S. Treasury – but, the Department of the Treasury does not control the trust and cannot direct its trustees.

In December 2009, the Federal Reserve received preferred equity interests in two special purpose vehicles (―SPVs‖) formed to hold the 

outstanding stock of AIG’s largest foreign insurance subsidiaries, American International Assurance Company (―AIA‖) and American Life 

Insurance Company (―ALICO‖), in exchange for a $25 billion reduction in the balance outstanding and maximum credit available under AIG’s 

revolving credit facility with the FRBNY. The transactions positioned AIA and ALICO for initial public offerings or sale. 

Treasury’s investment in AIG was made under EESA authority:

In November 2008, Treasury purchased $40 billion in Series D preferred stock from AIG, subsequently exchanged in April 2009, for face value 

plus accrued dividends, into $41.6 billion of Series E preferred stock. 

In April 2009, Treasury also created an equity capital facility, under which AIG may draw up to $29.8 billion as needed in exchange for issuing 

additional shares of Series F preferred stock to Treasury. The Series E and Series F preferred stock pay a non-cumulative dividend of ten

percent per year.

As of July 31, 2010, AIG has drawn $7.54 billion from the equity capital facility.

On April 1, 2010, Treasury exercised its right to appoint two directors to the AIG board of directors. Treasury had the right to appoint directors 

because AIG failed to pay dividends for four quarters on the preferred stock held by Treasury. 

What is the Automotive Industry Financing Program (AIFP)?

The Automotive Industry Financing Program (AIFP) was developed in December 2008 to prevent a significant disruption of the U.S. automotive 

industry, because the potential for such a disruption posed a systemic risk to financial market stability and would have had a negative effect on 

the economy. Short-term funding was initially provided to General Motors (GM) and Chrysler on the condition that they develop plans to achieve 

long-term viability. In cooperation with the Administration, GM and Chrysler developed satisfactory viability plans and successfully conducted 

sales of their assets to new entities in bankruptcy proceedings. Chrysler’s sale process was completed in 42 days and GM’s was completed in 

40 days. Treasury provided additional assistance during the respective periods.

Treasury has provided approximately $80 billion in loans and equity investments to GM, GMAC (now known as Ally Financial Inc.), Chrysler, 

and Chrysler Financial. The terms of Treasury’s assistance impose a number of restrictions including rigorous executive compensation 

standards, limits on luxury expenditures and other corporate governance requirements. 
Monthly 105(a) Report July 2010

Appendix 1 – page 7

In the related Auto Supplier Support Program (ASSP), Treasury provided loans to ensure that auto suppliers receive compensation for their 

services and products, regardless of the condition of the auto companies that purchase their products.

As scheduled, the ASSP closed in April 2010 after full repayment of all loans provided under the program.

Chrysler

In January 2009, Treasury loaned $4 billion to Chrysler to give it time to implement a viable restructuring plan. On March 30th, the 

Administration determined that the business plan submitted by Chrysler failed to demonstrate viability and announced that in order for Chrysler 

to receive additional taxpayer funds, it needed to find a partner. Chrysler made the determination that forming an alliance with Fiat was the best 

course of action for its stakeholders.

Treasury continued to support Chrysler as it formed an alliance with Fiat. In May and June 2009, Treasury (i) provided an additional $1.9 billion 

to Chrysler LLC (Old Chrysler) under a debtor-in-possession financing agreement for assistance during its bankruptcy proceeding, (ii) provided a 

$6.6 billion loan commitment to Chrysler Group LLC (New Chrysler) and (iii) received a 9.9% equity ownership in New Chrysler.

With respect to Old Chrysler, on April 30, 2010, following the bankruptcy court’s approval of a Plan of Liquidation, the $1.9 billion debtor-inpossession loan was extinguished and the assets remaining with Old Chrysler, including collateral security attached to the loan, were 

transferred to a liquidation trust. Treasury retained the right to recover the proceeds from the liquidation of the specified collateral, but does not 

expect a significant recovery from the liquidation proceeds.

With respect to the original $4 billion loan made to CGI Holding LLC, the owner of Chrysler Financial and Old Chrysler, (i) the loan went into 

default when Old Chrysler filed for bankruptcy in April 2009, (ii) $500 million of debt was assumed by New Chrysler in July 2009, and (ii) 

Treasury accepted a settlement payment of $1.9 billion as satisfaction in full of all existing debt obligations of CGI Holding in May 2010. The 

final repayment, while less than face value, was significantly more than Treasury had previously estimated to recover following the bankruptcy 

and greater than independent valuation of the loan provided by Keefe, Bruyette and Woods, Treasury’s adviser for the transaction.

With respect to New Chrysler, Treasury’s remaining investments consist of 9.9% of common equity and a $7.1 billion loan (including undrawn 

commitments and the $500 million assumed from Chrysler Holding).

New Chrysler currently has the following ownership: Chrysler Voluntary Employee Benefit Association (VEBA) (67.7%), Fiat (20%), Treasury 

(9.9%) and the Government of Canada (2.5%). 

Chrysler Financial

On January 16, 2009, Treasury announced that it would lend up to $1.5 billion to a special purpose vehicle (SPV) created by Chrysler Financial 

to enable the company to finance the purchase of Chrysler vehicles by consumers.

To satisfy the EESA warrant requirement, the Chrysler Financial SPV issued additional notes entitling Treasury to an amount equal to five 

percent of the maximum loan amount. Twenty percent of those notes vested upon the closing of the transaction, and additional notes were to 

vest on each anniversary of the transaction closing date. The loan was fully drawn by April 9, 2009.
Monthly 105(a) Report July 2010

Appendix 1 – page 8

On July 14, 2009, Chrysler Financial fully repaid the loan, including the vested additional notes and interest.

General Motors

On December 31, 2008, Treasury agreed to loan $13.4 billion to General Motors Corporation (GM or Old GM) to fund working capital. Under 

the loan agreement, GM was also required to implement a viable restructuring plan. The first plan GM submitted failed to establish a credible 

path to viability, and the deadline was extended to June 1 for GM to develop an amended plan. Treasury loaned an additional $6 billion to fund 

GM during this period. To achieve an orderly restructuring, GM filed for bankruptcy on June 1, 2009. Treasury provided $30.1 billion under a 

debtor-in-possession financing agreement to assist GM during the bankruptcy.

The new entity, General Motors Company (New GM), began operating on July 10, 2009, following its purchase of most of the assets of Old GM. 

When the sale to New GM was completed on July 10, Treasury converted most of its loans to 60.8% of the common equity in the New GM and 

$2.1 billion in preferred stock. Treasury continued to hold $6.7 billion in outstanding loans.

In December 2009, New GM began quarterly repayments of $1.0 billion on its $6.7 billion loan from Treasury. And in January 2010, New GM 

and Treasury amended the loan agreement to require cash that New GM held in an escrow account to be applied to repay the loan by June 30, 

2010. After New GM repaid Treasury $1 billion on March 31, 2010, the outstanding loan balance fell to approximately $4.7 billion, all of which 

was repaid in April 2010 from the escrowed funds. 

New GM currently has the following ownership: Treasury (60.8%), GM Voluntary Employee Benefit Association (VEBA) (17.5%), the Canadian 

Government (11.7%), and Old GM’s unsecured bondholders (10%). As part of the restructuring, GM issued warrants to acquire shares of 

common stock to VEBA and Old GM (for eventual distribution to the creditors of Old GM following liquidation).

1

 

General Motors Initial Public Offering (IPO) and Treasury Disposition

In June, Treasury provided guidance on its role in the exploration of a possible initial public offering by General Motors Company (GM). The full 

statement is available at http://www.FinancialStability.gov/latest/pr_06102010b.html. The following are excerpts from the statement:

The exact timing of an initial public offering will be determined by GM in light of market conditions and other factors, but will not occur 

before the fourth quarter of this year. Treasury will retain the right, at all times, to decide whether and at what level to participate in 

the offering, should it occur. 

The initial public offering is expected to include the sale of shares by Treasury, other shareholders who wish to participate, and GM. 

The overall size of the offering and relative amounts of primary and secondary shares will be determined at a later date. 

The selection of the lead underwriters will be made by GM, subject to Treasury’s agreement that the selection is reasonable. 

Treasury will determine the fees to be paid to the underwriters. 

 

1

Further information on Treasury’s Automotive Industry Financing Program is available at http://www.FinancialStability.gov/roadtostability/autoprogram.html. As part of the 

restructuring, GM issued warrants to acquire shares of common stock to Old GM (for eventual distribution to its creditors following liquidation) and to VEBA.
Monthly 105(a) Report July 2010

Appendix 1 – page 9

Federal securities laws preclude Treasury from discussing certain other matters including any discussion of the identity of potential 

underwriters, prior to the filing of a registration statement with the SEC. 

Ally Financial Inc. (GMAC)

In December 2008, Treasury purchased $5 billion in senior preferred equity from GMAC LLC, and received an additional $250 million in 

preferred shares through warrants that Treasury exercised at closing. At the same time, Treasury also agreed to lend up to $1 billion of TARP 

funds to GM (one of GMAC’s owners) for the purchase of additional ownership interests in GMAC’s rights offering. GM drew $884 million under 

that commitment in January 2009, and then in May 2009, Treasury exercised its option to exchange that loan for 35.4% of common membership 

interests in GMAC. 

In May 2009, regulators required GMAC to raise additional capital by November 2009 in connection with the SCAP. On May 21, 2009, Treasury 

purchased $7.5 billion of convertible preferred shares from GMAC and also received warrants that Treasury exercised at closing for an 

additional $375 million in convertible preferred shares, which enabled GMAC to partially meet the SCAP requirements. Additional Treasury 

investments in GMAC were contemplated to enable GMAC to satisfy the SCAP requirements. 

On December 30, 2009, Treasury: 

 Invested an additional $3.8 billion in GMAC, consisting of $2.54 billion of trust preferred securities (TRUPs), which are senior to all 

other capital securities of GMAC, and $1.25 billion of Mandatorily Convertible Preferred Stock (MCP), and received warrants, which 

were immediately exercised, to purchase an additional $127 million of TRUPs and $63 million of MCP;

 Converted $3 billion of its existing MCP, which was purchased in May 2009, into common stock;

 Exchanged $5.25 billion of preferred stock into MCP; and

 For the conversion price of the MCP to common stock, acquired a ―reset‖ for an adjustment in 2011, if beneficial to Treasury, based 

on the market price of GMAC’s private capital transactions occurring in 2010. 

As a result of the December 2009 transactions, Treasury's equity ownership of GMAC increased from 35 percent to 56.3 percent and Treasury 

holds $11.4 billion of MCP and $2.7 billion of TRUPs in GMAC. Treasury has the right to appoint two additional directors to the GMAC Board of 

Directors, so that four of nine directors will be appointed by Treasury.

Ally Financial Inc. remains subject to the executive compensation and corporate governance requirements of Section 111 of EESA, as 

amended, and to the oversight of the Special Master for TARP Executive Compensation.
Monthly 105(a) Report July 2010

Appendix 1 – page 10

Consumer and Business Lending Initiatives

What is the Community Development Capital Initiative (CDCI)?

Treasury has released the final program terms and forms of agreements for the new Community Development Capital Initiative, originally 

announced in October 2009, to invest lower-cost capital in Community Development Financial Institutions (CDFIs) that operate in markets 

underserved by traditional financial institutions. CDFIs are banks, thrifts, bank holding companies, savings and loan holding companies and credit 

unions that target more than 60 percent of their small business lending and other economic development activities to low- and moderate-income

communities.

Key program terms include:

CDFIs will be eligible to receive capital investments of up to 5 percent of risk-weighted assets (3.5 percent of total assets for credit unions).

CDCI participants will pay dividends to Treasury at a rate of 2 percent per annum, compared to the 5 percent under the CPP, increasing to 9 

percent after eight years.

Consistent with the use of TARP funds to promote financial stability and protect the taxpayer, CDFIs will need approval from their primary 

regulator to participate in this program. In cases where a CDFI might not otherwise be approved by its regulator, it will be eligible to participate 

so long as it can raise enough private capital that – when matched with Treasury capital up to 5 percent of risk-weighted assets (RWA) – it can 

reach viability. 

CDFIs participating in the Capital Purchase Program are eligible to exchange the CPP investment into the CDCI program.

CDFIs that participate in the program will not be required to issue warrants so long as they receive $100 million or less in total TARP funding.

Additional details are available at http://www.FinancialStability.gov/roadtostability/comdev.html 

What is the Small Business and Community Lending Initiative – SBA 7(a) Securities Purchase Program?

To ensure that credit flows to entrepreneurs and small business owners, Treasury has taken measures to complement the Administration’s actions 

to help small businesses recover and grow, including a program to purchase SBA guaranteed securities (―pooled certificates‖). Treasury has 

developed a pilot program to purchase SBA guaranteed securities from one pool assembler, which began operations in March 2010.

Additional details are available at http://www.FinancialStability.gov/roadtostability/smallbusinesscommunityinitiative.html

What is the Term Asset-Backed Securities Loan Facility (TALF)?

The Term Asset-Backed Securities Loan Facility is a lending facility operated by the Federal Reserve Bank of New York. The FRBNY provided

term non-recourse loans collateralized by AAA-rated asset-backed securities (ABS) backed by new or recently originated auto loans, student 

loans, credit card loans, equipment loans, floor plan loans, insurance premium finance loans, residential mortgage servicing advances, or 

commercial mortgage loans, including legacy commercial mortgage loans, as well as collateralized by loans guaranteed by the Small Business 

Administration. Treasury provided credit support for TALF as part of Treasury’s Consumer and Business Lending Initiative.
Monthly 105(a) Report July 2010

Appendix 1 – page 11

Under TALF, investors requested the FRBNY to make loans secured by eligible consumer ABS, small business ABS, or commercial mortgage 

backed securities (CMBS) on fixed days each month. Assuming that the borrower and the security (ABS or CMBS) it planned to pledge as 

collateral met FRBNY’s requirements, the investor received the requested funding. Most borrowers used the loan, together with their own funds, 

to purchase the ABS that serves as collateral for the TALF loans. 

If the borrower does not repay the loan, the FRBNY will enforce its rights in the collateral and sell the collateral to a special purpose vehicle

(SPV) established specifically for the purpose of purchasing and managing such assets. The SPV is funded, in part, by a $20 billion 

subordinated loan commitment from Treasury.

On August 17, 2009, Treasury and the FRBNY announced the extension of the TALF for newly-issued ABS and legacy CMBS through March 

31, 2010. In addition, TALF will make loans against newly issued CMBS through June 30, 2010. There were no further additions to the types of 

collateral eligible for the TALF.

The TALF for newly issued ABS and legacy CMBS expired in March 2010, and the TALF for newly issued CMBS expired in June 2010.

Bank Lending Surveys

Monthly Surveys

Each month, Treasury has asked banks participating in the CPP to provide information about their lending and intermediation activities and 

publishes the results in reports available at http://www.FinancialStability.gov/impact/surveys.htm. The reports are intended to help the public easily 

assess the lending activities of CPP banks.

The Monthly Lending and Intermediation Snapshot, for the 22 largest recipients of CPP investments and which was first published in 

January 2009 with data from inception of the CPP, provides quantitative information on three major categories of lending –

consumer, commercial, and other activities – based on banks’ internal reporting, and commentary to explain changes in lending 

levels for each category. Beginning with the December 2009 Snapshot (released in February 2010), banks that that had repaid CPP 

funds in June 2009 no longer submitted data to Treasury. As the reporting group contracted with additional CPP repayments, 

Treasury has ceased to publish a summary analysis because the aggregate month to month changes are no longer meaningful. 

Treasury continues to publish the reports and underlying data from the banks that continue to submit Snapshot data. In July 2010, 

Treasury published May 2010 data from seven institutions.

The CPP Monthly Lending Report includes all participants in the CPP and is published in addition to the Monthly Lending and 

Intermediation Snapshot. The Lending Report makes available three data points on a monthly basis: average outstanding balances 

of consumer loans, commercial loans, and total loans from all CPP participants
Monthly 105(a) Report July 2010

Appendix 1 – page 12

CPP Quarterly Report

An interagency group consisting of representatives from Treasury, the Federal Reserve Board, and other Federal banking agency functions 

conducts periodic analysis of the effect of TARP programs on banking organizations and their activities, and publishes the results in reports 

available at http://www.FinancialStability.gov/impact/CPPreport.html. This Quarterly CPP Report analyzes the financial data submitted by depository 

institutions to their primary federal regulator in Call Reports and Thrift Financial Reports, as well as the Y-9C Reports submitted by large bank 

holding companies each quarter to the Federal Reserve. 

Annual Use of Capital Survey

Treasury has also initiated an annual Use of Capital Survey to obtain insight into the lending, financial intermediation, and capital building activities 

of all recipients of government investment through CPP funds. Collection of the Use of Capital survey data began during March, with responses due 

in the second calendar quarter of 2010. Data and survey results will be available at http://www.FinancialStability.gov/useofcapital. The Use of 

Capital Survey is designed to capture representative information of CPP fund usage without imposing excessive burdens on institutions, and will 

cover how each financial institution has employed the capital infusion of CPP funds from the date it initially received the funds until the end of 2009. 

The survey results were published to the FinancialStability.gov website on July 13, 2010. The survey form provides eight possible uses of capital, 

as well as space for narrative responses. The overwhelming majority of respondents (85%) indicated that their institutions increased lending or 

reduced lending less than otherwise would have occurred after the receipt of CPP capital. Just over half of the respondents (53%) indicated that 

their institutions increased reserves for non-performing assets after the receipt of CPP capital. Nearly half of the respondents (46%) noted that their 

institutions held the CPP capital as a non-leveraged increase to total capital. In addition, Treasury previously published summary balance sheet and 

income statement information from each institution’s regulatory filings on the same page as a supplement to the survey responses.

What is the Legacy Securities Public Private Investment Program (S-PPIP)?

The Legacy Securities Public Private Investment Program is designed, in part, to support market functioning and facilitate price discovery in the 

commercial and non-agency residential mortgage-backed securities (MBS) markets, helping banks and other financial institutions re-deploy 

capital and extend new credit to households and businesses. Both residential and commercial MBS are pools of mortgages bundled together by 

financial institutions. Rights to receive a portion of the cash generated by the pools are sold as securities in the financial markets, in the same 

way a stock or bond would be sold in financial markets. The term ―legacy assets‖ generally refers to loans, asset-backed securities, and other 

types of assets that were originated or issued before the financial markets for these types of assets deteriorated significantly in 2008.

The Public Private Investment Program was announced as part of the Financial Stability Plan, which also originally included a program for 

legacy loans that would be administered by the FDIC. 

In the latter months of 2009, financial market conditions improved, the prices of legacy securities appreciated, and the results of the Supervisory 

Capital Assessment Program enabled banks to raise substantial amounts of capital as a buffer against weaker than expected economic 

conditions, all of which enabled Treasury to proceed with the S-PPIP program at a scale smaller than initially envisioned.
Monthly 105(a) Report July 2010

Appendix 1 – page 13

How does the S-PPIP work?

Treasury partners with selected fund managers to purchase commercial and non-agency residential and commercial MBS. Treasury provides 

equity as well as debt financing to investment partnerships formed by the fund managers; the maximum equity obligation to a PPIF was initially

expected to be $1.11 billion and the maximum debt obligation to a PPIF was initially expected to be $2.22 billion (before giving effect to any reallocation of capital). Treasury will invest one-half of the total equity committed to the partnership; the remainder must be raised by the fund 

manager from private sector sources. Treasury's loan will earn interest and must be repaid at the end of the life of the fund.

The nine firms that Treasury had pre-qualified in July 2009 to participate as fund managers have completed closings and begun operations of 

Public Private Investment Funds (PPIFs). Treasury has committed (but not yet funded all of) of equity capital and debt financing to each PPIF, 

while total Treasury equity and debt investment in all PPIFs will equal approximately $22.1 billion. Following an initial closing, each PPIF has 

the opportunity to conduct additional closings over approximately six months to receive matching Treasury equity and debt financing. All PPIFs 

have now completed their subsequent closings. 

The equity investment, together with warrants received by Treasury, ensures that if these PPIFs perform well, the U.S. Treasury, and thus the 

taxpayer, will benefit from the upside of the performance alongside private investors. 

Treasury carefully designed the S-PPIP terms to protect the interests of taxpayers. Fund managers may not acquire assets from or sell assets 

to their affiliates or any other PPIF fund manager or private investor that has committed at least ten percent of the aggregate private capital 

raised by such fund manager. Fund managers must submit regular monthly reports about assets purchased, assets disposed, asset values, 

and profits and losses. Due to the possibility of actual or potential conflicts of interest inherent in any market-based investment program, fund 

managers also must agree to abide by ethical standards and conflicts of interest and compliance rules and a process for ensuring adherence to 

these rules developed by Treasury. In developing these requirements, Treasury worked closely with, among others, the staff of the SIGTARP 

and the Federal Reserve. 

Who are the S-PPIP Fund Managers?

Following a comprehensive two-month application, evaluation, and selection process, during which Treasury received over 100 unique 

applications to participate in the S-PPIP, in July 2009 Treasury pre-qualified the following firms to participate as fund managers in the program: 

AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC; Angelo, Gordon & Co., L.P. and GE 

Capital Real Estate; BlackRock, Inc.; Invesco Ltd.; Marathon Asset Management, L.P.; Oaktree Capital Management, L.P.; RLJ Western Asset 

Management, LP; The TCW Group, Inc., (subsequently terminated, see below); and Wellington Management Company, LLP.

The fund managers for the PPIFs have established relationships with small, minority-, and women-owned businesses. Partner firms have roles 

including involvement in managing the investment portfolio and cash management services, raising capital from private investors, providing 

trading related-services, identifying investment opportunities, and providing investment and market research and other advisory services to the 

PPIFs.

In December 2009, a fund managed by The TCW Group, Inc., was liquidated because TCW terminated the employment of individuals who were

―Key Persons‖ responsible for making the investment decisions as set forth under the Limited Partnership Agreement for the TCW PPIF. Only 
Monthly 105(a) Report July 2010

Appendix 1 – page 14

$513 million of total capital had been funded. Treasury's debt and equity capital investments were repaid in full, and Treasury realized a positive 

return of approximately $20.6 million on its equity investment of $156.3 million. Private investors were offered the option to re-allocate their 

underfunded capital commitments and proceeds from the TCW PPIF liquidation to any of the eight other PPIFs.

In March 2010, commitments for $44.5 million in direct equity investments were reallocated from TCW PPIF investors to specific PPIF fund 

managers and the remaining $3.2 billion in commitments to the TCW PPIF were reallocated to all eight PPIF fund managers.

S-PPIP Quarterly Reports

Treasury has undertaken to publish quarterly reports with a summary of PPIP capital activity, portfolio holdings and current pricing, and fund 

performance, which are available on the FinancialStability.gov website, and specifically:

 As of June 30, 2010, at http://www.financialstability.gov/docs/111.pdf.

 As of March 31, 2010, at http://www.financialstability.gov/docs/External%20Report%20-%2003-10%20Final.pdf.

 As of December 31, 2009, at http://www.financialstability.gov/docs/External%20Report%20-%2012-09%20FINAL.pdf.

The third quarterly report was issued in July 2010. As of June 30, 2010, the participating PPIP fund managers had raised an aggregate of $7.4

billion in private capital for the Public-Private Investment Funds (PPIFs). Together with equity and debt financing provided by Treasury, these 

PPIFs had $29.4 billion in total funds available to acquire legacy non-agency residential and commercial mortgage-backed securities.

What is the Home Affordable Modification Program (HAMP)?

The Home Affordable Modification Program, part of Making Home Affordable (MHA), was first announced by the Obama Administration in 

February 2009 as part of its Financial Stability Plan.

Using TARP funds, Treasury provides incentives for mortgage servicers, borrowers and investors to modify loans that are delinquent or at 

imminent risk of default to an affordable monthly payment equal to no more than 31 percent of a borrower’s gross monthly income. Borrowers 

must be owner occupants, demonstrate the ability to support the reduced payment during a three-month trial, and submit required 

documentation before the modification becomes permanent.

Homeowners participating in HAMP work with HUD-certified housing counselors and mortgage servicers. HAMP is designed to give up to 3 to 4 

million homeowners an opportunity to reduce their monthly mortgage payments to more affordable levels.

HAMP includes both GSE and non-GSE mortgages. GSE stands for ―government sponsored enterprise,‖ and in this report refers to Fannie Mae 

and Freddie Mac. Up to $50 billion of TARP funds will be used to encourage the modification of non-GSE mortgages that financial institutions 

own and hold in their portfolios (whole loans) and mortgages held in private-label securitization trusts. 
Monthly 105(a) Report July 2010

Appendix 1 – page 15

Servicers must enter into the Servicer Participation Agreements with Treasury on or before October 3, 2010. Servicers for loans that are owned 

or securitized by GSEs are required to participate in the related GSE’s HAMP for their portfolio of GSE loans. The incentives for these GSE 

HAMP modifications are funded by the related GSEs from their own resources.

Borrowers may be accepted into HAMP if a borrower has made the first trial period payment on or before December 31, 2012. Modification 

interest rates are locked for five years from the start date of the modification. Incentive payments to investors and borrowers will continue to be 

paid out over that period for up to five years, and incentive payments to servicers for up to three years. At the end of five years, the reduced 

interest rate will increase by one percent per year until it reaches the cap, which is the market rate at the time the trial period began. The 

capped rate is fixed for the life of the loan. 

Details on the Home Affordable Modification Program are available at http://www.FinancialStability.gov/roadtostability/homeowner.html and at 

http://www.MakingHomeAffordable.gov. 

What are the additional components of HAMP and MHA?

The Home Price Decline Protection Program (HPDP) is a component of HAMP, and the Second Lien Modification Program (2MP) and the 

Home Affordable Foreclosure Alternatives Program (HAFA) are components of MHA. The HPDP provides additional incentive payments for 

modifications on properties located in areas where home prices have declined. The purpose of the program is to encourage additional lender 

participation and HAMP modifications in areas hardest hit by falling home prices and ensure that borrowers in those areas have the opportunity 

to stay in their homes, thereby minimizing foreclosures, which further depress home values.

The Second Lien Modification Program (2MP) provides incentives for second-lien holders to modify or extinguish a second-lien mortgage 

when a modification has been initiated on the first lien mortgage for the same property under HAMP. 

The Home Affordable Foreclosure Alternatives Program (HAFA) simplifies and streamlines the use of short sale or deed-in-lieu options by 

incorporating financial incentives to borrowers, servicers, and investors. The program also ensures pre-approved short sale terms prior to listing 

the property on the market and requires that borrowers be fully released from future liability for the debt.

HAMP Enhancements for Unemployed Homeowners and Principal Write-Downs

In March 2010, the Obama Administration announced enhancements to the Home Affordable Modification Program that will provide temporary 

mortgage assistance to some unemployed homeowners, encourage servicers to write-down mortgage debt as part of a HAMP modification, 

allow more borrowers to qualify for modification through HAMP, and help borrowers move to more affordable housing when modification is not 

possible.2 Revised Supplemental Directives to implement these enhancements to HAMP and can be found at https://www.hmpadmin.com/ 

portal/programs/directives.html.

3

 See ―Temporary Assistance for Unemployed Homeowners While They Search for Re-Employment and 

Modification of Loans with Principal Reduction Alternative‖ below.

 

2

Further information, including the HAMP Improvements Fact Sheet, is available at http://www.FinancialStability.gov/latest/pr_03262010.html

3

A listing of all Supplemental Directives, and links to PDF versions of each Supplemental Directive, can be found at https://www.hmpadmin.com/portal/programs/directives.html.
Monthly 105(a) Report July 2010

Appendix 1 – page 16

FHA Program Adjustments to Support Refinancings for Underwater Homeowners

In March 2010, the Obama Administration announced the FHA Program Adjustments to Support Refinancings for Underwater Homeowners, 

which will permit participating lenders to provide additional refinancing options to homeowners who owe more than their home is worth because 

of large declines in home prices.4

The FHA Refinance option should be available by the fall of 2010. Treasury and FHA expect to issue detailed guidelines on the respective 

elements for the FHA Refinance Option. 

TARP funds will be made available up to an estimated $11 billion to provide incentives to support the write-downs of second liens and 

encourage participation by servicers, and to provide additional coverage for a share of potential losses on these loans.

Servicer performance

To ensure transparency and servicer accountability, servicer-specific results are publicly reported on a monthly basis. The MHA Monthly 

Servicer Performance Reports can be found at http://www.FinancialStability.gov/latest/reportsanddocs.html, which as of June 2010 is 

incorporated in the monthly Housing Scorecard released by the U.S. Department of Housing and Urban Development, and available at 

www.hud.gov/scorecard.

In January 2010, MHA released updated guidance for servicer documentation requirements in order to expedite conversions of current trial 

modifications to permanent status. This guidance also implemented an important program improvement for future trial period plans by requiring 

servicers to fully validate borrower financial information before offering a trial plan. In addition, servicers are allowed additional time in certain 

circumstances to retrieve documentation from applicants, notify applicants of any missing documents, and resolve any disputes over 

applications. 

In May 2010, the Administration outlined for servicers its plans to begin reporting more detailed performance measures. This reporting will 

include the eight largest servicers and will focus on servicer compliance, program execution, and homeowner experience. Reporting will include 

the following:

Servicer Compliance with Program Guidelines

 Results of servicer-level loan-file reviews assessing whether loan files were appropriately evaluated

 Identification of all compliance activities performed for servicers and of areas for future compliance focus

Program Execution

 Average time from start of trial modification to start of permanent modification

 Servicer implementation timelines for program updates

 

4

See the FHA Refinance Fact Sheet available at http://MakingHomeAffordable.gov/docs/FHA_Refinance_Fact_Sheet_032510%20FINAL2.pdf.
Monthly 105(a) Report July 2010

Appendix 1 – page 17

 Information about alternatives made available to homeowners ineligible for HAMP

 Information about alternatives made available to homeowners who fall out of HAMP trial modifications, such as non-HAMP 

modifications, payment plans, and short sales

Homeowner Experience

 Servicer handling of calls from homeowners (speed to answer, hang-up rates) 

 Time it takes to resolve homeowner problems that have been reported by third parties such as housing counselors, attorneys, 

and congressional and other government offices

 Servicer share of homeowner complaints to the Homeowner’s HOPETM Hotline

Temporary Assistance for Unemployed Homeowners While They Search for Re-Employment and Modification of Loans with Principal 

Reduction Alternative

In May 2010, Treasury released Supplemental Directive (SD) 10-04 - Home Affordable Unemployment Program (UP), a supplemental program to 

HAMP that provides assistance to unemployed borrowers and in June 2010, Treasury released SD 10-05 - Home Affordable Modification Program 

– Modification of Loans with Principal Reduction Alternative, as implementation of HAMP program enhancements announced in March.

The Unemployment Program requires servicers to grant qualified unemployed borrowers a forbearance period to have their 

mortgage payments temporarily reduced for a minimum of three months while they look for a new job. If a homeowner does not find 

a job before the temporary assistance period is over or if they find a job with a reduced income, they will be evaluated for a 

permanent HAMP modification or may be eligible for HAMP’s alternatives to the foreclosure program.

Servicers are prohibited from initiating foreclosure action or conducting a foreclosure sale while the borrower is being evaluated for 

UP, after a foreclosure plan notice is mailed, during the UP forbearance or extension, and while the borrower is being evaluated for 

or participating in HAMP or HAFA following the UP forbearance period. Servicers will not be reimbursed by the TARP for any costs 

associated with the UP, and there will be no cost to government or taxpayers from the forbearance plans. 

SD 10-05 provides guidance to servicers on a Principal Reduction Alternative (PRA). Under PRA, servicers are required to evaluate 

the benefit of principal reduction and are encouraged to offer principal reduction whenever the net present value (NPV) result of a 

HAMP modification using PRA is greater than the NPV result without considering principal reduction. SD 10-05 also provides that 

the 2MP program will now require principal reduction in an amount at least proportional to any principal reduction offered on a 

corresponding HAMP modified first lien mortgage loan.

Compliance and second look

The HAMP Compliance Program is designed to ensure that servicers satisfy their obligations under HAMP requirements in order to provide a 

well-controlled program that assists as many deserving homeowners as possible to retain their homes while taking reasonable steps to prevent 

fraud, waste and abuse. Freddie Mac acts as Treasury’s Compliance Agent for HAMP through MHA-C, which is a separate, independent 

division that conducts these compliance activities. Treasury works closely with MHA-C to design and refine the Compliance Program and 

conducts quality assessments of the activities performed by MHA-C.
Monthly 105(a) Report July 2010

Appendix 1 – page 18

Compliance activities of MHA-C include on-site reviews, file reviews and reviews of net present value (NPV) model applications. Please see 

Appendix B of the Servicer Performance Report Through May 2010 (included in Appendix 2) for further information. 

Following these reviews, MHA-C provides Treasury with assessments of each servicer’s compliance with HAMP requirements. If appropriate, 

Treasury will implement remedies for non-compliance. These remedies may include withholding or reducing incentive payments to servicers, 

requiring repayments of prior incentive payments made to servicers with respect to affected loans, or requiring additional servicer oversight.

In the Servicer Performance Report Through May 2010 highlighted areas of compliance focus based on MHA-C assessments of each servicer’s 

compliance with HAMP requirements provided to Treasury, included: (1) borrower solicitation; (2) underwriting documentation; (3) NPV model 

usage; (4) document processing and control; (5) IR2 data maintenance; and (6) governance. 

Updates to Servicer Certification Requirements

In May 2010, Treasury’s compliance agent, Fannie Mae, informed servicers, all of whom are required per their Servicer Participation Agreement 

(SPA) to submit annual certifications stating their continued compliance with the HAMP program terms, that Treasury is in the process of 

updating the certification requirements, and clarified the reporting period and deadlines for such certifications. The submission date for 

certifications due under SPA signed on or before October 31, 2009 will be September 30, 2010 in respect of the period ending on June 30, 

2010, with similar staggered periods for servicers who entered HAMP on later dates. Supplemental Directive 10-06 – Guidance on Annual 

Servicer Certification Required by the Servicer Participation Agreement, with specific guidance regarding the certification requirements for 

servicers, was released in June. 

Monthly Housing Scorecard

In June 2010, the U.S. Department of Housing and Urban Development (HUD) and the Treasury introduced a Monthly Housing Scorecard on the 

nation’s housing market. Each month, the scorecard will incorporate key housing market indicators and highlight the impact of housing recovery 

efforts, including assistance to homeowners through the Federal Housing Administration and the TARP Home Affordable Modification Program 

(HAMP). Among the housing recovery efforts, HAMP offers a standardized, streamlined mortgage modification process and financial incentives to 

encourage servicers and investors to undertake sustainable mortgage modifications.

Hardest Hit Fund - Housing Finance Agency Innovation Funds for the Hardest Hit Housing Markets

What is the First Funding of the Hardest Hit Fund (HHF)?

In February 2010, the Obama Administration announced funding for innovative measures to help address the housing problems facing those states 

that have suffered an average home price drop of more than 20 percent from their respective peak of the housing bubble. 

$1.5 billion of investment authority under EESA will be available to work with state Housing Finance Agencies (HFAs) to tailor housing 

assistance to local needs.
Monthly 105(a) Report July 2010

Appendix 1 – page 19

California, Florida, Arizona, Michigan, and Nevada, states where house prices have fallen more than 20% from their peak are eligible for this 

funding. Funds will be allocated among eligible states according to a formula based on home price declines and unemployment.

HFAs must submit program designs to Treasury so that Treasury can evaluate the program’s compliance with EESA requirements. All funded 

program designs are posted online at http://www.FinancialStability.gov/roadtostability/hardesthitfund.html.

To receive funding, programs must satisfy the requirements for funding under EESA. These requirements include that the recipient of funds 

must be an eligible financial institution and that the funds must be used to pay for programs designed to prevent avoidable foreclosures and 

other permitted uses under EESA. 

In March 2010, Treasury announced the allocations of funds among the states and published guidelines for HFA proposal submissions. Set 

forth below is a summary of the methodology used to determine calculations:

Housing price 

decline from 

peak

Ratio relative 

to largest 

decline

December 

2009 

unemployment 

rate

Ratio relative 

to highest 

unemployment 

rate

Sum of ratios 

(State's 

weight)

Number of 

delinquent 

loans in Q4 

2009

Weighted 

number of 

delinquent 

loans

Weighted 

share of 

delinquent 

loans in these 

states

Allocation 

($mm)

Nevada -49.9% 1.00 13.0% 0.89 1.9 62,622 118,382 6.9% $102.8

California -38.9% 0.78 12.4% 0.85 1.6 494,640 805,978 46.6% $699.6

Florida -37.4% 0.75 11.8% 0.81 1.6 309,022 481,558 27.9% $418.0

Arizona -36.8% 0.74 9.1% 0.62 1.4 105,853 144,073 8.3% $125.1

Michigan -24.1% 0.48 14.6% 1.00 1.5 120,030 178,000 10.3% $154.5

Total $1,500.0

Housing Price Decline Unemployment
Monthly 105(a) Report July 2010

Appendix 1 – page 20

On June 23, 2010, Treasury approved state plans for use of the $1.5 billion in the first HHF foreclosure-prevention programs in Arizona, 

California, Florida, Michigan, and Nevada.

 These programs are designed to provide relief to struggling homeowners as soon as practicable. The specific implementation and 

timing will depend on the types of programs offered, specific state-level procurement procedures, compliance readiness and other 

factors.

 The approved proposals include programs to assist struggling homeowners with negative equity through principal reduction; assist 

the unemployed or under-employed make their mortgage payments; facilitate the settlement of second liens; facilitate short sales 

and/or deeds-in-lieu of foreclosure; and assist in the payment of arrearages. 

State-by-state summaries of the HHF proposals are available at http://www.MakingHomeAffordable.gov/pr_06232010.html, and copies of the complete 

proposals are available at http://www.FinancialStability.gov/roadtostability/hardesthitfund.html.

What is the Second Funding of the Hardest Hit Fund?

In March 2010, the Obama Administration announced an expansion of the initiative to target additional states with high shares of their populations 

living in local areas of concentrated economic distress.

The second Hardest Hit Fund will include up to $600 million in funding for locally tailored measures to help families stay in their homes or 

otherwise avoid foreclosure in five states that have areas of concentrated economic distress. The $600 million in funds is equivalent on a per 

person basis to the $1.5 billion awarded in the first HHF.

1

st Lien Principal 

Reduction

Unemployment 

Assistance

Arrearage 

Extinguishment

2

nd Lien Principal 

Reduction

Short Sale 

Facilitation

Arizona   

California    

Florida   

Michigan   

Nevada   
Monthly 105(a) Report July 2010

Appendix 1 – page 21

While the first HHF targeted five states affected by home price declines greater than 20 percent, the second HHF targets states with the highest 

concentration of their population living in counties with unemployment rates greater than 12 percent, on average, over the months of 2009.5 The 

five states that will receive allocations based on this criterion are: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. Set forth 

below is a summary of the methodology used to determine calculations:

To receive funding, programs must satisfy the requirements for funding under EESA. These requirements include that the recipient of funds 

must be an eligible financial institution and that the funds must be used to pay for programs designed to prevent avoidable foreclosures and 

other permitted uses under EESA. 

The objective of the HHF program is to develop creative, effective approaches to the housing crisis that consider local conditions. Treasury has 

outlined some of the possible types of transactions that would meet EESA requirements:

 Assistance to unemployed borrowers to help them avoid foreclosure; modifications of mortgage loans held by HFAs or other financial 

institutions or incentives for servicers/investors to modify loans; mortgage modifications with principal forbearance by paying down all or a 

portion of an overleveraged loan and taking back a note from the borrower for that amount in order to facilitate additional modifications; 

assistance with short sales and deeds-in-lieu of foreclosure; incentives for financial institutions to write-down a portion of unpaid principal 

balance for homeowners with severe negative equity; or incentives to reduce or modify second liens.

Other ideas and transaction types (including innovations related to the existing ―Making Home Affordable‖ programs) will be evaluated on a 

case-by-case basis for compliance with EESA. 

Treasury will ensure accountability and transparency of the HHF program: all funded program designs and effectiveness metrics will be 

posted online and program activity will be subject to oversight under EESA.

 

5

States that were allocated funds under the first HHF program are not eligible for the second HHF program. 

Economic Distress

State

State 

Population 

in 2009

Population 

Living in High 

Unemp Counties

% of State Pop 

Living in High 

Unemp Counties

% of Total Pop in 

High Unemp 

Counties 

for Top 5 States

Allocation 

Cap 

($millions)

Rhode Island 1,053,209 627,690 60% 7% $43

South Carolina 4,561,242 2,022,492 44% 23% $138

Orgeon 3,825,657 1,281,675 34% 15% $88

North Carolina 9,380,884 2,332,246 25% 27% $159

Ohio 11,542,645 2,514,678 22% 29% $172

Total $600

State Totals Allocation
Monthly 105(a) Report July 2010

Appendix 1 – page 22

Office of the Special Master for TARP Executive Compensation

What is the scope of the Special Master's review?

In June 2009, Treasury published the Interim Final Rule (the ―Rule‖) on TARP Standards for Compensation and Corporate Governance, 

promulgated under the EESA as amended by the American Recovery and Reinvestment Act of 2009 (the ―Recovery Act‖). The Rule contains 

distinct requirements for recipients of TARP funding under certain programs, including CPP participants and recipients of exceptional financial 

assistance. The exceptional assistance recipients currently include the following firms: AIG, Ally Financial (formerly GMAC), Chrysler, and GM. 

Bank of America and Citigroup ceased to be exceptional assistance recipients upon their respective repayments of TARP obligations arising 

from exceptional assistance programs in December 2009. As detailed below, Chrysler Financial ceased to be an exceptional assistance 

recipient in May 2010, when its remaining TARP obligations for purposes of the Rule were extinguished.

The Rule created the Office of the Special Master and provided the Special Master with specific powers designed to ensure that executive pay 

at these firms is in line with long-term value creation and financial stability. These include:

 Review of Payments: Each recipient of exceptional assistance must obtain the Special Master’s approval of compensation structures, 

including payments made pursuant to those structures, for the senior executive officers and 20 next most highly paid employees

(―Top 25‖); 

 Review of Structures: Each recipient of exceptional assistance must obtain the Special Master’s approval of compensation structures 

for all executive officers and the 100 most highly compensated employees (―Covered Employees 26 – 100‖); 

 Interpretation: The Special Master has interpretive authority over the executive compensation provisions of EESA and the Interim 

Final Rule, and authority to make all determinations as to the application of those provisions to particular facts; and

 Prior Payments: The ―lookback‖ provision (i.e., Section 111(f)) of EESA requires a review of bonuses, retention awards, and other 

compensation paid to the senior executive officers and 20 next most highly compensated employees of each recipient of TARP 

assistance before February 17, 2009, in order for the Special Master to determine whether the payments were contrary to the public 

interest. If a payment is determined to be contrary to the public interest, the Special Master is responsible for negotiating 

reimbursements of such payments.

The Rule also requires that the compensation committee, CEO, and CFO, of each TARP recipient provide certain certifications to Treasury with 

respect to compliance with the Rule. These certifications are due within 90 days (in the case of the CEO and CFO certifications) or 120 days (in 

the case of the compensation committee) of the completion of the TARP recipient’s fiscal year.

In addition to the executive compensation requirements, all TARP recipients were required to adopt a luxury expenditure policy consistent with 

the requirements of the Rule, provide the policy to Treasury, and post the policy on their Internet website, in each case within 90 days following 

publication of the Rule (or, if later, 90 days following the closing date of the agreement between the TARP recipient and Treasury). These 

policies are generally required to address expenses including entertainment or other events, office and facility renovations, and aviation or other 

transportation services.
Monthly 105(a) Report July 2010

Appendix 1 – page 23

Determinations for the Top 25 Employees

In October 2009, the Office of the Special Master for TARP Executive Compensation released determinations on the compensation packages 

for the Top 25 at the seven firms that were then exceptional assistance recipients.6 The Office of the Special Master generally rejected the 

companies’ initial proposals for these Top 25 executives and approved a modified set of compensation structures with the following features:

 Cash salaries generally no greater than $500,000, with the remainder of compensation in equity, mostly in the form of vested ―stock 

salary,‖ which executives must hold until 2011, after which it can be transferred in three equal, annual installments (subject to 

acceleration of one year upon the company’s repayment of federal assistance).

 Annual incentives payable in ―long-term restricted stock,‖ which is forfeited unless the employee provides three years of service after 

it is granted, in amounts determined based on objective performance criteria. Actual payment of the restricted stock is subject to the 

company’s repayment of TARP funds (the stock may be paid in 25% installments for each 25% of TARP obligations that are repaid).

 $25,000 limit on perquisites and ―other‖ compensation, absent special justification.

 No further accruals or company contributions to executive pension and retirement programs.

In March 2010, the Office of the Special Master issued rulings for the 2010 compensation for the Top 25 executives at the five firms that were 

then exceptional assistance recipients: AIG, Chrysler, Chrysler Financial, GM, and GMAC. The rulings have the following general features:

 Decreased total cash compensation by 33 percent compared to the cash compensation these individual executives received in 2009; 

 Reduced total compensation at AIG, GMAC, and Chrysler Financial by 15 percent compared to the pay these executives received in 

2009; and

 Kept cash salaries at $500,000 or less, other than in exceptional cases.

Determinations for the Covered Employees 26 - 100

In December 2009, the Special Master issued determinations on the compensation structures for Covered Employees 26-100 at each of the six 

firms that were then exceptional assistance recipients. Unlike the October rulings, which addressed specific amounts payable to the Top 25 

executives, Treasury regulations require the Special Master only to address compensation structures for Covered Employees 26 – 100. These 

determinations covered four companies: AIG, Citigroup, GM, and GMAC. Chrysler and Chrysler Financial were (with the exception of one 

employee) not required to obtain the Special Master’s approval during this round because total pay for each executive did not exceed the 

$500,000 ―safe harbor‖ limitation in Treasury's compensation regulations. .

The 2009 compensation structures approved by the Special Master for the Covered Employees 26 –100 have the following general features:

 

6

Copies of the determination letters and information on executive compensation is available at: http://www.FinancialStability.gov/about/executivecompensation.html.
Monthly 105(a) Report July 2010

Appendix 1 – page 24

 Short-term cash compensation is restricted. Cash salaries are generally limited to $500,000 other than in exceptional cases, and 

overall cash is limited in most cases to 45% of total compensation in cash. All other pay must be in company stock;

 Incentive compensation without real achievement of performance is forbidden. Total incentives are limited to a fixed pool, incentive 

payments may be made only if objective goals are achieved, and all such payments must be subject to ―clawback‖ if results prove 

illusory;

 Compensation structures must have a long-term focus. In most cases, at least 50 percent of total compensation must be held for 

three years, at least 50 percent of incentive pay must be granted in long-term stock, and any cash incentives must be delivered over 

at least two years—single, lump-sum cash bonuses are not permitted; and

 Pay practices that are not aligned with shareholder and taxpayer interests, such as golden parachutes, supplemental executive

retirement benefits, excessive perquisites and tax gross-ups are frozen or forbidden.

In April 2010, the Office of the Special Master issued rulings for 2010 compensation structures for Covered Employees 26-100 at the five 

remaining firms receiving exceptional assistance. These rulings reaffirmed that the principles and requirements of the 2009 determinations for 

Covered Employees 26-100 must continue to apply in 2010. 

In addition to determinations for the Top 25 Employees and Covered Employees 26-100 groups, the Special Master has issued supplemental 

determinations from time to time, including determinations approving pay packages for the new chief executive officer of GMAC and the new 

chief financial officer of GM. The pay packages approved by the Special Master for the newly hired executives generally conform to the 

principles and structures of the regular determinations. All the Special Master’s determinations are available at the website below.

Effects of TARP Repayment

Prior to the Special Master’s issuance of determinations for the Covered Employees 26–100 groups, Bank of America repaid its TARP 

obligations. As a result, the compensation structures for Bank of America’s Covered Employees 26–100 were no longer subject to the Special 

Master’s review, and no determination in that regard was issued. Payments to Bank of America’s Top 25 relating to service prior to the 

repayment, however, remain subject to the Special Master’s October 2009 determinations. 

After the Special Master issued determinations for the Covered Employees 26–100 groups, Citigroup repaid certain TARP obligations, and 

ceased to be an "exceptional assistance recipient‖ for purposes of the Rule. As a result, Special Master approval is not required for future 

compensation structures and payments to Citigroup executives. Payments and compensation structures for Citigroup’s Top 25 and Covered 

Employees 26–100 relating to service prior to the repayment, however, remain subject to the Special Master’s October and December 2009 

determinations, respectively. The executive compensation restrictions that apply to TARP recipients that are not ―exceptional assistance 

recipients‖ will continue to apply to Citigroup until it extinguishes its remaining TARP obligations. 

Chrysler Financial fully repaid its loan from Treasury in July 2009 (prior to the Special Master’s initial determinations), but remained an 

exceptional assistance recipient because its affiliates still had outstanding TARP obligations under an exceptional assistance program. The 

remaining obligations at affiliate companies were extinguished for purposes of the Rule in May 2010, upon Treasury’s acceptance of a 

settlement payment as satisfaction in full of all existing debt obligations of Chrysler Financial’s parent, CGI Holding LLC. As a result, Special 
Monthly 105(a) Report July 2010

Appendix 1 – page 25

Master approval is not required for future compensation structures and payments to Chrysler Financial executives. Payments and compensation 

structures for Chrysler Financial’s Top 25 and Covered Employees 26 – 100 relating to service prior to the payment, however, remain subject to 

the Special Master’s previous determinations.

Review of Prior Payments – “Lookback” Review

In July 2010, the Special Master announced the conclusion of the ―lookback‖ review of bonuses and other compensation paid to ―Top 25‖ 

executives at TARP recipients between the date these companies first received TARP financial assistance and February 17, 2009. The Special 

Master was charged with reviewing these payments to determine if they were ―inconsistent with the purposes of [Section 11(f) of the EESA] or 

the TARP or were otherwise contrary to the public interest.‖ The Special Master found that most of the reviewed payments were made by firms 

that fully repaid their TARP financial assistance, or were taken into consideration in the Special Master’s 2009 determinations regarding 

―exceptional assistance recipients.‖ Additionally, at the time the reviewed payments were made, compensation such as cash conuses and 

retention awards were permitted by the rules then in place. The Special Master therefore did not determine that any of the reviewd payments 

were contrary to the public interest. The Special Master nevertheless concluded that some action was warranted. He therefore proposed that 

all TARP recipients adopt a prospective compensation policy that would provide companies the authority to alter pending payments to 

executives in the event of a financial crisis. Adoption of the proposed policy is voluntary.

For complete information regarding the Special Master’s review of prior payments, please visit: 

http://www.FinancialStability.gov/about/executivecompensation.html and http://www.financialstability.gov/latest/pr_07232010.html. 

How Treasury Exercises Its Voting Rights

Treasury is a shareholder in General Motors, Chrysler, Ally Financial (formerly GMAC) and Citigroup. The Obama Administration has stated that 

core principles will guide Treasury’s management of financial interests in private firms. One such principle is that the United States government 

will not interfere with or exert control over day-to-day company operations and, in the event that the government obtains ownership interests, it 

will vote only on key governance issues. These core principles also include Treasury's commitment to seek to dispose of its ownership interests 

as soon as practicable. Treasury will follow these principles in a manner consistent with the obligation to promote the liquidity and stability of the 

financial system. 

Treasury does not participate in the day-to-day management of any company in which it has an investment nor is any Treasury employee a 

director of any such company. Treasury’s investments have generally been in the form of non-voting securities or loans. For example, the 

preferred shares that Treasury holds in financial institutions under the Capital Purchase Program do not have voting rights except in certain 

limited circumstances, such as amendments to the charter of the company, or in the event dividends are not paid for several quarters, in which 

case Treasury has the right to elect two directors to the board.

Treasury has announced that it will follow the following principles in exercising its voting rights: (1) Treasury intends to exercise its right to vote 

only on certain matters consisting of the election or removal of directors; certain major corporate transactions such as mergers, sales of 

substantial amounts of assets, and dissolution; issuances of equity securities where shareholders are entitled to vote; and amendments to the 
Monthly 105(a) Report July 2010

Appendix 1 – page 26

charter or bylaws; (2) on all other matters, Treasury will either abstain from voting or vote its shares in the same proportion (for, against or 

abstain) as all other shares of the company's stock are voted.

For public companies such as Citigroup, Treasury has entered into an agreement in which these principles are set forth. For private companies 

such as GM, Ally and Chrysler, Treasury follows the principles voluntarily or as set forth in a stockholder agreement. In GM, they are largely

reflected as terms following an initial public offering (IPO). 

In the case of AIG:

 The U.S. Treasury is the beneficiary of a trust created by the Federal Reserve Bank of New York (FRBNY). That trust owns shares 

having 79.8% of the voting rights of the common stock. The FRBNY has appointed three independent trustees who have the power 

to vote on the stock and dispose of the stock with prior approval of FRBNY and after consultation with Treasury. The trust agreement 

provides that the trustees cannot be employees of Treasury or the FRBNY. The trust exists for the benefit of the U.S. Treasury, and 

the Department of the Treasury does not control the trust and it cannot direct the trustees.

 Treasury owns preferred stock in AIG which does not have voting rights except in certain limited circumstances (such as 

amendments to the charter). Treasury has the right to appoint directors because AIG failed to pay dividends for four quarters on the 

preferred stock held by Treasury. On April 1, 2010, Treasury exercised its right to appoint two directors to the American International 

Group, Inc. (AIG) board of directors. 
Monthly 105(a) Report July 2010

Appendix 2

Public Private Investment Quarterly Report
LEGACY SECURITIES PUBLIC-PRIVATE

INVESTMENT PROGRAM

Pro

g p ram U

pdate 

–

Q J, uarter Ended 

June 30, 2010

July 19, 2010
OVERVIEW

IntroductionThis is the third quarterly report on the Legacy Securities Public-Private Investment Program (

This report includes a summary of PPIP capital activity, portfolio holdings and current pricingperformance. Treasury expects to provide additional information as the program matures in squarterly reports. 

PPIP OverviewPPIP is designed to support market functioning and facilitate price discovery in the mortgage-securities markets, allowing banks and other financial institutions to re-deploy capital and extento households and businesses The investment objective of PPIP is to generate attractive returto households and businesses. The investment objective of PPIP is to generate attractive retur

taxpayers and private investors through long-term opportunistic investments in Eligible Assets below) by following predominantly a buy and hold strategy. Under the program, Treasury has $22.1 billion of equity and debt in public-private investment funds (“PPIFs”) established by prfund manag pp p g g g p ers for the purpose of purchasing Eligible Assets. The fund managers and private 

also committed capital to the funds. PPIFs have eight-year terms which may be extended for periods of up to one-year each, up to a maximum of two years. To qualify for purchase by a Psecurities must have been issued prior to 2009 and have originally been rated AAA – or an equby two or more nationally recognized statistical rating organizations – without ratings enhancebe secured directly by the actual mortgage loans, leases, or other assets (“Eligible Assets”).Please see page 8 of this program update for a glossary of terms used throughout this docume

information on PPIP can also be found at www.financialstability.gov.

Neither this report nor the information contained herein constitutes an offer to sell or the soli

offer to buy any securities. Any such offer or solicitation with respect to any PPIF may only b

applicable fund manager. This presentation has not been reviewed by any of the fund manage
CAPITAL ACTIVITY

Set forth below is a summary of equity and debt capital by PPIF. As of June 30, 2010, thhave completed their fundraising and have closed on approximately $7.4 billion of privatequity capital, which was matched 100 percent by Treasury, representing $14.7 billion of capital. Treasury has also provided $14.7 billion of debt capital, representing $29.4 billiopurchasing power. As of June 30, 2010, PPIFs have drawn-down approximately $16.2 btotal capital which has been invested in Eligible Assets and cash equivalents pending inveSummary of Capital by PPIF ($ in Millions)

Closed Equity and Debt Ca

Closing Private Treasury Treas

Fund

Closing

Date

Private

Equity

Treasury

Equity

Treas

D

AG GECC PPIF Master Fund, L.P. 10/30/09 1,243 $ 1,243 $ 2,

$ 

AllianceBernstein Legacy Securities Master Fund, L.P. 10/02/09 1,150 1,150 2,

 

Blackrock PPIF, L.P. 10/02/09 695 695 1,

 

Invesco Legacy Securities Master Fund, L.P. 09/30/09 856 856 1,

 

Marathon Legacy Securities Public-Private Investment Partnership, L.P. 11/25/09 475 475 

 

Oaktree PPIP Fund, L.P. 12/18/09 1,161 1,161 2,

 

RLJ Western Asset Public/Private Master Fund, L.P. 11/05/09 621 621 1,

 

Welli S i i d llington Management Legacy Securities PPIF Master Fund, LP 10/01/09 10/01/09 1 149 , 1 149 , 2 

, 

Total Program Closed Commitments 7,350 $ 7,350 $ 14,

$ 

(1) Excludes $4.1 billion in total purchasing power within UST/TCW Senior Mortgage Securities Fund, L.P., which was wound-up and 

1Q 2010. Treasury realized a profit of $20.1 million on its $156.3 million equity investment in UST/TCW Senior Mortgage Securities Fa 12.9% cumulative return on Treasury's equity.

y qy
PORTFOLIO HOLDINGS – SUMMARY BY SECTOR

The total market value of Non-Agency RMBS and CMBS held by all PPIFs was approximNon-Agency RMBS(2)– $13.5 billion CMBS – $2.4 billionbillion as of June 30, 2010. Approximately 85% of the portfolio holdings are Non-Agen15% are CMBS. The charts below show composition of Eligible Assets by sector(1).

$1,421 

$955 

7% $444 

18%

$435 

18%

$5,127 

38%

$ ,

11%

$6,019 $9

38

$624 

26%

,

45%

($ in Millions) ($ in Millions)

Prime Alt-A Subprime Option ARM Super Senior AM AJ Othe

(1) Please see page 8 for a glossary of Non-agency RMBS and CMBS sector definitions. (2) Non-agency RMBS chart excludes $2 million of Other RMBS. 
PORTFOLIO HOLDINGS – NON-AGENCY RMBS

The charts below illustrate the range of market prices of Non-Agency RMBS held by all J 30 2010 P i d t f lPrime

100.0%

Alt-A

100.0%

June 30, 2010. Prices are expressed as a percent of par value.

Median Price: 79.6 Median Price: 63.3

46.5% 47.5%

40.0%60.0%80.0%

30.9%

48.1%

40.0%60.0%80.0%

3.3% 2.7%

0.0%

20.0%

< 40 40 - 60 60 - 80 80 - 100

10.2% 

0.0%

20.0%

< 40 40 - 60 60 - 80 

Subprime

80.0%

100.0%

Option ARM

80.0%

100.0% Median Price: 54.8 Median Price: 58.1

26.5% 30.7% 24.7%

18.1%

20.0%40.0%60.0%

5.8%

53.7%

33.1%

20.0%40.0%60.0%

0.0%

< 40 40 - 60 60 - 80 80 - 100

0.0%

< 40 40 - 60 60 - 80 

Note: Pricing is based on UST valuation process on a consistent basis across all PPIFs. Excludes Other RMBS.
PORTFOLIO HOLDINGS – CMBS

The charts below illustrate the range of market prices of CMBS held by all PPIFs as of JuPi d t f l

100.0% 100.0%

Super Senior AM

100.0% Median Price: 82.6

Prices are expressed as a percent of par value.

Median Price: 94.3 

AM

40.0%60.0%80.0%

27 4%

40.0%60.0%80.0%

0.0% 0.0% 0.0%

0.0%

20.0%

< 40 40 - 60 60 - 80 80 - 100

0.0% 1.6%

27.4%

0.0%

20.0%

< 40 40 - 60 60 - 80 

AJ

80.0%

100.0% Median Price: 76.2

4.7%

14.0%

39.5% 41.9%

20.0%40.0%60.0%

4.7%

0.0%

< 40 40 - 60 60 - 80 80 - 100

Note: Pricing is based on UST valuation process on a consistent basis across all PPIFs. Excludes Other CMBS. 
PERFORMANCE

Set forth below is a summary of performance since inception (the date on which each PPinitial capital draw) as reported by each fund manager. Performance will vary among PPdifferent risk/return objectives, leverage ratios, and sector allocations among other reasoinfluence of these factors as well as others on performance may evolve over time based oconditions. Moreover, PPIFs are in the early stages of their three-year investment periodperiod during which Eligible Assets may be purchased) and early performance may be disproportionately impacted by structuring and transaction costs and the pace of capital dby each PPIF. Because of this, industry practice counsels that, at this stage, any performanalysis done on these funds would not generate meaningful results and it would be premdraw any long-term conclusions about the performance of individual PPIFs or PPIP in gthe data reported below. It should be noted that the current and past performance of a Pindicative of its future performance. 

Performance Since Incep( J , ) tion (As of June 30, 2010)

Fund Inception Date

Cumulative Net 

Performance 

Since Inception (1)(2)

N

Ra

Sinc

AG GECC PPIF Master Fund, L.P. 11/12/09 25.6% AllianceBernstein Legacy Securities Master Fund L P AllianceBernstein Legacy Securities Master Fund, L.P. 10/23/09 10/23/09 11 6%. Blackrock PPIF, L.P. 10/16/09 20.9% Invesco Legacy Securities Master Fund, L.P. 10/13/09 14.0% Marathon Legacy Securities Public-Private Investment Partnership, L.P. 12/15/09 12.5% Oaktree PPIP Fund, L.P. 02/19/10 4.3% RLJ Western Asset Public/Private Master Fund, L.P. 11/23/09 13.7% RLJ Western Asset Public/Private Master Fund, L.P. 11/23/09 13.7% Wellington Management Legacy Securities PPIF Master Fund, LP 10/19/09 9.0% (1) Performance is net of management fees and expenses attributable to Treasury.(2) Time-weighted geometrically linked return calculated on a consistent basis across all PPIFs.(3) Dollar-weighted rate of return calculated on a consistent basis across all PPIFs.
GLOSSARY OF TERMS

Non-Agency Residential Mortgage-Backed Securities (RMBS)Non-A R id i l M B k d S i i (RMBS) Agency Residential Mortgage Backed Securities (RMBS): T f ype o mortgage-b k

ac e

that is secured by loans on residential properties that are not issued or guaranteed by Fannie MMac or Ginnie Mae, or any other United States federal government-sponsored enterprise (GSEUnited States federal government agency. Non-Agency RMBS are typically classified by undercollateral / type of mortgage (i.e. Prime, Alt-A, Subprime, Option ARM).

P ir me: M l d b i h d di h ll h l d ’ 

Mortgage loan made to a borrower with good credit that generally meets the lender’s s

underwriting criteria. Non-Agency Prime loans generally are loans that exceed the dollar amoufor purchase by the GSEs (jumbo loans), but may include lower balance loans as well.Alt-A: Mortgage loan made to a borrower with good credit but with limited documentation, ocharacteristics that do not meet the standards for Prime loans. An Alt-A loan may have a borr

l r FICO r hi h r l lower FICO score, a higher loan-to-val r ti r li it d r d t ti p r d t 

lue ratio, or limited or no documentation compared to a 

Subprime: Mortgage loan made to a borrower with poor credit, typically having a FICO scorless.Option ARM: Mortgage loan that gives the borrower a set of choices of how much interest anto pay each month. This may result in negative amortization (i.e. an increasing loan principal b

ti ) me .Commercial Mortgage-Backed Securities (CMBS)Commercial Mortgage Backed Securities (CMBS): Type of mortgage-backed security thaby pp g g p g loans on commercial properties such as office buildings, retail buildings, apartment buildingetc. CMBS are typically classified by position in the capital structure (i.e. Super Senior, AM, AJSuper Senior: Most senior originally rated AAA bonds in a CMBS securitization with the high

credit enhancement. Credit enhancement refers to the percentage of the underlying mortgage balance that must be written down before the bond experiences any losses. Super Senior bondcomprised 70% of a securitization and therefore had 30% credit enhancement at issuance.

AM: Mezzanine-level originally rated AAA bond. AM bonds often comprised 10% of a CMBsecuritization and therefore had 20% credit enhancement at issuance, versus 30% for Super SeAJ: The most junior bond in a CMBS securitization that attained a AAA rating at issuance.
Monthly 105(a) Report July 2010

Appendix 3

Housing Scorecard and Servicer Performance Report
 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research

The Administration’s goal is to promote stability for both the 

housing market and homeowners. To meet these objectives in 

the context of a very challenging market, the Administration 

developed a broad approach implementing state and local 

housing agency initiatives, tax credits for homebuyers, 

neighborhood stabilization and community development 

programs, mortgage modifi cations and refi nancing, continued 

FHA engagement, and support for Fannie Mae and Freddie 

Mac. In addition, Federal Reserve and Treasury MBS purchase 

programs have helped to keep mortgage interest rates at record 

lows over the past year. More detail on the Administration’s 

efforts can be found in the Appendix.

July 2010 Scorecard on Administration’s 

Comprehensive Housing Initiative 

The President’s housing market recovery efforts began 

immediately after taking offi ce in February 2009. As of July 

2010, the Administration’s comprehensive response, as outlined 

above, has yielded the following results:

• Historic low rates continue to promote affordability: 

Families continue to benefi t from the lowest rates in history 

on 30-year fi xed mortgages. Since April of 2009, record 

low rates have helped more than 7.2 million homeowners to 

refi nance, resulting in more stable home prices and $12.9 

billion in total borrower savings.

• Over twice as many homeowners helped compared to 

foreclosure completions: Nearly three million borrowers 

have received restructured mortgages since April 2009, 

outpacing the 1.24 million foreclosure completions for the 

same period. As more families are able to remain in their 

homes, household assets continue to rise with $1.1 trillion in 

home equity gained since April 2009.

• HAMP permanent modifications are on pace, as more 

than 51,000 trial agreements graduated to permanent 

in June: Servicers report the number of homeowners 

receiving restructured mortgages has increased to a new 

total of 2.95 million, including more than 1.2 million 

homeowners under HAMP trial modifi cations and nearly 

400,000 benefi tting from FHA loss mitigation activities. 

However, cancellations from HAMP trial plans remain high 

as many borrowers who received temporary modifi cations 

were not able to meet eligibility requirements such as 

verifying their income and successfully making trial 

payments. Link to view the latest Making Home Affordable 

program report: http://www.fi nancialstability.gov/docs/

June%20MHA%20Public%20071810.pdf

For the fi rst time, this report now tracks the impact of HUD’s 

Neighborhood Stabilization Program (NSP), a $6 billion 

effort to help local jurisdictions address the foreclosure crisis 

by allowing grantees to acquire foreclosed homes and repair, 

redevelop, rent or sell them to low and moderate income 

households. Nearly $2 billion in Recovery Act funds were 

awarded in the second round of NSP grants. 

Meanwhile other data in the scorecard show that the recovery 

of the housing market remains fragile, with the some measures 

suggesting recovery will take place over time. For example, 

in May, sales of new and existing sales dropped after the 

expiration of the tax credit, and the supply of homes on and off 

the market remains near all-time highs; it will take time to work 

through this large inventory. 

U.S. Department of Housing and Urban Development | Office of Policy Development and Research

 e Obama Administration’s E orts To Stabilize 

 e Housing Market 

and Help American Homeowners

U.S Department of Housing and Urban Development | U.S. Department of the Treasury

July 2010




Existing Homes on the Market Below P

Units Held Off the Market Has 



	




 ­



 
 










	

	

		

	

 	

 	

 	


 	

 	

 	


Expectations on House Prices Have Sh

 ­

 	 


	
























Existing and New Home Sales 



 ­ 

















House Prices Show Signs of Stabilizing




 


	

 

U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo
833333.3





Mortgage Rates Fall to Record Low and Aordability Index Remains High




	









 
­




­







	







	





7.2 Million Homeowners Have Renanced 





 




 











Foreclosure Starts Declining, Fore

Completions Remain Elevate




 ­




­







 



 

























     
   
  
   

ree Million Borrowers Have Received Restructured Mortgages,

Outpacing Foreclosures 

 






	

     
  


 



­



­













U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo




Home Equity Up More than $1 Trillion Since First Quarter 2009 



	









 ­






  

Homeowners Save From Reduced M

 



 









­



	








FHA Supports Mortgage Lending During Crisis

	







	  



­



	










  

Housing Counselors Serve Milli

 
	






U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo
 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator  is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.57 4.57 5.14 5.1 15-Jul-10

Housing Affordability (index) 162.0 168.3 174.2 166.3 May-10

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

144.6

194.7

143.4

193.2

139.3

197.7

150.5

199.0

April-10

April-10

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

25.0

471.7

233.4

37.2

482.5

244.2

30.6

395.8

200.4

31.4

395.0

174.8

May-10

May-10

May-10

Housing Supply

 Existing Homes for Sale (thousands, NSA)

 Existing Homes - Months’ Supply (months)

 New Homes for Sale (thousands, SA)

 New Homes for Sale - Months’ Supply (months, SA) 

Vacant Units Held Off Market (thousands)

3,892.0

8.3

213.0

8.5

3,628.0

4,029.0

8.4

214.0

5.8

3,497.0

3,851.0

9.7

291.0

9.5

3,527.0

3,700.0

9.4

353.0

11.2

3,508.0

May-10

May-10

May-10

May-10

1st Q 10

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

1,100.8 (p)

1,140.8 (p)

1,178.3

683.5

1,941.0

997.4

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

25.22 (p)

118.9 (p)

89.2 (p)

27.7

112.1

81.8

79.4

107.9

85.2

62.9

72.7

56.2

June-10

June-10

June-10

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

5.6

36.3

12.4

5.9

36.4

12.4

5.0

34.3

12.2

4.4

34.1

14.3

June-10

June-10

June-10

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

1,868.0

1,885.7

551.3

1,939.5

1,930.9

548.2

1,472.3

1,817.1

368.2

910.5

1,642.8

333.1

June-10

June-10

June-10

Underwater Borrowers (thousands) 11,276.9 11,321.7 10,163.3 (a) -- 1st Q 10

Foreclosure Actions (thousands)

 Foreclosure Starts

 Notice of Foreclosure Sale

 Foreclosure Completions

96.2

132.1

85.5

96.5

132.7

93.8

116.1

141.6

79.7

121.5

103.0

78.9

June-10

June-10

June-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator  is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Borrowers Assisted (thousands)

 HAMP Trial Modifi cations 

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

38.7

51.2

32.9

112.1

30.1

47.7

25.2

103.1

1,282.9

398.0

416.4

1,322.7

June-10

June-10

June-10

May-10

Counseled Borrowers (thousands) 839.4 1,075.6 3,558 1st Q 10

Borrower Annual Savings ($ millions) 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,410.3

12,909.0

2nd Q 10

2nd Q 10

2nd Q 10

Completed Activities under NSP (housing units)

 New Construction or Residential Rehab

 Demolition or Clearance

 Direct Homeownership Assistance

2,118 (p)

1,278

48

8,597 (p)

3,580

679

21,148 (p)

11,814

3,283

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity 

 ($ billions) 28.6 97.3 1,079.4 1st Q 10

SA= seasonally adjusted, NSA = not seasonally adjusted, p = preliminary, a = adjusted for methodology change.
 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions

 HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing Counseling Activity Reported by All HUD-Approved Housing Counselors.

Borrower Annual Savings 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 All Refi nances

Quarterly

Quarterly

Quarterly

Treasury, Freddie Mac, and HUD

Treasury and HUD

MBA, Treasury, and HUD

Estimates of average savings per HAMP Trial Modifi cations by Freddie Mac. 

Average savings per HAMP permanent modifi cation by Treasury.

Refi nance originations (see below) multiplied by Treasury estimate of savings per refi nance.

Completed Activities under NSP (housing units)

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

Monthly

Monthly

Monthly

HUD

HUD

HUD

Housing Units Constructed/Rehabilitated using Neighborhood Stabilization Program.

Housing Units Demolished/Cleared using Neighborhood Stabilization Program.

Completed downpayment assistance or non-amortizing second mortgages by grantee to 

make purchase of NSP unit affordable.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners' equity in real estate as reported in the Federal Reserve Board's Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported.

Housing Affordability Monthly National Association of Realtors ® NAR's composite housing affordability index as reported. A value of 100 means that 

a family with the median income has exactly enough income to qualify for a mortgage 

on a median-priced home. An index above 100 signifi es that family earning the median 

income has more than enough income to qualify.

Home Prices 

 Case-Shiller (NSA)

 FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor's 

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100. 

Home Sales (SA)

 New 

 

 

 Existing 

 

 

 First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered 

sold when either a sales contract has been signed or a deposit accepted, even if this occurs 

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include 

single-family, townhomes, condominiums and co-ops, are based on transaction closings. 

This differs from the U.S. Census Bureau’s series on new single-family home sales, which are 

based on contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National 

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

 Existing Homes for Sale (SA)

 Existing Homes - Months’ Supply

 New Homes for Sale (SA)

 New Homes for Sale - Months’ Supply 

 Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations 

 Refi nance Originations

 

 Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association 

and HUD

Mortgage Bankers Association 

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi -

ance originations. 

HUD estimate of home purchase originations based on MBA estimate of dollar volume of 

home purchase originations. 

FHA Originations 

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD 

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled 

upward due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

 Prime

 

 Subprime

 

 FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages 

actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages 

actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s 

insurance in force.

Seriously Delinquent Mortgages 

 Prime

 Subprime

 FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates 

prior to the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

 Foreclosure Starts

 Notice of Foreclosure Sale 

 Foreclosure Completions

Monthy

Monthy

Monthy

Realty Trac

Realty Trac

Realty Trac

Notice of default plus lis pendens.

Notice of sale (auctions).

Real Estate Owned (REO).
 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing home sold 

in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January 2000 = 100, and 

FHFA monthly (purchase-only) index for US (SA), January 1991 = 100. 

2. S&P/Case-Shiller 20 Metro Index as reported monthly. Futures index fi gures report forward expectations of house prices refl ected by the market as of the 

date indicated.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by 

Hope Now Alliance. Foreclosure completions are properties entering Real Estate Owned (REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in 

“Mortgage Originations” above.
 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American 

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit, 

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who 

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also 

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner 

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration 

has taken the following actions to strengthen the housing market:

• Supported to Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage 

backed securities through independent MBS purchase programs, helping to keep mortgage rates at 

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels 

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership 

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families 

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing 

tax credit programs and $2 billion in support for the Neighborhood Stabilization Program through the 

Recovery Act to restore neighborhoods hardest hit by concentrated foreclosures;

• Created the $2.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the 

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable 

mortgage capital and help homeowners prevent foreclosures.

###

Appendix
Monthly 105(a) Report July 2010

Appendix 4

Financial Statement
Budget

Object Class 

(BOC) Budget Object Class Title Obligations Expenditures

Pro

Obli

PERSONNEL SERVICES 1100 & 1200 PERSONNEL COMPENSATION & BENEFITS 39,388,348 $ 39,161,818 $ 

$ 

PERSONNEL SERVICES Total: 39,388,348 $ 39,161,818 $ 

$ 

2100 TRAVEL & TRANSPORTATION OF PERSONS 745,609 $ 705,051 $ 

$ 

2200 TRANSPORTATION OF THINGS 11,960 11,960 

 

2300 RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES 669,885 587,209 

 

2400 PRINTING & REPRODUCTION 395 395 

 

2500 OTHER SERVICES 135,713,128 91,981,589 1

 

2600 SUPPLIES AND MATERIALS 496,115 486,972 

 

3100 EQUIPMENT 232,054 222,675 

 

3200 LAND & STRUCTURES - - 

 

4300 INTEREST & DIVIDENDS 27 27 

 

NON-PERSONNEL SERVICES Total: 137,869,173 $ 93,995,878 $ 1

$ 

GRAND TOTAL: $177,257,521 133,157,696 18

$ 

United States Department of Treasury

Office of Financial Stability

Troubled Asset Relief Program

Report of Administrative Obligations and Expenditures [Section 105(a)(2)]

NON-PERSONNEL SERVICES

For Period Ending 

July 31, 2010 

$,, , , $ 
U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Agreements Under TARP [Section 105(a)(3)(A)]

For Period Ending July 31, 2010

Date

Approved Type of 

or Renewed Transaction Vendor Purpose

10/10/2008 BPA Simpson, Thacher & Bartlett Legal Services

10/11/2008 BPA EnnisKnupp Investment and Advisory Services

10/14/2008 Financial Agent Bank of New York Mellon Custodian and Cash Management

10/16/2008 BPA PricewaterhouseCoopers Internal Control Services

10/18/2008 BPA Ernst & Young Accounting Services

10/23/2008 IAA GSA - Turner Consulting* Archiving Services

10/29/2008 BPA Hughes Hubbard & Reed Legal Services

10/29/2008 BPA Squire Sanders & Dempsey Legal Services

10/31/2008 Contract Lindholm & Associates* Human Resources Services

11/7/2008 BPA Thacher Proffitt & Wood** Legal Services

11/14/2008 IAA Securities and Exchange Commission Detailees

11/14/2008 Procurement CSC Systems and Solutions IT Services

12/3/2008 IAA Trade and Tax Bureau - Treasury IT Services

12/5/2008 IAA Department of Housing and Urban Development Detailees

12/5/2008 Procurement Washington Post Vacancy Announcement

12/12/2008 IAA Pension Benefit Guaranty Corp. Legal Services

12/15/2008 IAA Office of Thrift Supervision Detailees

12/24/2008 Procurement Cushman and Wakefield of VA, Inc. Painting

1/6/2009 IAA Office of the Controller of the Currency Detailees

1/6/2009 IAA State Department Detailees

1/7/2009 Procurement Colonial Parking Parking 

1/9/2009 IAA Internal Revenue Service Detailees

1/27/2009 BPA Cadwalader Wickersham & Taft, LLP Legal Services

1/27/2009 Procurement Whitaker Brothers Bus. Machines* Office Machines

2/2/2009 IAA Government Accountability Office Oversight

2/9/2009 Contract Pat Taylor and Associates, Inc* Temporary Employee Services

2/12/2009 Contract Locke Lord Bissell & Lidell LLP Legal Services

2/18/2009 Financial Agent Freddie Mac Homeownership Program

2/18/2009 Financial Agent Fannie Mae Homeownership Program

2/20/2009 IAA Congressional Oversight Panel Oversight

2/20/2009 Contract Simpson, Thacher & Bartlett Legal Services

2/22/2009 Contract Venable LLP Legal Services

3/6/2009 Contract Boston Consulting Group Management Consulting Support

3/16/2009 Financial Agent EARNEST Partners Asset Management Services

3/23/2009 Procurement Heery International Inc. Architects

3/30/2009 Contract McKee Nelson, LLP*** Legal Services

3/30/2009 Contract Sonnenschein Nath & Rosenthal Legal Services 

3/30/2009 Contract Cadwalader Wickersham & Taft, LLP Legal Services 

3/30/2009 Contract Haynes and Boone LLP Legal Services

3/31/2009 BPA FI Consulting* Modeling and Analysis

4/3/2009 Procurement American Furniture Rentals* Office Furniture 

4/17/2009 Procurement Herman Miller Office Furniture 

4/17/2009 IAA Bureau of Printing and Engraving Detailee

4/21/2009 Financial Agent AllianceBernstein Asset Management Services

4/21/2009 Financial Agent FSI Group Asset Management Services

4/21/2009 Financial Agent Piedmont Investment Advisors Asset Management Services

5/4/2009 5/4/2009 IAA Federal Reserve Federal Reserve Detailee D t il

5/14/2009 Contract Phacil* FOIA Services

5/14/2009 IAA Department of Treasury - US Mint Administrative Support

5/22/2009 IAA Department of Justice - ATF Detailee

5/26/2009 Contract Anderson, McCoy & Orta, LLP* Legal Services

5/26/2009 Contract Simpson, Thacher & Bartlett Legal Services

6/5/2009 Contract Department of Treasury - Internal Revenue Service Administrative Support

6/8/2009 IAA Department of Treasury - Financial Management Service Administrative Support

6/29/2009 IAA Department of Interior Administrative Support

7/15/2009 Contract Judicial Watch Legal Advisory

7/17/2009 Contract Korn Ferry International Administrative Support

7/30/2009 Contract Cadwalader Wickersham & Taft, LLP Legal Advisory

7/30/2009 Contract Debevoise & Plimpton, LLP Legal Advisory

7/30/2009 Contract Fox Hefter Swibel Levin & Carol, LLP Legal Advisory

8/11/2009 IAA NASA Detailee

8/18/2009 Contract Mercer, Inc. Administrative Support

9/2/2009 Contract Knowledge Mosaic Inc.* Administrative Support

9/10/2009 Contract Equilar, Inc.* Administrative Support

9/14/2009 Contract PricewaterhouseCoopers Asset Management Services

9/30/2009 Contract SNL Financial LC Financial Advisory

11/29/2009 IAA Department of the Treasury - Departmental Offices Administrative Support

12/22/2009 Financial Agent Avondale Investments, LLC* Financial Advisory

12/22/2009 Financial Agent Bell Rock Capital, LLC* Financial Advisory

12/22/2009 Financial Agent Howe Barnes Hoefer and Arnett, Inc. Financial Advisory

12/22/2009 Financial Agent KBW Asset Management, Inc. Financial Advisory

12/22/2009 Financial Agent Lombardia Capital Partners, LLC* Financial Advisory

12/22/2009 Financial Agent Paradigm Asset Management, LLC* Financial Advisory

1/4/2010 IAA Federal Maritime Commission Detailee

1/15/2010 Contract Association of Government Accountants Administrative Support

1/29/2010 Contract NNA Inc. Administrative Support

2/16/2010 Contract The MITRE Corporation Administrative Support

3/29/2010 Financial Agent Morgan Stanley Asset Management Services

4/12/2010 Contract EnnisKnupp Financial Advisory

4/13/2010 BPA Qualx Corporation Administrative Support

4/14/2010 Contract Squire Sanders & Dempsey Legal Advisory

4/20/2010 IAA FMS-Gartner Administrative Support

4/20/2010 BPA Microlink LLC Administrative Support

4/22/2010 Contract Digital Management Inc. Administrative Support

4/23/2010 Contract RDA Corporation Administrative Support

5/17/2010 Financial Agent Lazard Frères & Co. LLC Financial Advisory

6/24/2010 Contract Reed Elsevier Inc. Administrative Support

6/30/2010 Contract George Washington University Administrative Support

7/22/2010 Contract Schiff Hardin LLP Legal Advisory

* Small or Women-, or Minority-Owned Small Business

**Contract responsibilities assumed by Sonnenschein Nath & Rosenthal via novation.

***Contract responsibilities assumed by Bingham McCutchen, LLP via novation.
U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Insurance Contracts [Section 105(a)(3)(B)]

For Period Ending July 31, 2010

Name Amount

Termination of the $5,000,000,000 Master Agreement 

between Citigroup and the UST, and FDIC occurred on 

December 23, 2009 due to the improvement of Citigroup's 

financial condition and financial market stability. 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

1b 10/28/2008 Bank of America Corporation Charlotte NC Preferred Stock w/ Warrants 15,000,000,000 $ Par 12/9/2009 

10/28/2008 The Bank of New York Mellon Corporation New York NY Preferred Stock w/ Warrants 3,000,000,000 $ Par 6/17/2009 

11, 23 - 

5/26/2010 10/28/2008 Citigroup Inc. New York NY Common Stock w/ Warrants $ 25,000,000,000 Par 

10/28/2008 The Goldman Sachs Group, Inc. New York NY Preferred Stock w/ Warrants 10,000,000,000 $ Par 6/17/2009 

10/28/2008 JPMorgan Chase & Co. New York NY Preferred Stock w/ Warrants 25,000,000,000 $ Par 6/17/2009 

10/28/2008 Morgan Stanley New York NY Preferred Stock w/ Warrants 10,000,000,000 $ Par 6/17/2009 

10/28/2008 State Street Corporation Boston MA Preferred Stock w/ Warrants 2,000,000,000 $ Par 6/17/2009 

10/28/2008 Wells Fargo & Company San Francisco CA Preferred Stock w/ Warrants 25,000,000,000 $ Par 12/23/2009 

11/14/2008 Bank of Commerce Holdings Redding CA Preferred Stock w/ Warrants 17,000,000 $ Par 

11/14/2008 1st FS Corporation Hendersonville NC Preferred Stock w/ Warrants 16,369,000 $ Par 

14 11/14/2008 UCBH Holdings, Inc. San Francisco CA Preferred Stock w/ Warrants 298,737,000 $ Par 

11/14/2008 N th T t C ti Chi IL P f d St k / W t $ 1 576 000 000 P 6/17/2009 

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

For Period Ending July 31, 2010

CAPITAL PURCHASE PROGRAM

Transactions Report [Section 105(3)(C, D, G)]

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

11/14/2008 Northern Trust Corporation Chicago IL Preferred Stock w/ Warrants 1,576,000,000 $ Par 6/17/2009 

11/14/2008 SunTrust Banks, Inc. Atlanta GA Preferred Stock w/ Warrants 3,500,000,000 $ Par 

3a - 

11/24/2009 11/14/2008 Broadway Financial Corporation Los Angeles CA Preferred Stock 9,000,000 $ Par 

11/14/2008 Washington Federal, Inc. Seattle WA Preferred Stock w/ Warrants 200,000,000 $ Par 5/27/2009 

11/14/2008 BB&T Corp. Winston-Salem NC Preferred Stock w/ Warrants 3,133,640,000 $ Par 6/17/2009 

11/14/2008

M&T Bank Corporation (Provident Bancshares Corp.) Baltimore MD Preferred Stock w/ Warrants 151,500,000 $ Par 

11/14/2008 Umpqua Holdings Corp. Portland OR Preferred Stock w/ Warrants 214,181,000 $ Par 2/17/2010 

11/14/2008 Comerica Inc. Dallas TX Preferred Stock w/ Warrants 2,250,000,000 $ Par 3/17/2010 

11/14/2008 Regions Financial Corporation Birmingham AL Preferred Stock w/ Warrants 3,500,000,000 $ Par 11/14/2008 Capital One Financial Corporation McLean VA Preferred Stock w/ Warrants 3,555,199,000 $ Par 6/17/2009 

11/14/2008 First Horizon National Corporation Memphis TN Preferred Stock w/ Warrants 866,540,000 $ Par 11/14/2008 Huntington Bancshares Columbus OH Preferred Stock w/ Warrants 1,398,071,000 $ Par 11/14/2008 KeyCorp Cleveland OH Preferred Stock w/ Warrants 2,500,000,000 $ Par 

6/3/2009 

9/23/2009 

12/23/2009 

11/14/2008 Zions Bancorporation Salt Lake City UT Preferred Stock w/ Warrants 1,400,000,000 $ Par 11/14/2008 Marshall & Ilsley Corporation Milwaukee WI Preferred Stock w/ Warrants 1,715,000,000 $ Par 11/14/2008 U.S. Bancorp Minneapolis MN Preferred Stock w/ Warrants 6,599,000,000 $ Par 6/17/2009 11/14/2008 TCF Financial Corporation Wayzata MN Preferred Stock w/ Warrants 361,172,000 $ Par 4/22/2009 

11/21/2008 First Niagara Financial Group Lockport NY Preferred Stock w/ Warrants 184,011,000 $ Par 5/27/2009 

11/21/2008 HF Financial Corp. Sioux Falls SD Preferred Stock w/ Warrants 25,000,000 $ Par 6/3/2009 

11/21/2008 Centerstate Banks of Florida Inc. Davenport FL Preferred Stock w/ Warrants 27,875,000 $ Par 9/30/2009 

12/30/2009 

11/21/2008 City National Corporation Beverly Hills CA Preferred Stock w/ Warrants $ 400 000 000 Par

11/14/2008 Valley National Bancorp Wayne NJ Preferred Stock w/ Warrants $ Par 300,000,000 

3/3/2010 

11/21/2008 First Community Bankshares Inc. Bluefield VA Preferred Stock w/ Warrants 41,500,000 $ Par 7/8/2009 

11/21/2008 Western Alliance Bancorporation Las Vegas NV Preferred Stock w/ Warrants 140,000,000 $ Par 

11/21/2008 Webster Financial Corporation Waterbury CT Preferred Stock w/ Warrants 400,000,000 $ Par 3/3/2010 

29 - 

7/26/2010 11/21/2008 Pacific Capital Bancorp Santa Barbara CA Preferred Stock w/ Warrants 180,634,000 $ Par 

11/21/2008 Heritage Commerce Corp. San Jose CA Preferred Stock w/ Warrants 40,000,000 $ Par 

11/21/2008 Ameris Bancorp Moultrie GA Preferred Stock w/ Warrants 52,000,000 $ Par 11/21/2008 Porter Bancorp Inc. Louisville KY Preferred Stock w/ Warrants 35,000,000 $ Par 11/21/2008 Banner Corporation Walla Walla WA Preferred Stock w/ Warrants 124,000,000 $ Par 11/21/2008 Cascade Financial Corporation Everett WA Preferred Stock w/ Warrants 38,970,000 $ Par 

11/21/2008 City National Corporation Beverly Hills CA Preferred Stock w/ Warrants $ 400,000,000 Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

11/21/2008 Columbia Banking System, Inc. Tacoma WA Preferred Stock w/ Warrants 76,898,000 $ Par 11/21/2008 Heritage Financial Corporation Olympia WA Preferred Stock w/ Warrants 24,000,000 $ Par 11/21/2008 First PacTrust Bancorp, Inc. Chula Vista CA Preferred Stock w/ Warrants 19,300,000 $ Par 

11/21/2008 Severn Bancorp, Inc. Annapolis MD Preferred Stock w/ Warrants 23,393,000 $ Par 

1/13/2010 

6/16/2010 

11/21/2008 Associated Banc-Corp Green Bay WI Preferred Stock w/ Warrants 525,000,000 $ Par 11/21/2008 Trustmark Corporation Jackson MS Preferred Stock w/ Warrants 215,000,000 $ Par 12/9/2009 

11/21/2008 First Community Corporation Lexington SC Preferred Stock w/ Warrants 11,350,000 $ Par 

11/21/2008 Taylor Capital Group Rosemont IL Preferred Stock w/ Warrants 104,823,000 $ Par 

11/21/2008 Nara Bancorp, Inc. Los Angeles CA Preferred Stock w/ Warrants 67,000,000 $ Par 

20, 25 12/5/2008 Midwest Banc Holdings, Inc. Melrose Park IL Mandatorily Convertible Preferred Stock w/ Warrants $ Par 89,388,000

12/5/2008 MB Financial Inc. Chicago IL Preferred Stock w/ Warrants 196,000,000 $ Par 

12/5/2008 First Midwest Bancorp, Inc. Itasca IL Preferred Stock w/ Warrants 193,000,000 $ Par 

12/5/2008 United Community Banks, Inc. Blairsville GA Preferred Stock w/ Warrants 180,000,000 $ Par 

12/5/2008 WesBanco, Inc. Wheeling WV Preferred Stock w/ Warrants 75,000,000 $ Par 9/9/2009 

12/5/2008 Encore Bancshares Inc. Houston TX Preferred Stock w/ Warrants 34,000,000 $ Par 

12/5/2008 Manhattan Bancorp El Segundo CA Preferred Stock w/ Warrants 1,700,000 $ Par 9/16/2009 

12/5/2008 Iberiabank Corporation Lafayette LA Preferred Stock w/ Warrants 90,000,000 $ Par 3/31/2009 

12/5/2008 Eagle Bancorp, Inc. Bethesda MD Preferred Stock w/ Warrants 38,235,000 $ Par 12/23/2009 

11/21/2008 Boston Private Financial Holdings, Inc. Boston MA Preferred Stock w/ Warrants $ Par 154,000,000

12/5/2008 Sandy Spring Bancorp, Inc. Olney MD Preferred Stock w/ Warrants 83,094,000 $ Par 7/21/2010 

12/5/2008 Coastal Banking Company, Inc. Fernandina Beach FL Preferred Stock w/ Warrants 9,950,000 $ Par 

12/5/2008 East West Bancorp Pasadena CA Preferred Stock w/ Warrants 306,546,000 $ Par 

26 - 

5/18/2010 12/5/2008 South Financial Group, Inc. Greenville SC Preferred Stock w/ Warrants 347,000,000 $ Par 

12/5/2008 Great Southern Bancorp Springfield MO Preferred Stock w/ Warrants 58,000,000 $ Par 

12/5/2008 Cathay General Bancorp Los Angeles CA Preferred Stock w/ Warrants 258,000,000 $ Par 12/5/2008 Southern Community Financial Corp. Winston-Salem NC Preferred Stock w/ Warrants 42,750,000 $ Par 

8/26/2009 

9/2/2009 

12/5/2008 First Defiance Financial Corp. Defiance OH Preferred Stock w/ Warrants 37,000,000 $ Par 

12/5/2008 First Financial Holdings Inc. Charleston SC Preferred Stock w/ Warrants 65,000,000 $ Par 

17 12/5/2008 Superior Bancorp Inc. Birmingham AL Trust Preferred Securities w/ Warrants 69,000,000 $ Par 

12/5/2008 Southwest Bancorp, Inc. Stillwater OK Preferred Stock w/ Warrants 70,000,000 $ Par 

12 12/5/2008 Popular, Inc. San Juan PR Trust Preferred Securities w/ Warrants 935,000,000 $ Par 

12/5/2008 Blue Valley Ban Corp Overland Park KS Preferred Stock w/ Warrants 21,750,000 $ Par 

12/5/2008 Central Federal Corporation Fairlawn OH Preferred Stock w/ Warrants 7,225,000 $ Par 

12/5/2008 Bank of Marin Bancorp Novato CA Preferred Stock w/ Warrants 28,000,000 $ Par 3/31/2009 

12/5/2008 BNC Bancorp Thomasville NC Preferred Stock w/ Warrants 31,260,000 $ Par 

12/5/2008 Central Bancorp, Inc. Somerville MA Preferred Stock w/ Warrants 10,000,000 $ Par 

12/5/2008 Southern Missouri Bancorp, Inc. Poplar Bluff MO Preferred Stock w/ Warrants 9,550,000 $ Par 

12/5/2008 State Bancorp, Inc. Jericho NY Preferred Stock w/ Warrants 36,842,000 $ Par 

12/5/2008 TIB Financial Corp Naples FL Preferred Stock w/ Warrants 37,000,000 $ Par 

12/5/2008 Unity Bancorp, Inc. Clinton NJ Preferred Stock w/ Warrants 20,649,000 $ Par 

12/5/2008 Old Line Bancshares, Inc. Bowie MD Preferred Stock w/ Warrants 7,000,000 $ Par 7/15/2009 

12/5/2008 FPB B I P t St L i FL P f d St k / W t $ 5 800 000 P

12/5/2008 CVB Financial Corp Ontario CA Preferred Stock w/ Warrants 130,000,000 $ Par 

12/5/2008 FPB Bancorp, Inc. Port St. Lucie FL Preferred Stock w/ Warrants 5,800,000 $ Par 

24 12/5/2008 Sterling Financial Corporation Spokane WA Preferred Stock w/ Warrants 303,000,000 $ Par 

12/5/2008 Oak Valley Bancorp Oakdale CA Preferred Stock w/ Warrants 13,500,000 $ Par 

12/12/2008 Old National Bancorp Evansville IN Preferred Stock w/ Warrants 100,000,000 $ Par 3/31/2009 

12/12/2008 Capital Bank Corporation Raleigh NC Preferred Stock w/ Warrants 41,279,000 $ Par 12/12/2008 Pacific International Bancorp Seattle WA Preferred Stock w/ Warrants 6,500,000 $ Par 12/12/2008 SVB Financial Group Santa Clara CA Preferred Stock w/ Warrants 235,000,000 $ Par 12/23/2009 

12/12/2008 LNB Bancorp Inc. Lorain OH Preferred Stock w/ Warrants 25,223,000 $ Par 12/12/2008 Wilmington Trust Corporation Wilmington DE Preferred Stock w/ Warrants 330,000,000 $ Par 

12/12/2008 Susquehanna Bancshares, Inc Lititz PA Preferred Stock w/ Warrants 300,000,000 $ Par 4/21/2010 

12/12/2008 Signature Bank New York NY Preferred Stock w/ Warrants 120,000,000 $ Par 3/31/2009 12/12/2008 HopFed Bancorp Hopkinsville KY Preferred Stock w/ Warrants 18,400,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

12/12/2008 Citizens Republic Bancorp, Inc. Flint MI Preferred Stock w/ Warrants 300,000,000 $ Par 

12/12/2008 Indiana Community Bancorp Columbus IN Preferred Stock w/ Warrants 21,500,000 $ Par 12/12/2008 Bank of the Ozarks, Inc. Little Rock AR Preferred Stock w/ Warrants 75,000,000 $ Par 11/4/2009 

12/12/2008 Center Financial Corporation Los Angeles CA Preferred Stock w/ Warrants 55,000,000 $ Par 

12/12/2008 NewBridge Bancorp Greensboro NC Preferred Stock w/ Warrants 52,372,000 $ Par 12/12/2008 Sterling Bancshares, Inc. Houston TX Preferred Stock w/ Warrants 125,198,000 $ Par 5/5/2009 

12/12/2008 The Bancorp, Inc. Wilmington DE Preferred Stock w/ Warrants 45,220,000 $ Par 3/10/2010 

12/12/2008 TowneBank Portsmouth VA Preferred Stock w/ Warrants 76,458,000 $ Par 12/12/2008 Wilshire Bancorp, Inc. Los Angeles CA Preferred Stock w/ Warrants 62,158,000 $ Par 

12/12/2008 Valley Financial Corporation Roanoke VA Preferred Stock w/ Warrants 16,019,000 $ Par 

22 12/12/2008 Independent Bank Corporation Ionia MI Mandatorily Convertible Preferred Stock w/ Warrants $ Par 74,426,000

12/12/2008 Pinnacle Financial Partners, Inc. Nashville TN Preferred Stock w/ Warrants 95,000,000 $ Par 12/12/2008 First Litchfield Financial Corporation Litchfield CT Preferred Stock w/ Warrants 10,000,000 $ Par 4/7/2010 

12/12/2008 National Penn Bancshares, Inc. Boyertown PA Preferred Stock w/ Warrants 150,000,000 $ Par 12/12/2008 Northeast Bancorp Lewiston ME Preferred Stock w/ Warrants 4,227,000 $ Par 12/12/2008 Citizens South Banking Corporation Gastonia NC Preferred Stock w/ Warrants 20,500,000 $ Par 12/12/2008 Virginia Commerce Bancorp Arlington VA Preferred Stock w/ Warrants 71,000,000 $ Par 12/12/2008 Fidelity Bancorp, Inc. Pittsburgh PA Preferred Stock w/ Warrants 7,000,000 $ Par 12/12/2008 LSB Corporation North Andover MA Preferred Stock w/ Warrants 15,000,000 $ Par 11/18/2009 12/19/2008 Intermountain Community Bancorp Sandpoint ID Preferred Stock w/ Warrants 27,000,000 $ Par 12/19/2008 Community West Bancshares Goleta CA Preferred Stock w/ Warrants 15,600,000 $ Par 

12/19/2008 Synovus Financial Corp. Columbus GA Preferred Stock w/ Warrants 967,870,000 $ Par 12/19/2008 Tennessee Commerce Bancorp, Inc. Franklin TN Preferred Stock w/ Warrants 30,000,000 $ Par 12/19/2008 Community Bankers Trust Corporation Glen Allen VA Preferred Stock w/ Warrants 17,680,000 $ Par 12/19/2008 BancTrust Financial Group, Inc. Mobile AL Preferred Stock w/ Warrants 50,000,000 $ Par 12/19/2008 Enterprise Financial Services Corp. St. Louis MO Preferred Stock w/ Warrants 35,000,000 $ Par 

12/19/2008 Mid Penn Bancorp, Inc. Millersburg PA Preferred Stock w/ Warrants 10,000,000 $ Par 12/19/2008 Summit State Bank Santa Rosa CA Preferred Stock w/ Warrants 8,500,000 $ Par 

12/19/2008 VIST Financial Corp. Wyomissing PA Preferred Stock w/ Warrants 25,000,000 $ Par 12/19/2008 Wainwright Bank & Trust Company Boston MA Preferred Stock w/ Warrants 22,000,000 $ Par 11/24/2009 

12/19/2008 Whitney Holding Corporation New Orleans LA Preferred Stock w/ Warrants 300,000,000 $ Par 12/19/2008 The Connecticut Bank and Trust Company Hartford CT Preferred Stock w/ Warrants 5,448,000 $ Par 12/19/2008 CoBiz Financial Inc. Denver CO Preferred Stock w/ Warrants 64,450,000 $ Par 12/19/2008 Santa Lucia Bancorp Atascadero CA Preferred Stock w/ Warrants 4,000,000 $ Par 

12/19/2008 Seacoast Banking Corporation of Florida Stuart FL Preferred Stock w/ Warrants 50,000,000 $ Par 12/19/2008 Horizon Bancorp Michigan City IN Preferred Stock w/ Warrants 25,000,000 $ Par 12/19/2008 Fidelity Southern Corporation Atlanta GA Preferred Stock w/ Warrants 48,200,000 $ Par 12/19/2008 Community Financial Corporation Staunton VA Preferred Stock w/ Warrants 12,643,000 $ Par 12/19/2008 Berkshire Hills Bancorp, Inc. Pittsfield MA Preferred Stock w/ Warrants 40,000,000 $ Par 5/27/2009 

12/19/2008 First California Financial Group, Inc Westlake Village CA Preferred Stock w/ Warrants 25,000,000 $ Par 

12/19/2008 AmeriServ Financial, Inc Johnstown PA Preferred Stock w/ Warrants 21,000,000 $ Par 12/19/2008 Security Federal Corporation Aiken SC Preferred Stock w/ Warrants 18,000,000 $ Par 

12/19/2008 Wintrust Financial Corporation Lake Forest IL Preferred Stock w/ Warrants 250,000,000 $ Par 

12/19/2008 Flushing Financial Corporation Lake Success NY Preferred Stock w/ Warrants 70,000,000 $ Par 10/28/2009 

12/19/2008 Monarch Financial Holdings, Inc. Chesapeake VA Preferred Stock w/ Warrants 14,700,000 $ Par 12/23/2009 12/19/2008 StellarOne Corporation Charlottesville VA Preferred Stock w/ Warrants 30,000,000 $ Par 

18 12/19/2008 Union First Market Bankshares Corporation (Union Bankshares Corporation) Bowling Green VA Preferred Stock w/ Warrants 59,000,000 $ Par 11/18/2009 

12/19/2008 Tidelands Bancshares, Inc Mt. Pleasant SC Preferred Stock w/ Warrants 14,448,000 $ Par 

12/19/2008 Bancorp Rhode Island, Inc. Providence RI Preferred Stock w/ Warrants 30,000,000 $ Par 8/5/2009 

12/19/2008 Hawthorn Bancshares, Inc. Lee's Summit MO Preferred Stock w/ Warrants 30,255,000 $ Par 12/19/2008 The Elmira Savings Bank, FSB Elmira NY Preferred Stock w/ Warrants 9,090,000 $ Par 

12/19/2008 Alliance Financial Corporation Syracuse NY Preferred Stock w/ Warrants 26,918,000 $ Par 5/13/2009 

12/19/2008 Heartland Financial USA, Inc. Dubuque IA Preferred Stock w/ Warrants 81,698,000 $ Par 12/19/2008 Citizens First Corporation Bowling Green KY Preferred Stock w/ Warrants 8,779,000 $ Par 

2 12/19/2008 FFW Corporation Wabash IN Preferred Stock w/ Exercised Warrants 7,289,000 $ Par 2 12/19/2008 Plains Capital Corporation Dallas TX Preferred Stock w/ Exercised Warrants 87,631,000 $ Par 2 12/19/2008 Tri-County Financial Corporation Waldorf MD Preferred Stock w/ Exercised Warrants 15,540,000 $ Par 

2, 3 12/19/2008 OneUnited Bank Boston MA Preferred Stock 12,063,000 $ Par 

2 12/19/2008 Patriot Bancshares, Inc. Houston TX Preferred Stock w/ Exercised Warrants 26,038,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

2 12/19/2008 Pacific City Financial Corporation Los Angeles CA Preferred Stock w/ Exercised Warrants 16,200,000 $ Par 

2 12/19/2008 Marquette National Corporation Chicago IL Preferred Stock w/ Exercised Warrants 35,500,000 $ Par 2 12/19/2008 Exchange Bank Santa Rosa CA Preferred Stock w/ Exercised Warrants 43,000,000 $ Par 

2 12/19/2008 Monadnock Bancorp, Inc. Peterborough NH Preferred Stock w/ Exercised Warrants 1,834,000 $ Par 2 12/19/2008 Bridgeview Bancorp, Inc. Bridgeview IL Preferred Stock w/ Exercised Warrants 38,000,000 $ Par 2 12/19/2008 Fidelity Financial Corporation Wichita KS Preferred Stock w/ Exercised Warrants 36,282,000 $ Par 2 12/19/2008 Patapsco Bancorp, Inc. Dundalk MD Preferred Stock w/ Exercised Warrants 6,000,000 $ Par 

2 12/19/2008 NCAL Bancorp Los Angeles CA Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 

2 12/19/2008 FCB Bancorp, Inc. Louisville KY Preferred Stock w/ Exercised Warrants 9,294,000 $ Par 

12/23/2008 First Financial Bancorp Cincinnati OH Preferred Stock w/ Warrants 80,000,000 $ Par 2/24/2010 

12/23/2008 Bridge Capital Holdings San Jose CA Preferred Stock w/ Warrants 23,864,000 $ Par 

12/23/2008 International Bancshares Corporation Laredo TX Preferred Stock w/ Warrants 216,000,000 $ Par 12/23/2008 First Sound Bank Seattle WA Preferred Stock w/ Warrants 7,400,000 $ Par 12/23/2008 M&T Bank Corporation Buffalo NY Preferred Stock w/ Warrants 600,000,000 $ Par 

12/23/2008 Emclaire Financial Corp. Emlenton PA Preferred Stock w/ Warrants 7,500,000 $ Par 12/23/2008 Park National Corporation Newark OH Preferred Stock w/ Warrants 100,000,000 $ Par 12/23/2008 Green Bankshares, Inc. Greeneville TN Preferred Stock w/ Warrants 72,278,000 $ Par 12/23/2008 Cecil Bancorp, Inc. Elkton MD Preferred Stock w/ Warrants 11,560,000 $ Par 12/23/2008 Financial Institutions, Inc. Warsaw NY Preferred Stock w/ Warrants 37,515,000 $ Par 

12/23/2008 Fulton Financial Corporation Lancaster PA Preferred Stock w/ Warrants 376,500,000 $ Par 7/14/2010 

12/23/2008 United Bancorporation of Alabama, Inc. Atmore AL Preferred Stock w/ Warrants 10,300,000 $ Par 

12/23/2008 12/23/2008 MutualFirst Financial, Inc. MutualFirst Financial, Inc. Muncie IN Preferred Stock w/ Warrants 32,382,000 Preferred Stock w/ Warrants $ Par 32,382,000 Par

12/23/2008 BCSB Bancorp, Inc. Baltimore MD Preferred Stock w/ Warrants 10,800,000 $ Par 

12/23/2008 HMN Financial, Inc. Rochester MN Preferred Stock w/ Warrants 26,000,000 $ Par 12/23/2008 First Community Bank Corporation of America Pinellas Park FL Preferred Stock w/ Warrants 10,685,000 $ Par 12/23/2008 Sterling Bancorp New York NY Preferred Stock w/ Warrants 42,000,000 $ Par 

12/23/2008 Intervest Bancshares Corporation New York NY Preferred Stock w/ Warrants 25,000,000 $ Par 

12/23/2008 Peoples Bancorp of North Carolina, Inc. Newton NC Preferred Stock w/ Warrants 25,054,000 $ Par 12/23/2008 Parkvale Financial Corporation Monroeville PA Preferred Stock w/ Warrants 31,762,000 $ Par 12/23/2008 Timberland Bancorp, Inc. Hoquiam WA Preferred Stock w/ Warrants 16,641,000 $ Par 12/23/2008 1st Constitution Bancorp Cranbury NJ Preferred Stock w/ Warrants 12,000,000 $ Par 12/23/2008 Central Jersey Bancorp Oakhurst NJ Preferred Stock w/ Warrants 11,300,000 $ Par 

2 12/23/2008 Western Illinois Bancshares Inc. Monmouth IL Preferred Stock w/ Exercised Warrants 6,855,000 $ Par 2 12/23/2008 Saigon National Bank Westminster CA Preferred Stock w/ Exercised Warrants 1,549,000 $ Par 

2 12/23/2008 Capital Pacific Bancorp Portland OR Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 12/23/2008 Uwharrie Capital Corp Albemarle NC Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 3 12/23/2008 Mission Valley Bancorp Sun Valley CA Preferred Stock 5,500,000 $ Par 

2 12/23/2008 The Little Bank, Incorporated Kinston NC Preferred Stock w/ Exercised Warrants 7,500,000 $ Par 2 12/23/2008 Pacific Commerce Bank Los Angeles CA Preferred Stock w/ Exercised Warrants 4,060,000 $ Par 

2 12/23/2008 Citizens Community Bank South Hill VA Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 2 12/23/2008 Seacoast Commerce Bank Chula Vista CA Preferred Stock w/ Exercised Warrants 1,800,000 $ Par 

2 12/23/2008 TCNB Financial Corp. Dayton OH Preferred Stock w/ Exercised Warrants 2,000,000 $ Par 2 12/23/2008 Leader Bancorp, Inc. Arlington MA Preferred Stock w/ Exercised Warrants 5,830,000 $ Par 2 12/23/2008 Nicolet Bankshares, Inc. Green Bay WI Preferred Stock w/ Exercised Warrants 14,964,000 $ Par 2 12/23/2008 Magna Bank Memphis TN Preferred Stock w/ Exercised Warrants 13,795,000 $ Par 11/24/2009 

2 12/23/2008 Western Community Bancshares, Inc. Palm Desert CA Preferred Stock w/ Exercised Warrants 7,290,000 $ Par 

2 12/23/2008 Community Investors Bancorp, Inc. Bucyrus OH Preferred Stock w/ Exercised Warrants 2,600,000 $ Par 2 12/23/2008 Capital Bancorp, Inc. Rockville MD Preferred Stock w/ Exercised Warrants 4,700,000 $ Par 

2 12/23/2008 12/23/2008 Cache Valley Banking Company Cache Valley Banking Company Logan UT Preferred Stock w/ Exercised Warrants Preferred Stock w/ Exercised Warrants $ 4 767 000 4,767,000 Par

2 12/23/2008 Citizens Bancorp Nevada City CA Preferred Stock w/ Exercised Warrants 10,400,000 $ Par 

2 12/23/2008 Tennessee Valley Financial Holdings, Inc. Oak Ridge TN Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 2 12/23/2008 Pacific Coast Bankers' Bancshares San Francisco CA Preferred Stock w/ Exercised Warrants 11,600,000 $ Par 

12/31/2008 SunTrust Banks, Inc. Atlanta GA Preferred Stock w/ Warrants 1,350,000,000 $ Par 12/31/2008 The PNC Financial Services Group Inc. Pittsburgh PA Preferred Stock w/ Warrants 7,579,200,000 $ Par 2/10/2010 

12/31/2008 Fifth Third Bancorp Cincinnati OH Preferred Stock w/ Warrants 3,408,000,000 $ Par 12/31/2008 Hampton Roads Bankshares, Inc. Norfolk VA Preferred Stock w/ Warrants 80,347,000 $ Par 

16 12/31/2008 CIT Group Inc. New York NY Contingent Value Rights 2,330,000,000 $ Par 2/8/2010 

12/31/2008 West Bancorporation, Inc. West Des Moines IA Preferred Stock w/ Warrants 36,000,000 $ Par 

2 12/31/2008 First Banks, Inc. Clayton MO Preferred Stock w/ Exercised Warrants 295,400,000 $ Par 

1a, 1b 1/9/2009 Bank of America Corporation Charlotte NC Preferred Stock w/ Warrants 10,000,000,000 $ Par 12/9/2009 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

1/9/2009 FirstMerit Corporation Akron OH Preferred Stock w/ Warrants 125,000,000 $ Par 4/22/2009 

1/9/2009 Farmers Capital Bank Corporation Frankfort KY Preferred Stock w/ Warrants 30,000,000 $ Par 1/9/2009 Peapack-Gladstone Financial Corporation Gladstone NJ Preferred Stock w/ Warrants 28,685,000 $ Par 1/6/2010 

1/9/2009 Commerce National Bank Newport Beach CA Preferred Stock w/ Warrants 5,000,000 $ Par 10/7/2009 

1/9/2009 The First Bancorp, Inc. Damariscotta ME Preferred Stock w/ Warrants 25,000,000 $ Par 1/9/2009 Sun Bancorp, Inc. Vineland NJ Preferred Stock w/ Warrants 89,310,000 $ Par 4/8/2009 

1/9/2009 Crescent Financial Corporation Cary NC Preferred Stock w/ Warrants 24,900,000 $ Par 1/9/2009 American Express Company New York NY Preferred Stock w/ Warrants 3,388,890,000 $ Par 6/17/2009 

1/9/2009 Central Pacific Financial Corp. Honolulu HI Preferred Stock w/ Warrants 135,000,000 $ Par 

1/9/2009 Centrue Financial Corporation St. Louis MO Preferred Stock w/ Warrants 32,668,000 $ Par 1/9/2009 Eastern Virginia Bankshares, Inc. Tappahannock VA Preferred Stock w/ Warrants 24,000,000 $ Par 1/9/2009 Colony Bankcorp, Inc. Fitzgerald GA Preferred Stock w/ Warrants 28,000,000 $ Par 1/9/2009 Independent Bank Corp. Rockland MA Preferred Stock w/ Warrants 78,158,000 $ Par 4/22/2009 

1/9/2009 Cadence Financial Corporation Starkville MS Preferred Stock w/ Warrants 44,000,000 $ Par 1/9/2009 LCNB Corp. Lebanon OH Preferred Stock w/ Warrants 13,400,000 $ Par 10/21/2009 1/9/2009 Center Bancorp, Inc. Union NJ Preferred Stock w/ Warrants 10,000,000 $ Par 1/9/2009 F.N.B. Corporation Hermitage PA Preferred Stock w/ Warrants 100,000,000 $ Par 9/9/2009 

1/9/2009 C&F Financial Corporation West Point VA Preferred Stock w/ Warrants 20,000,000 $ Par 1/9/2009 North Central Bancshares, Inc. Fort Dodge IA Preferred Stock w/ Warrants 10,200,000 $ Par 1/9/2009 Carolina Bank Holdings, Inc. Greensboro NC Preferred Stock w/ Warrants 16,000,000 $ Par 1/9/2009 First Bancorp Troy NC Preferred Stock w/ Warrants 65,000,000 $ Par 

1/9/2009 First Financial Service Corporation Elizabethtown KY Preferred Stock w/ Warrants 20,000,000 $ Par 1/9/2009 Codorus Valley Bancorp, Inc. York PA Preferred Stock w/ Warrants 16,500,000 $ Par 1/9/2009 MidSouth Bancorp, Inc. Lafayette LA Preferred Stock w/ Warrants 20,000,000 $ Par 1/9/2009 First Security Group, Inc. Chattanooga TN Preferred Stock w/ Warrants 33,000,000 $ Par 1/9/2009 Shore Bancshares, Inc. Easton MD Preferred Stock w/ Warrants 25,000,000 $ Par 4/15/2009 

2 1/9/2009 The Queensborough Company Louisville GA Preferred Stock w/ Exercised Warrants 12,000,000 $ Par 2 1/9/2009 American State Bancshares, Inc. Great Bend KS Preferred Stock w/ Exercised Warrants 6,000,000 $ Par 2 1/9/2009 Security California Bancorp Riverside CA Preferred Stock w/ Exercised Warrants 6,815,000 $ Par 

2 1/9/2009 Security Business Bancorp San Diego CA Preferred Stock w/ Exercised Warrants 5,803,000 $ Par 

2 1/9/2009 Sound Banking Company Morehead City NC Preferred Stock w/ Exercised Warrants 3,070,000 $ Par 3 1/9/2009 Mission Community Bancorp San Luis Obispo CA Preferred Stock 5,116,000 $ Par 

2 1/9/2009 Redwood Financial Inc. Redwood Falls MN Preferred Stock w/ Exercised Warrants 2,995,000 $ Par 

2 1/9/2009 Surrey Bancorp Mount Airy NC Preferred Stock w/ Exercised Warrants 2,000,000 $ Par 2 1/9/2009 Independence Bank East Greenwich RI Preferred Stock w/ Exercised Warrants 1,065,000 $ Par 2 1/9/2009 Valley Community Bank Pleasanton CA Preferred Stock w/ Exercised Warrants 5,500,000 $ Par 

2 1/9/2009 Rising Sun Bancorp Rising Sun MD Preferred Stock w/ Exercised Warrants 5,983,000 $ Par 

2 1/9/2009 Community Trust Financial Corporation Ruston LA Preferred Stock w/ Exercised Warrants 24,000,000 $ Par 2 1/9/2009 GrandSouth Bancorporation Greenville SC Preferred Stock w/ Exercised Warrants 9,000,000 $ Par 

2 1/9/2009 Texas National Bancorporation Jacksonville TX Preferred Stock w/ Exercised Warrants 3,981,000 $ Par 5/19/2010 

2 1/9/2009 Congaree Bancshares, Inc. Cayce SC Preferred Stock w/ Exercised Warrants 3,285,000 $ Par 

2 1/9/2009 New York Private Bank & Trust Corporation New York NY Preferred Stock w/ Exercised Warrants 267,274,000 $ Par 

1/16/2009 Home Bancshares, Inc. Conway AR Preferred Stock w/ Warrants 50,000,000 $ Par 1/16/2009 Washington Banking Company Oak Harbor WA Preferred Stock w/ Warrants 26,380,000 $ Par 

1/16/2009 New Hampshire Thrift Bancshares, Inc. Newport NH Preferred Stock w/ Warrants 10,000,000 $ Par 

1/16/2009 Bar Harbor Bankshares Bar Harbor ME Preferred Stock w/ Warrants 18,751,000 $ Par 2/24/2010 

1/16/2009 Somerset Hills Bancorp Bernardsville NJ Preferred Stock w/ Warrants 7,414,000 $ Par 5/20/2009 

1/16/2009 SCBT Financial Corporation Columbia SC Preferred Stock w/ Warrants 64,779,000 $ Par 5/20/2009 

p $ , , 

1/16/2009 S&T Bancorp Indiana PA Preferred Stock w/ Warrants 108,676,000 $ Par 

1/16/2009 ECB Bancorp, Inc. Engelhard NC Preferred Stock w/ Warrants 17,949,000 $ Par 

28 - 

7/20/2010 1/16/2009 First BanCorp San Juan PR Mandatorily Convertible Preferred Stock w/ Warrants $ Par 424,174,000

1/16/2009 Texas Capital Bancshares, Inc. Dallas TX Preferred Stock w/ Warrants 75,000,000 $ Par 5/13/2009 

1/16/2009 Yadkin Valley Financial Corporation Elkin NC Preferred Stock w/ Warrants 36,000,000 $ Par 

3 1/16/2009 Carver Bancorp, Inc New York NY Preferred Stock 18,980,000 $ Par 

1/16/2009 Citizens & Northern Corporation Wellsboro PA Preferred Stock w/ Warrants 26,440,000 $ Par 

1/16/2009 MainSource Financial Group, Inc. Greensburg IN Preferred Stock w/ Warrants 57,000,000 $ Par 

1/16/2009 MetroCorp Bancshares, Inc. Houston TX Preferred Stock w/ Warrants 45,000,000 $ Par 

1/16/2009 United Bancorp, Inc. Tecumseh MI Preferred Stock w/ Warrants 20,600,000 $ Par 

1/16/2009 Old Second Bancorp, Inc. Aurora IL Preferred Stock w/ Warrants 73,000,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

1/16/2009 Pulaski Financial Corp Creve Coeur MO Preferred Stock w/ Warrants 32,538,000 $ Par 

1/16/2009 OceanFirst Financial Corp. Toms River NJ Preferred Stock w/ Warrants 38,263,000 $ Par 12/30/2009 

2 1/16/2009 Community 1st Bank Roseville CA Preferred Stock w/ Exercised Warrants 2,550,000 $ Par 

2 1/16/2009 TCB Holding Company, Texas Community Bank The Woodlands TX Preferred Stock w/ Exercised Warrants 11,730,000 $ Par 2 1/16/2009 Centra Financial Holdings, Inc. Morgantown WV Preferred Stock w/ Exercised Warrants 15,000,000 $ Par 3/31/2009 

2 1/16/2009 First Bankers Trustshares, Inc. Quincy IL Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 

2, 19 1/16/2009 Pacific Coast National Bancorp San Clemente CA Preferred Stock w/ Exercised Warrants 4,120,000 $ Par 2/11/2010 

3 1/16/2009 Community Bank of the Bay Oakland CA Preferred Stock 1,747,000 $ Par 

2 1/16/2009 Redwood Capital Bancorp Eureka CA Preferred Stock w/ Exercised Warrants 3,800,000 $ Par 

2 1/16/2009 Syringa Bancorp Boise ID Preferred Stock w/ Exercised Warrants 8,000,000 $ Par 2 1/16/2009 Idaho Bancorp Boise ID Preferred Stock w/ Exercised Warrants 6,900,000 $ Par 2 1/16/2009 Puget Sound Bank Bellevue WA Preferred Stock w/ Exercised Warrants 4,500,000 $ Par 2 1/16/2009 United Financial Banking Companies, Inc. Vienna VA Preferred Stock w/ Exercised Warrants 5,658,000 $ Par 2 1/16/2009 Dickinson Financial Corporation II Kansas City MO Preferred Stock w/ Exercised Warrants 146,053,000 $ Par 2 1/16/2009 The Baraboo Bancorporation Baraboo WI Preferred Stock w/ Exercised Warrants 20,749,000 $ Par 2 1/16/2009 Bank of Commerce Charlotte NC Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 2 1/16/2009 State Bankshares, Inc. Fargo ND Preferred Stock w/ Exercised Warrants 50,000,000 $ Par 8/12/2009 

2 1/16/2009 BNCCORP, Inc. Bismarck ND Preferred Stock w/ Exercised Warrants 20,093,000 $ Par 2 1/16/2009 First Manitowoc Bancorp, Inc. Manitowoc WI Preferred Stock w/ Exercised Warrants 12,000,000 $ Par 5/27/2009 

3 1/16/2009 Southern Bancorp, Inc. Arkadelphia AR Preferred Stock 11,000,000 $ Par 

2 1/16/2009 Morrill Bancshares, Inc. Merriam KS Preferred Stock w/ Exercised Warrants 13,000,000 $ Par 2 1/16/2009 Treaty Oak Bancorp, Inc. y p Austin TX Preferred Stock w/ Exercised Warrants 3,268,000 $ Par 

1/23/2009 1st Source Corporation South Bend IN Preferred Stock w/ Warrants 111,000,000 $ Par 

1/23/2009 Princeton National Bancorp, Inc. Princeton IL Preferred Stock w/ Warrants 25,083,000 $ Par 

1/23/2009 AB&T Financial Corporation Gastonia NC Preferred Stock w/ Warrants 3,500,000 $ Par 

1/23/2009 First Citizens Banc Corp Sandusky OH Preferred Stock w/ Warrants 23,184,000 $ Par 

1/23/2009 WSFS Financial Corporation Wilmington DE Preferred Stock w/ Warrants 52,625,000 $ Par 

2 1/23/2009 Commonwealth Business Bank Los Angeles CA Preferred Stock w/ Exercised Warrants 7,701,000 $ Par 

2, 13 - 

12/4/2009 1/23/2009 Three Shores Bancorporation, Inc. (Seaside National Bank & Trust) Orlando FL Preferred Stock w/ Exercised Warrants 5,677,000 $ Par 

2 1/23/2009 CalWest Bancorp Rancho Santa Margarita CA Preferred Stock w/ Exercised Warrants 4,656,000 $ Par 

2 1/23/2009 Fresno First Bank Fresno CA Preferred Stock w/ Exercised Warrants 1,968,000 $ Par 

2 1/23/2009 First ULB Corp. Oakland CA Preferred Stock w/ Exercised Warrants 4,900,000 $ Par 4/22/2009 

2 1/23/2009 Alarion Financial Services, Inc. Ocala FL Preferred Stock w/ Exercised Warrants 6,514,000 $ Par 2 1/23/2009 Midland States Bancorp, Inc. Effingham IL Preferred Stock w/ Exercised Warrants 10,189,000 $ Par 12/23/2009 2 1/23/2009 Moscow Bancshares, Inc. Moscow TN Preferred Stock w/ Exercised Warrants 6,216,000 $ Par 2 1/23/2009 Farmers Bank Windsor VA Preferred Stock w/ Exercised Warrants 8,752,000 $ Par 2 1/23/2009 California Oaks State Bank Thousand Oaks CA Preferred Stock w/ Exercised Warrants 3,300,000 $ Par 

2 1/23/2009 Pierce County Bancorp Tacoma WA Preferred Stock w/ Exercised Warrants 6,800,000 $ Par 2 1/23/2009 Calvert Financial Corporation Ashland MO Preferred Stock w/ Exercised Warrants 1,037,000 $ Par 2 1/23/2009 Liberty Bancshares, Inc. Jonesboro AR Preferred Stock w/ Exercised Warrants 57,500,000 $ Par 

2 1/23/2009 Crosstown Holding Company Blaine MN Preferred Stock w/ Exercised Warrants 10,650,000 $ Par 

2 1/23/2009 BankFirst Capital Corporation Macon MS Preferred Stock w/ Exercised Warrants 15,500,000 $ Par 2 1/23/2009 Southern Illinois Bancorp, Inc. Carmi IL Preferred Stock w/ Exercised Warrants 5,000,000 $ Par 

12/16/2009 

6/16/2010 

2 1/23/2009 Stonebridge Financial Corp. West Chester PA Preferred Stock w/ Exercised Warrants 10,973,000 $ Par 

1/30/2009 Peoples Bancorp Inc. Marietta OH Preferred Stock w/ Warrants 39,000,000 $ Par 1/30/2009 A h B C Wi i I M di WI P f d St k / W t $ 110 000 000 P

$ Par 3,240,000 

2 1/23/2009 FPB Financial Corp. Hammond LA Preferred Stock w/ Exercised Warrants 

1/30/2009 Anchor BanCorp Wisconsin Inc. Madison WI Preferred Stock w/ Warrants 110,000,000 $ Par 

1/30/2009 Parke Bancorp, Inc. Sewell NJ Preferred Stock w/ Warrants 16,288,000 $ Par 

1/30/2009 Central Virginia Bankshares, Inc. Powhatan VA Preferred Stock w/ Warrants 11,385,000 $ Par 

1/30/2009 Flagstar Bancorp, Inc. Troy MI Preferred Stock w/ Warrants 266,657,000 $ Par 

1/30/2009 Middleburg Financial Corporation Middleburg VA Preferred Stock w/ Warrants 22,000,000 $ Par 12/23/2009 

1/30/2009 Peninsula Bank Holding Co. Palo Alto CA Preferred Stock w/ Warrants 6,000,000 $ Par 1/30/2009 PrivateBancorp, Inc. Chicago IL Preferred Stock w/ Warrants 243,815,000 $ Par 

1/30/2009 Central Valley Community Bancorp Fresno CA Preferred Stock w/ Warrants 7,000,000 $ Par 1/30/2009 Plumas Bancorp Quincy CA Preferred Stock w/ Warrants 11,949,000 $ Par 1/30/2009 Stewardship Financial Corporation Midland Park NJ Preferred Stock w/ Warrants 10,000,000 $ Par 

1/30/2009 Oak Ridge Financial Services, Inc. Oak Ridge NC Preferred Stock w/ Warrants 7,700,000 $ Par 

1/30/2009 First United Corporation Oakland MD Preferred Stock w/ Warrants 30,000,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

1/30/2009 Community Partners Bancorp Middletown NJ Preferred Stock w/ Warrants 9,000,000 $ Par 

1/30/2009 Guaranty Federal Bancshares, Inc. Springfield MO Preferred Stock w/ Warrants 17,000,000 $ Par 

1/30/2009 Annapolis Bancorp, Inc. Annapolis MD Preferred Stock w/ Warrants 8,152,000 $ Par 

1/30/2009 DNB Financial Corporation Downingtown PA Preferred Stock w/ Warrants 11,750,000 $ Par 

1/30/2009 Firstbank Corporation Alma MI Preferred Stock w/ Warrants 33,000,000 $ Par 

2 1/30/2009 Valley Commerce Bancorp Visalia CA Preferred Stock w/ Exercised Warrants 7,700,000 $ Par 

2 1/30/2009 Greer Bancshares Incorporated Greer SC Preferred Stock w/ Exercised Warrants 9,993,000 $ Par 

2 1/30/2009 Ojai Community Bank Ojai CA Preferred Stock w/ Exercised Warrants 2,080,000 $ Par 

2 1/30/2009 Adbanc, Inc Ogallala NE Preferred Stock w/ Exercised Warrants 12,720,000 $ Par 

2 1/30/2009 Beach Business Bank Manhattan Beach CA Preferred Stock w/ Exercised Warrants 6,000,000 $ Par 

3 1/30/2009 Legacy Bancorp, Inc. Milwaukee WI Preferred Stock 5,498,000 $ Par 2 1/30/2009 First Southern Bancorp, Inc. Boca Raton FL Preferred Stock w/ Exercised Warrants 10,900,000 $ Par 6/16/2010 

2 1/30/2009 Country Bank Shares, Inc. Milford NE Preferred Stock w/ Exercised Warrants 7,525,000 $ Par 

2 1/30/2009 Katahdin Bankshares Corp. Houlton ME Preferred Stock w/ Exercised Warrants 10,449,000 $ Par 2 1/30/2009 Rogers Bancshares, Inc. Little Rock AR Preferred Stock w/ Exercised Warrants 25,000,000 $ Par 

2 1/30/2009 UBT Bancshares, Inc. Marysville KS Preferred Stock w/ Exercised Warrants 8,950,000 $ Par 2 1/30/2009 Bankers' Bank of the West Bancorp, Inc. Denver CO Preferred Stock w/ Exercised Warrants 12,639,000 $ Par 2 1/30/2009 W.T.B. Financial Corporation Spokane WA Preferred Stock w/ Exercised Warrants 110,000,000 $ Par 

2 1/30/2009 AMB Financial Corp. Munster IN Preferred Stock w/ Exercised Warrants 3,674,000 $ Par 2 1/30/2009 Goldwater Bank, N.A. Scottsdale AZ Preferred Stock w/ Exercised Warrants 2,568,000 $ Par 2 1/30/2009 Equity Bancshares, Inc. Wichita KS Preferred Stock w/ Exercised Warrants 8,750,000 $ Par 

2, 13 - 1/30/2009 WashingtonFirst Bankshares, Inc. Reston VA Preferred Stock w/ Exercised Warrants $ 6 633 000 Par 10/30/2009 1/30/2009 g

(WashingtonFirst Bank) Reston VA Preferred Stock w/ Exercised Warrants $ 6,633,000 Par

2 1/30/2009 Central Bancshares, Inc. Houston TX Preferred Stock w/ Exercised Warrants 5,800,000 $ Par 2 1/30/2009 Hilltop Community Bancorp, Inc. Summit NJ Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 4/21/2010 

2 1/30/2009 Northway Financial, Inc. Berlin NH Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 2 1/30/2009 Monument Bank Bethesda MD Preferred Stock w/ Exercised Warrants 4,734,000 $ Par 

2 1/30/2009 Metro City Bank Doraville GA Preferred Stock w/ Exercised Warrants 7,700,000 $ Par 2 1/30/2009 F & M Bancshares, Inc. Trezevant TN Preferred Stock w/ Exercised Warrants 4,609,000 $ Par 2 1/30/2009 First Resource Bank Exton PA Preferred Stock w/ Exercised Warrants 2,600,000 $ Par 

2/6/2009 MidWestOne Financial Group, Inc. Iowa City IA Preferred Stock w/ Warrants 16,000,000 $ Par 2/6/2009 Lakeland Bancorp, Inc. Oak Ridge NJ Preferred Stock w/ Warrants 59,000,000 $ Par 2/6/2009 Monarch Community Bancorp, Inc. Coldwater MI Preferred Stock w/ Warrants 6,785,000 $ Par 

2/6/2009 The First Bancshares, Inc. Hattiesburg MS Preferred Stock w/ Warrants 5,000,000 $ Par 2/6/2009 Carolina Trust Bank Lincolnton NC Preferred Stock w/ Warrants 4,000,000 $ Par 2/6/2009 Alaska Pacific Bancshares, Inc. Juneau AK Preferred Stock w/ Warrants 4,781,000 $ Par 

3 2/6/2009 PGB Holdings, Inc. Chicago IL Preferred Stock 3,000,000 $ Par 2 2/6/2009 The Freeport State Bank Harper KS Preferred Stock w/ Exercised Warrants 301,000 $ Par 2 2/6/2009 Stockmens Financial Corporation Rapid City SD Preferred Stock w/ Exercised Warrants 15,568,000 $ Par 

2 2/6/2009 US Metro Bank Garden Grove CA Preferred Stock w/ Exercised Warrants 2,861,000 $ Par 

2 2/6/2009 First Express of Nebraska, Inc. Gering NE Preferred Stock w/ Exercised Warrants 5,000,000 $ Par 

2 2/6/2009 Mercantile Capital Corp. Boston MA Preferred Stock w/ Exercised Warrants 3,500,000 $ Par 2 2/6/2009 Citizens Commerce Bancshares, Inc. Versailles KY Preferred Stock w/ Exercised Warrants 6,300,000 $ Par 3 2/6/2009 Liberty Financial Services, Inc. New Orleans LA Preferred Stock 5,645,000 $ Par 2 2/6/2009 Lone Star Bank Houston TX Preferred Stock w/ Exercised Warrants 3,072,000 $ Par 

18 2/6/2009 Union First Market Bankshares Corporation (First Market Bank, FSB) Bowling Green VA Preferred Stock 33,900,000 $ Par 

2 2/6/2009 Banner County Ban Corporation Harrisburg NE Preferred Stock w/ Exercised Warrants 795,000 $ Par 

2 2/6/2009 Centrix Bank & Trust Bedford NH Preferred Stock w/ Exercised Warrants 7,500,000 $ Par 

2 2/6/2009 Todd Bancshares, Inc. Hopkinsville KY Preferred Stock w/ Exercised Warrants 4,000,000 $ Par $2 2/6/2009 Georgia Commerce Bancshares, Inc. Atlanta GA Preferred Stock w/ Exercised Warrants 8,700,000 $ Par 2 2/6/2009 First Bank of Charleston, Inc. Charleston WV Preferred Stock w/ Exercised Warrants 3,345,000 $ Par 2 2/6/2009 F & M Financial Corporation Salisbury NC Preferred Stock w/ Exercised Warrants 17,000,000 $ Par 2 2/6/2009 The Bank of Currituck Moyock NC Preferred Stock w/ Exercised Warrants 4,021,000 $ Par 2 2/6/2009 CedarStone Bank Lebanon TN Preferred Stock w/ Exercised Warrants 3,564,000 $ Par 2 2/6/2009 Community Holding Company of Florida, Inc. Miramar Beach FL Preferred Stock w/ Exercised Warrants 1,050,000 $ Par 2 2/6/2009 Hyperion Bank Philadelphia PA Preferred Stock w/ Exercised Warrants 1,552,000 $ Par 

2, 13 - 

2/10/2010 2/6/2009 Pascack Bancorp, Inc. (Pascack Community Bank) Westwood NJ Preferred Stock w/ Exercised Warrants 3,756,000 $ Par 

2 2/6/2009 First Western Financial, Inc. Denver CO Preferred Stock w/ Exercised Warrants 8,559,000 $ Par 

2/13/2009 QCR Holdings, Inc. Moline IL Preferred Stock w/ Warrants 38,237,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

9/2/2009 

11/18/2009 

2/13/2009 The Bank of Kentucky Financial Corporation Crestview Hills KY Preferred Stock w/ Warrants 34,000,000 $ Par 

2/13/2009 PremierWest Bancorp Medford OR Preferred Stock w/ Warrants 41,400,000 $ Par 

2/13/2009 Carrollton Bancorp Baltimore MD Preferred Stock w/ Warrants 9,201,000 $ Par 

2/13/2009 FNB United Corp. Asheboro NC Preferred Stock w/ Warrants 51,500,000 $ Par 

2 2/13/2009 First Menasha Bancshares, Inc. Neenah WI Preferred Stock w/ Exercised Warrants 4,797,000 $ Par 2 2/13/2009 1st Enterprise Bank Los Angeles CA Preferred Stock w/ Exercised Warrants 4,400,000 $ Par 

2 2/13/2009 DeSoto County Bank Horn Lake MS Preferred Stock w/ Exercised Warrants 1,173,000 $ Par 2 2/13/2009 Security Bancshares of Pulaski County, Inc. Waynesville MO Preferred Stock w/ Exercised Warrants 2,152,000 $ Par 

2 2/13/2009 State Capital Corporation Greenwood MS Preferred Stock w/ Exercised Warrants 15,000,000 $ Par 2 2/13/2009 BankGreenville Greenville SC Preferred Stock w/ Exercised Warrants 1,000,000 $ Par 

2 2/13/2009 Corning Savings and Loan Association Corning AR Preferred Stock w/ Exercised Warrants 638,000 $ Par 

2 2/13/2009 Financial Security Corporation Basin WY Preferred Stock w/ Exercised Warrants 5,000,000 $ Par 

2 2/13/2009 ColoEast Bankshares, Inc. Lamar CO Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 2 2/13/2009 Santa Clara Valley Bank, N.A. Santa Paula CA Preferred Stock w/ Exercised Warrants 2,900,000 $ Par 

2 2/13/2009 Reliance Bancshares, Inc. Frontenac MO Preferred Stock w/ Exercised Warrants 40,000,000 $ Par 

2 2/13/2009 Regional Bankshares, Inc. Hartsville SC Preferred Stock w/ Exercised Warrants 1,500,000 $ Par 

2 2/13/2009 Peoples Bancorp Lynden WA Preferred Stock w/ Exercised Warrants 18,000,000 $ Par 

2 2/13/2009 First Choice Bank Cerritos CA Preferred Stock w/ Exercised Warrants 2,200,000 $ Par 

2 2/13/2009 Gregg Bancshares, Inc. Ozark MO Preferred Stock w/ Exercised Warrants 825,000 $ Par 

2/13/2009 Westamerica Bancorporation San Rafael CA Preferred Stock w/ Warrants 83,726,000 $ Par 

2 2/13/2009 Hometown Bancshares, Inc. Corbin KY Preferred Stock w/ Exercised Warrants 1,900,000 $ Par 2 2/13/2009 Midwest Regional Bancorp, Inc. Festus MO Preferred Stock w/ Exercised Warrants 700,000 $ Par 11/10/2009 

2 2/13/2009 Bern Bancshares, Inc. Bern KS Preferred Stock w/ Exercised Warrants 985,000 $ Par 

2 2/13/2009 Northwest Bancorporation, Inc. Spokane WA Preferred Stock w/ Exercised Warrants 10,500,000 $ Par 

2 2/13/2009 Liberty Bancshares, Inc. Springfield MO Preferred Stock w/ Exercised Warrants 21,900,000 $ Par 

2 2/13/2009 F&M Financial Corporation Clarksville TN Preferred Stock w/ Exercised Warrants 17,243,000 $ Par 

2 2/13/2009 Meridian Bank Devon PA Preferred Stock w/ Exercised Warrants 6,200,000 $ Par 

2 2/13/2009 Northwest Commercial Bank Lakewood WA Preferred Stock w/ Exercised Warrants 1,992,000 $ Par 

2/20/2009 Royal Bancshares of Pennsylvania, Inc. Narberth PA Preferred Stock w/ Warrants 30,407,000 $ Par 

Preferred Stock w/ Warrants 69,600,000 $ Par Trust Preferred Securities w/ Warrants 46,400,000 $ Par 

2/20/2009 Northern States Financial Corporation Waukegan IL Preferred Stock w/ Warrants 17,211,000 $ Par 

2 2/20/2009 Sonoma Valley Bancorp Sonoma CA Preferred Stock w/ Exercised Warrants 8,653,000 $ Par 

2 2/20/2009 Guaranty Bancorp, Inc. Woodsville NH Preferred Stock w/ Exercised Warrants 6,920,000 $ Par 2 2/20/2009 The Private Bank of California Los Angeles CA Preferred Stock w/ Exercised Warrants 5,450,000 $ Par 2 2/20/2009 Lafayette Bancorp, Inc. Oxford MS Preferred Stock w/ Exercised Warrants 1,998,000 $ Par 2 2/20/2009 Liberty Shares, Inc. Hinesville GA Preferred Stock w/ Exercised Warrants 17,280,000 $ Par 2 2/20/2009 White River Bancshares Company Fayetteville AR Preferred Stock w/ Exercised Warrants 16,800,000 $ Par 2 2/20/2009 United American Bank San Mateo CA Preferred Stock w/ Exercised Warrants 8,700,000 $ Par 2 2/20/2009 Crazy Woman Creek Bancorp, Inc. Buffalo WY Preferred Stock w/ Exercised Warrants 3,100,000 $ Par 2 2/20/2009 First Priority Financial Corp. Malvern PA Preferred Stock w/ Exercised Warrants 4,579,000 $ Par 2 2/20/2009 Mid-Wisconsin Financial Services, Inc. Medford WI Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 2 2/20/2009 Market Bancorporation, Inc. New Market MN Preferred Stock w/ Exercised Warrants 2,060,000 $ Par 2 2/20/2009 Hometown Bancorp of Alabama, Inc. Oneonta AL Preferred Stock w/ Exercised Warrants 3,250,000 $ Par 2 2/20/2009 Security State Bancshares, Inc. Charleston MO Preferred Stock w/ Exercised Warrants 12,500,000 $ Par 2 2/20/2009 CBB Bancorp Cartersville GA Preferred Stock w/ Exercised Warrants 2,644,000 $ Par 2 2/20/2009 BancPlus Corporation Ridgeland MS Preferred Stock w/ Exercised Warrants 48,000,000 $ Par 

27 2/20/2009 First Merchants Corporation Muncie IN

p g $ , ,

2 2/20/2009 Central Community Corporation Temple TX Preferred Stock w/ Exercised Warrants 22,000,000 $ Par 2 2/20/2009 First BancTrust Corporation Paris IL Preferred Stock w/ Exercised Warrants 7,350,000 $ Par 2 2/20/2009 Premier Service Bank Riverside CA Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 2/20/2009 Florida Business BancGroup, Inc. Tampa FL Preferred Stock w/ Exercised Warrants 9,495,000 $ Par 2 2/20/2009 Hamilton State Bancshares Hoschton GA Preferred Stock w/ Exercised Warrants 7,000,000 $ Par 

2/27/2009 Lakeland Financial Corporation Warsaw IN Preferred Stock w/ Warrants 56,044,000 $ Par 6/9/2010 

2/27/2009 First M&F Corporation Kosciusko MS Preferred Stock w/ Warrants 30,000,000 $ Par 2/27/2009 Southern First Bancshares, Inc. Greenville SC Preferred Stock w/ Warrants 17,299,000 $ Par 

2/27/2009 Integra Bank Corporation Evansville IN Preferred Stock w/ Warrants 83,586,000 $ Par 

2 2/27/2009 Community First Inc. Columbia TN Preferred Stock w/ Exercised Warrants 17,806,000 $ Par 2 2/27/2009 BNC Financial Group, Inc. New Canaan CT Preferred Stock w/ Exercised Warrants 4,797,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

2 2/27/2009 California Bank of Commerce Lafayette CA Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 2/27/2009 Columbine Capital Corp. Buena Vista CO Preferred Stock w/ Exercised Warrants 2,260,000 $ Par 2 2/27/2009 National Bancshares, Inc. Bettendorf IA Preferred Stock w/ Exercised Warrants 24,664,000 $ Par 2 2/27/2009 First State Bank of Mobeetie Mobeetie TX Preferred Stock w/ Exercised Warrants 731,000 $ Par 4/14/2010 

2 2/27/2009 Ridgestone Financial Services, Inc. Brookfield WI Preferred Stock w/ Exercised Warrants 10,900,000 $ Par 2 2/27/2009 Community Business Bank West Sacramento CA Preferred Stock w/ Exercised Warrants 3,976,000 $ Par 

2 2/27/2009 D.L. Evans Bancorp Burley ID Preferred Stock w/ Exercised Warrants 19,891,000 $ Par 2 2/27/2009 TriState Capital Holdings, Inc. Pittsburgh PA Preferred Stock w/ Exercised Warrants 23,000,000 $ Par 2 2/27/2009 Green City Bancshares, Inc. Green City MO Preferred Stock w/ Exercised Warrants 651,000 $ Par 7/14/2010 

2 2/27/2009 First Gothenburg Bancshares, Inc. Gothenburg NE Preferred Stock w/ Exercised Warrants 7,570,000 $ Par 

2 2/27/2009 Green Circle Investments, Inc. Clive IA Preferred Stock w/ Exercised Warrants 2,400,000 $ Par 2 2/27/2009 Private Bancorporation, Inc. Minneapolis MN Preferred Stock w/ Exercised Warrants 4,960,000 $ Par 2 2/27/2009 Regent Capital Corporation Nowata OK Preferred Stock w/ Exercised Warrants 2,655,000 $ Par 2 2/27/2009 Central Bancorp, Inc. Garland TX Preferred Stock w/ Exercised Warrants 22,500,000 $ Par 2 2/27/2009 Medallion Bank Salt Lake City UT Preferred Stock w/ Exercised Warrants 11,800,000 $ Par 2 2/27/2009 PSB Financial Corporation Many LA Preferred Stock w/ Exercised Warrants 9,270,000 $ Par 2 2/27/2009 Avenue Financial Holdings, Inc. Nashville TN Preferred Stock w/ Exercised Warrants 7,400,000 $ Par 2 2/27/2009 Howard Bancorp, Inc. Ellicott City MD Preferred Stock w/ Exercised Warrants 5,983,000 $ Par 2 2/27/2009 FNB Bancorp South San Francisco CA Preferred Stock w/ Exercised Warrants 12,000,000 $ Par 

2, 13 - 

12/4/2009 2/27/2009 The Victory Bancorp, Inc. (The Victory Bank) Limerick PA Preferred Stock w/ Exercised Warrants 541,000 $ Par 

2 2/27/2009 Catskill Hudson Bancorp, Inc Rock Hill NY Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 

2 2/27/2009 Midtown Bank & Trust Company Atlanta GA Preferred Stock w/ Exercised Warrants 5,222,000 $ Par 

3/6/2009 HCSB Financial Corporation Loris SC Preferred Stock w/ Warrants 12,895,000 $ Par 

3/6/2009 First Busey Corporation Urbana IL Preferred Stock w/ Warrants 100,000,000 $ Par 3/6/2009 First Federal Bancshares of Arkansas, Inc. Harrison AR Preferred Stock w/ Warrants 16,500,000 $ Par 

3 3/6/2009 Citizens Bancshares Corporation Atlanta GA Preferred Stock 7,462,000 $ Par 2 3/6/2009 ICB Financial Ontario CA Preferred Stock w/ Exercised Warrants 6,000,000 $ Par 

2 3/6/2009 First Texas BHC, Inc. Fort Worth TX Preferred Stock w/ Exercised Warrants 13,533,000 $ Par 2 3/6/2009 Farmers & Merchants Bancshares, Inc. Houston TX Preferred Stock w/ Exercised Warrants 11,000,000 $ Par 2 3/6/2009 Blue Ridge Bancshares, Inc. Independence MO Preferred Stock w/ Exercised Warrants 12,000,000 $ Par 

2 3/6/2009 First Reliance Bancshares, Inc. Florence SC Preferred Stock w/ Exercised Warrants 15,349,000 $ Par 

2 3/6/2009 Merchants and Planters Bancshares, Inc. Toone TN Preferred Stock w/ Exercised Warrants 1,881,000 $ Par 

2 3/6/2009 First Southwest Bancorporation, Inc. Alamosa CO Preferred Stock w/ Exercised Warrants 5,500,000 $ Par 2 3/6/2009 Germantown Capital Corporation, Inc. Germantown TN Preferred Stock w/ Exercised Warrants 4,967,000 $ Par 

2 3/6/2009 BOH Holdings, Inc. Houston TX Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 2 3/6/2009 AmeriBank Holding Company Collinsville OK Preferred Stock w/ Exercised Warrants 2,492,000 $ Par 2 3/6/2009 Highlands Independent Bancshares, Inc. Sebring FL Preferred Stock w/ Exercised Warrants 6,700,000 $ Par 2 3/6/2009 Pinnacle Bank Holding Company, Inc. Orange City FL Preferred Stock w/ Exercised Warrants 4,389,000 $ Par 2 3/6/2009 Blue River Bancshares, Inc. Shelbyville IN Preferred Stock w/ Exercised Warrants 5,000,000 $ Par 

2 3/6/2009 Marine Bank & Trust Company Vero Beach FL Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 2 3/6/2009 Community Bancshares of Kansas, Inc. Goff KS Preferred Stock w/ Exercised Warrants 500,000 $ Par 

2 3/6/2009 Regent Bancorp, Inc. Davie FL Preferred Stock w/ Exercised Warrants 9,982,000 $ Par 2 3/6/2009 Park Bancorporation, Inc. Madison WI Preferred Stock w/ Exercised Warrants 23,200,000 $ Par 

2 3/6/2009 PeoplesSouth Bancshares, Inc. Colquitt GA Preferred Stock w/ Exercised Warrants 12,325,000 $ Par 

3/13/2009 First Place Financial Corp. Warren OH Preferred Stock w/ Warrants 72,927,000 $ Par 

3/13/2009 Salisbury Bancorp, Inc. Lakeville CT Preferred Stock w/ Warrants 8,816,000 $ Par 3/13/2009 First Northern Community Bancorp Dixon CA Preferred Stock w/ Warrants 17,390,000 $ Par 

3/13/2009 Discover Financial Services Riverwoods IL Preferred Stock w/ Warrants 1,224,558,000 $ Par 4/21/2010 

,,, 

3/13/2009 Provident Community Bancshares, Inc. Rock Hill SC Preferred Stock w/ Warrants 9,266,000 $ Par 

3 3/13/2009 First American International Corp. Brooklyn NY Preferred Stock 17,000,000 $ Par 

2 3/13/2009 BancIndependent, Inc. Sheffield AL Preferred Stock w/ Exercised Warrants 21,100,000 $ Par 2 3/13/2009 Haviland Bancshares, Inc. Haviland KS Preferred Stock w/ Exercised Warrants 425,000 $ Par 

2 3/13/2009 1st United Bancorp, Inc. Boca Raton FL Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 11/18/2009 

2 3/13/2009 Madison Financial Corporation Richmond KY Preferred Stock w/ Exercised Warrants 3,370,000 $ Par 2 3/13/2009 First National Corporation Strasburg VA Preferred Stock w/ Exercised Warrants 13,900,000 $ Par 

2 3/13/2009 St. Johns Bancshares, Inc. St. Louis MO Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 

2 3/13/2009 Blackhawk Bancorp, Inc. Beloit WI Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 

2, 3a - 

11/13/2009 3/13/2009 IBW Financial Corporation Washington DC Preferred Stock 6,000,000 $ Par 

2 3/13/2009 Butler Point, Inc. Catlin IL Preferred Stock w/ Exercised Warrants 607,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

2 3/13/2009 Bank of George Las Vegas NV Preferred Stock w/ Exercised Warrants 2,672,000 $ Par 

2 3/13/2009 Moneytree Corporation Lenoir City TN Preferred Stock w/ Exercised Warrants 9,516,000 $ Par 

2 3/13/2009 Sovereign Bancshares, Inc. Dallas TX Preferred Stock w/ Exercised Warrants 18,215,000 $ Par 

2 3/13/2009 First Intercontinental Bank Doraville GA Preferred Stock w/ Exercised Warrants 6,398,000 $ Par 

3/20/2009 Heritage Oaks Bancorp Paso Robles CA Preferred Stock w/ Warrants 21,000,000 $ Par 

2 3/20/2009 Community First Bancshares Inc. Union City TN Preferred Stock w/ Exercised Warrants 20,000,000 $ Par 

2 3/20/2009 First NBC Bank Holding Company New Orleans LA Preferred Stock w/ Exercised Warrants 17,836,000 $ Par 2 3/20/2009 First Colebrook Bancorp, Inc. Colebrook NH Preferred Stock w/ Exercised Warrants 4,500,000 $ Par 2 3/20/2009 Kirksville Bancorp, Inc. Kirksville MO Preferred Stock w/ Exercised Warrants 470,000 $ Par 

2 3/20/2009 Peoples Bancshares of TN, Inc Madisonville TN Preferred Stock w/ Exercised Warrants 3,900,000 $ Par 

2 3/20/2009 Premier Bank Holding Company Tallahassee FL Preferred Stock w/ Exercised Warrants 9,500,000 $ Par 2 3/20/2009 Citizens Bank & Trust Company Covington LA Preferred Stock w/ Exercised Warrants 2,400,000 $ Par 2 3/20/2009 Farmers & Merchants Financial Corporation Argonia KS Preferred Stock w/ Exercised Warrants 442,000 $ Par 

2 3/20/2009 Farmers State Bankshares, Inc. Holton KS Preferred Stock w/ Exercised Warrants 700,000 $ Par 

2 3/27/2009 SBT Bancorp, Inc. Simsbury CT Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 

2 3/27/2009 CSRA Bank Corp. Wrens GA Preferred Stock w/ Exercised Warrants 2,400,000 $ Par 2 3/27/2009 Trinity Capital Corporation Los Alamos NM Preferred Stock w/ Exercised Warrants 35,539,000 $ Par 2 3/27/2009 Clover Community Bankshares, Inc. Clover SC Preferred Stock w/ Exercised Warrants 3,000,000 $ Par 

2 3/27/2009 Pathway Bancorp Cairo NE Preferred Stock w/ Exercised Warrants 3,727,000 $ Par 

2 3/27/2009 Colonial American Bank West Conshohocken PA Preferred Stock w/ Exercised Warrants 574,000 $ Par 2 3/27/2009 MS Financial, Inc. Kingwood TX Preferred Stock w/ Exercised Warrants 7,723,000 $ Par 

2 3/27/2009 Triad Bancorp, Inc. Frontenac MO Preferred Stock w/ Exercised Warrants 3,700,000 $ Par 

2 3/27/2009 Alpine Banks of Colorado Glenwood Springs CO Preferred Stock w/ Exercised Warrants 70,000,000 $ Par 2 3/27/2009 Naples Bancorp, Inc. Naples FL Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 3/27/2009 CBS Banc-Corp. Russellville AL Preferred Stock w/ Exercised Warrants 24,300,000 $ Par 2 3/27/2009 IBT Bancorp, Inc. Irving TX Preferred Stock w/ Exercised Warrants 2,295,000 $ Par 2 3/27/2009 Spirit BankCorp, Inc. Bristow OK Preferred Stock w/ Exercised Warrants 30,000,000 $ Par 2 3/27/2009 Maryland Financial Bank Towson MD Preferred Stock w/ Exercised Warrants 1,700,000 $ Par 

4/3/2009 First Capital Bancorp, Inc. Glen Ellen VA Preferred Stock w/ Warrants 10,958,000 $ Par 

2, 3 4/3/2009 Tri-State Bank of Memphis Memphis TN Preferred Stock 2,795,000 $ Par 

2 4/3/2009 Fortune Financial Corporation Arnold MO Preferred Stock w/ Exercised Warrants 3,100,000 $ Par 

2 4/3/2009 BancStar, Inc. Festus MO Preferred Stock w/ Exercised Warrants 8,600,000 $ Par 

2 4/3/2009 Titonka Bancshares, Inc Titonka IA Preferred Stock w/ Exercised Warrants 2,117,000 $ Par 2 4/3/2009 Millennium Bancorp, Inc. Edwards CO Preferred Stock w/ Exercised Warrants 7,260,000 $ Par 2 4/3/2009 TriSummit Bank Kingsport TN Preferred Stock w/ Exercised Warrants 2,765,000 $ Par 

2 4/3/2009 Prairie Star Bancshares, Inc. Olathe KS Preferred Stock w/ Exercised Warrants 2,800,000 $ Par 

2 4/3/2009 Community First Bancshares, Inc. Harrison AR Preferred Stock w/ Exercised Warrants 12,725,000 $ Par 

2 4/3/2009 BCB Holding Company, Inc. Theodore AL Preferred Stock w/ Exercised Warrants 1,706,000 $ Par 

2, 3 4/10/2009 City National Bancshares Corporation Newark NJ Preferred Stock 9,439,000 $ Par 

2 4/10/2009 First Business Bank, N.A. San Diego CA Preferred Stock w/ Exercised Warrants 2,211,000 $ Par 2 4/10/2009 SV Financial, Inc. Sterling IL Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 4/10/2009 Capital Commerce Bancorp, Inc. Milwaukee WI Preferred Stock w/ Exercised Warrants 5,100,000 $ Par 2 4/10/2009 Metropolitan Capital Bancorp, Inc. Chicago IL Preferred Stock w/ Exercised Warrants 2,040,000 $ Par 

4/17/2009 Bank of the Carolinas Corporation Mocksville NC Preferred Stock w/ Warrants 13,179,000 $ Par 

2 4/17/2009 Penn Liberty Financial Corp. Wayne PA Preferred Stock w/ Exercised Warrants 9,960,000 $ Par 2 4/17/2009 Tifton Banking Company Tifton GA Preferred Stock w/ Exercised Warrants 3,800,000 $ Par 2 4/17/2009 Patterson Bancshares, Inc Patterson LA Preferred Stock w/ Exercised Warrants 3,690,000 $ Par 

2 4/17/2009 BNB Financial Services Corporation p New York NY Preferred Stock w/ Exercised Warrants 7,500,000 $ Par 

2 4/17/2009 Omega Capital Corp. Lakewood CO Preferred Stock w/ Exercised Warrants 2,816,000 $ Par 

4/24/2009 Mackinac Financial Corporation Manistique MI Preferred Stock w/ Warrants 11,000,000 $ Par 

2 4/24/2009 Birmingham Bloomfield Bancshares, Inc Birmingham MI Preferred Stock w/ Exercised Warrants 1,635,000 $ Par 2 4/24/2009 Vision Bank - Texas Richardson TX Preferred Stock w/ Exercised Warrants 1,500,000 $ Par 2 4/24/2009 Oregon Bancorp, Inc. Salem OR Preferred Stock w/ Exercised Warrants 3,216,000 $ Par 2 4/24/2009 Peoples Bancorporation, Inc. Easley SC Preferred Stock w/ Exercised Warrants 12,660,000 $ Par 2 4/24/2009 Indiana Bank Corp. Dana IN Preferred Stock w/ Exercised Warrants 1,312,000 $ Par 2 4/24/2009 Business Bancshares, Inc. Clayton MO Preferred Stock w/ Exercised Warrants 15,000,000 $ Par 2 4/24/2009 Standard Bancshares, Inc. Hickory Hills IL Preferred Stock w/ Exercised Warrants 60,000,000 $ Par 2 4/24/2009 York Traditions Bank York PA Preferred Stock w/ Exercised Warrants 4,871,000 $ Par 2 4/24/2009 Grand Capital Corporation Tulsa OK Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2 4/24/2009 Allied First Bancorp, Inc. Oswego IL Preferred Stock w/ Exercised Warrants 3,652,000 $ Par 
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

8 4/24/2009 Frontier Bancshares, Inc. Austin TX Subordinated Debentures w/ Exercised Warrants $ Par 11/24/2009 3,000,000 

5/1/2009 Village Bank and Trust Financial Corp Midlothian VA Preferred Stock w/ Warrants 14,738,000 $ Par 

2 5/1/2009 CenterBank Milford OH Preferred Stock w/ Exercised Warrants 2,250,000 $ Par 

2 5/1/2009 Georgia Primary Bank Atlanta GA Preferred Stock w/ Exercised Warrants 4,500,000 $ Par 2 5/1/2009 Union Bank & Trust Company Oxford NC Preferred Stock w/ Exercised Warrants 3,194,000 $ Par 2 5/1/2009 HPK Financial Corporation Chicago IL Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 8 5/1/2009 OSB Financial Services, Inc. Orange TX Subordinated Debentures w/ Exercised Warrants $ Par 6,100,000

8 5/1/2009 Security State Bank Holding-Company Jamestown ND Subordinated Debentures w/ Exercised Warrants $ Par 10,750,0002 5/8/2009 Highlands State Bank Vernon NJ Preferred Stock w/ Exercised Warrants 3,091,000 $ Par 2 5/8/2009 One Georgia Bank Atlanta GA Preferred Stock w/ Exercised Warrants 5,500,000 $ Par 2 5/8/2009 Gateway Bancshares, Inc. Ringgold GA Preferred Stock w/ Exercised Warrants 6,000,000 $ Par 8 5/8/2009 Freeport Bancshares, Inc. Freeport IL Subordinated Debentures w/ Exercised Warrants $ Par 3,000,0008 5/8/2009 Investors Financial Corporation of Pettis County, Inc. Sedalia MO Subordinated Debentures w/ Exercised Warrants $ Par 4,000,0008 5/8/2009 Sword Financial Corporation Horicon WI Subordinated Debentures w/ Exercised Warrants $ Par 13,644,000

3, 8 5/8/2009 Premier Bancorp, Inc. Wilmette IL Subordinated Debentures 6,784,000 $ Par 

5/15/2009 Mercantile Bank Corporation Grand Rapids MI Preferred Stock w/ Warrants 21,000,000 $ Par 

2 5/15/2009 Northern State Bank Closter NJ Preferred Stock w/ Exercised Warrants 1,341,000 $ Par 

2 5/15/2009 5/15/2009 Western Reserve Bancorp Inc Western Reserve Bancorp, Inc Medina OH Preferred Stock w/ Exercised Warrants Preferred Stock w/ Exercised Warrants $ 4 700 000 4,700,000 Par 

2 5/15/2009 Community Financial Shares, Inc. Glen Ellyn IL Preferred Stock w/ Exercised Warrants 6,970,000 $ Par 2 5/15/2009 Worthington Financial Holdings, Inc. Huntsville AL Preferred Stock w/ Exercised Warrants 2,720,000 $ Par 2 5/15/2009 First Community Bancshares, Inc Overland Park KS Preferred Stock w/ Exercised Warrants 14,800,000 $ Par 2 5/15/2009 Southern Heritage Bancshares, Inc. Cleveland TN Preferred Stock w/ Exercised Warrants 4,862,000 $ Par 2 5/15/2009 Foresight Financial Group, Inc. Rockford IL Preferred Stock w/ Exercised Warrants 15,000,000 $ Par 

3, 8 5/15/2009 IBC Bancorp, Inc. Chicago IL Subordinated Debentures 4,205,000 $ Par 

8 5/15/2009 Boscobel Bancorp, Inc Boscobel WI Subordinated Debentures w/ Exercised Warrants $ Par 5,586,0008 5/15/2009 Brogan Bankshares, Inc. Kaukauna WI Subordinated Debentures w/ Exercised Warrants $ Par 2,400,0008 5/15/2009 Riverside Bancshares, Inc. Little Rock AR Subordinated Debentures w/ Exercised Warrants $ Par 1,100,0008 5/15/2009 Deerfield Financial Corporation Deerfield WI Subordinated Debentures w/ Exercised Warrants $ Par 2,639,0008 5/15/2009 Market Street Bancshares, Inc. Mt. Vernon IL Subordinated Debentures w/ Exercised Warrants $ Par 20,300,0002 5/22/2009 The Landrum Company Columbia MO Preferred Stock w/ Exercised Warrants 15,000,000 $ Par 2 5/22/2009 First Advantage Bancshares Inc. Coon Rapids MN Preferred Stock w/ Exercised Warrants 1,177,000 $ Par 2 5/22/2009 Fort Lee Federal Savings Bank Fort Lee NJ Preferred Stock w/ Exercised Warrants 1,300,000 $ Par 2 5/22/2009 Blackridge Financial, Inc. Fargo ND Preferred Stock w/ Exercised Warrants 5,000,000 $ Par 2 5/22/2009 Illinois State Bancorp, Inc. Chicago IL Preferred Stock w/ Exercised Warrants 6,272,000 $ Par 2 5/22/2009 Universal Bancorp Bloomfield IN Preferred Stock w/ Exercised Warrants 9,900,000 $ Par 2 5/22/2009 Franklin Bancorp, Inc. Washington MO Preferred Stock w/ Exercised Warrants 5,097,000 $ Par 8 5/22/2009 Commonwealth Bancshares, Inc. Louisville KY Subordinated Debentures w/ Exercised Warrants $ Par 20,400,000

8 5/22/2009 Premier Financial Corp Dubuque IA Subordinated Debentures w/ Exercised Warrants $ Par 6,349,0008 5/22/2009 F & C Bancorp, Inc. Holden MO Subordinated Debentures w/ Exercised Warrants p, $ Par 2,993,000

Warrants $ , ,

8 5/22/2009 Diamond Bancorp, Inc. Washington MO Subordinated Debentures w/ Exercised Warrants $ Par 20,445,0008 5/22/2009 United Bank Corporation Barnesville GA Subordinated Debentures w/ Exercised Warrants $ Par 14,400,000

5/29/2009 Community Bank Shares of Indiana, Inc. New Albany IN Preferred Stock w/ Warrants $ Par 19,468,000

2 5/29/2009 American Premier Bancorp Arcadia CA Preferred Stock w/ Exercised Warrants $ Par 1,800,0002 5/29/2009 CB Holding Corp. Aledo IL Preferred Stock w/ Exercised Warrants $ Par 4,114,0002 5/29/2009 Citizens Bancshares Co. Chillicothe MO Preferred Stock w/ Exercised Warrants $ Par 24,990,0002 5/29/2009 Grand Mountain Bancshares, Inc. Granby CO Preferred Stock w/ Exercised Warrants $ Par 3,076,0002 5/29/2009 Two Rivers Financial Group Burlington IA Preferred Stock w/ Exercised Warrants $ Par 12,000,0008 5/29/2009 Fidelity Bancorp, Inc Baton Rouge LA Subordinated Debentures w/ Exercised Warrants $ Par 3,942,000
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

8 5/29/2009 Chambers Bancshares, Inc. Danville AR Subordinated Debentures w/ Exercised Warrants $ Par 19,817,000

2 6/5/2009 Covenant Financial Corporation Clarksdale MS Preferred Stock w/ Exercised Warrants $ Par 5,000,0008 6/5/2009 First Trust Corporation New Orleans LA Subordinated Debentures w/ Exercised Warrants $ Par 17,969,000

8, 10 6/5/2009 OneFinancial Corporation Little Rock AR Subordinated Debentures w/ Exercised Warrants $ Par 17,300,000

2 6/12/2009 Berkshire Bancorp, Inc. Wyomissing PA Preferred Stock w/ Exercised Warrants $ Par 2,892,000

2, 10 6/12/2009 First Vernon Bancshares, Inc. Vernon AL Preferred Stock w/ Exercised Warrants $ Par 6,000,000

2 6/12/2009 SouthFirst Bancshares, Inc. Sylacauga AL Preferred Stock w/ Exercised Warrants $ Par 2,760,000

2, 10 6/12/2009 Virginia Company Bank Newport News VA Preferred Stock w/ Exercised Warrants $ Par 4,700,000

2 6/12/2009 Enterprise Financial Services Group, Inc. Allison Park PA Preferred Stock w/ Exercised Warrants $ Par 4,000,000

8, 10 6/12/2009 First Financial Bancshares, Inc. Lawrence KS Subordinated Debentures w/ Exercised Warrants $ Par 3,756,000

8 6/12/2009 River Valley Bancorporation, Inc. Wausau WI Subordinated Debentures w/ Exercised Warrants $ Par 15,000,0002 6/19/2009 Merchants and Manufacturers Bank Corporation Joliet IL Preferred Stock w/ Exercised Warrants $ Par 3,510,000

2, 10 6/19/2009 RCB Financial Corporation Rome GA Preferred Stock w/ Exercised Warrants $ Par 8,900,000

8 6/19/2009 Manhattan Bancshares, Inc. Manhattan IL Subordinated Debentures w/ Exercised Warrants $ Par 2,639,000

8, 10 6/19/2009 Biscayne Bancshares, Inc. Coconut Grove FL Subordinated Debentures w/ Exercised Warrants $ Par 6,400,000

8 6/19/2009 Duke Financial Group, Inc. Minneapolis MN Subordinated Debentures w/ Exercised Warrants $ Par 12,000,000

S / 8 6/19/2009 Farmers Enterprises, Inc. Great Bend KS Subordinated Debentures w/ Exercised Warrants $ Par 12,000,000

8 6/19/2009 Century Financial Services Corporation Santa Fe NM Subordinated Debentures w/ Exercised Warrants $ Par 10,000,0008 6/19/2009 NEMO Bancshares Inc. Madison MO Subordinated Debentures w/ Exercised Warrants $ Par 2,330,000

3, 8, 30 - 

7/30/2010 6/19/2009 University Financial Corp, Inc. St. Paul MN Subordinated Debentures $ 11,926,000 Par 7/30/2010 

8 6/19/2009 Suburban Illinois Bancorp, Inc. Elmhurst IL Subordinated Debentures w/ Exercised Warrants $ Par 15,000,000

6/26/2009 Hartford Financial Services Group, Inc. Hartford CT Preferred Stock w/ Warrants $ Par 3/31/2010 3,400,000,000 

2 6/26/2009 Fidelity Resources Company Plano TX Preferred Stock w/ Exercised Warrants $ Par 3,000,000

2, 10 6/26/2009 Waukesha Bankshares, Inc. Waukesha WI Preferred Stock w/ Exercised Warrants $ Par 5,625,000

2 6/26/2009 FC Holdings, Inc. Houston TX Preferred Stock w/ Exercised Warrants $ Par 21,042,000

2, 10 6/26/2009 Security Capital Corporation Batesville MS Preferred Stock w/ Exercised Warrants $ Par 17,388,000

2 6/26/2009 First Alliance Bancshares, Inc. Cordova TN Preferred Stock w/ Exercised Warrants $ Par 3,422,0002 6/26/2009 Gulfstream Bancshares, Inc. Stuart FL Preferred Stock w/ Exercised Warrants $ Par 7,500,000

2, 10 6/26/2009 Gold Canyon Bank Gold Canyon AZ Preferred Stock w/ Exercised Warrants $ Par 1,607,000

2, 3, 10 6/26/2009 M&F Bancorp, Inc. Durham NC Preferred Stock $ Par 11,735,000

2 6/26/2009 Metropolitan Bank Group, Inc. Chicago IL Preferred Stock w/ Exercised Warrants $ Par 71,526,0002 6/26/2009 NC Bancorp, Inc. Chicago IL Preferred Stock w/ Exercised Warrants $ Par 6,880,0002 6/26/2009 Alliance Bancshares, Inc. Dalton GA Preferred Stock w/ Exercised Warrants $ Par 2,986,0008 6/26/2009 Stearns Financial Services, Inc. St. Cloud MN Subordinated Debentures w/ Exercised 

Warrants $ Par 24,900,000

8 6/26/2009 Signature Bancshares, Inc. Dallas TX Subordinated Debentures w/ Exercised Warrants $ Par 1,700,0008 6/26/2009 Fremont Bancorporation Fremont CA Subordinated Debentures w/ Exercised 

Warrants $ Par 35,000,000

8 6/26/2009 Alliance Financial Services Inc. Saint Paul MN Subordinated Debentures w/ Exercised Warrants $ Par 12,000,000

7/10/2009 Lincoln National Corporation Radnor PA Preferred Stock w/ Warrants 950,000,000 $ Par 6/30/2010 

2, 10 7/10/2009 Bancorp Financial, Inc. Oak Brook IL Preferred Stock w/ Exercised Warrants $ Par 13,669,000

2 7/17/2009 Brotherhood Bancshares, Inc. Kansas City KS Preferred Stock w/ Exercised Warrants $ Par 11,000,0002 7/17/2009 SouthCrest Financial Group, Inc. Fayetteville GA Preferred Stock w/ Exercised Warrants $ Par 12,900,000

2, 3 7/17/2009 Harbor Bankshares Corporation Baltimore MD Preferred Stock $ Par 6,800,000

8 7/17/2009 First South Bancorp, Inc. Lexington TN Subordinated Debentures w/ Exercised Warrants $ Par 50,000,0008 7/17/2009 Great River Holding Company Baxter MN Subordinated Debentures w/ Exercised Warrants $ Par 8,400,000

8, 10 7/17/2009 Plato Holdings Inc. Saint Paul MN Subordinated Debentures w/ Exercised Warrants $ Par 2,500,000

7/24/2009 Yadkin Valley Financial Corporation Elkin NC Preferred Stock w/ Warrants $ Par 13,312,000
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

2, 10 7/24/2009 Community Bancshares, Inc. Kingman AZ Preferred Stock w/ Exercised Warrants $ Par 3,872,000

2 7/24/2009 Florida Bank Group, Inc. Tampa FL Preferred Stock w/ Exercised Warrants $ Par 20,471,0008 7/24/2009 First American Bank Corporation Elk Grove Village IL Subordinated Debentures w/ Exercised Warrants $ Par 50,000,0002 7/31/2009 Chicago Shore Corporation Chicago IL Preferred Stock w/ Exercised Warrants $ Par 7,000,000

8, 10 7/31/2009 Financial Services of Winger, Inc. Winger MN Subordinated Debentures w/ Exercised Warrants $ Par 3,742,000

2 8/7/2009 The ANB Corporation Terrell TX Preferred Stock w/ Exercised Warrants $ Par 20,000,0002 8/7/2009 U.S. Century Bank Miami FL Preferred Stock w/ Exercised Warrants $ Par 50,236,0002 8/14/2009 Bank Financial Services, Inc. Eden Prarie MN Preferred Stock w/ Exercised Warrants $ Par 1,004,0002 8/21/2009 KS Bancorp, Inc. Smithfield NC Preferred Stock w/ Exercised Warrants $ Par 4,000,0008 8/21/2009 AmFirst Financial Services, Inc. McCook NE Subordinated Debentures w/ Exercised Warrants $ Par 5,000,000

2, 3 8/28/2009 First Independence Corporation Detroit MI Preferred Stock $ Par 3,223,000

2 8/28/2009 First Guaranty Bancshares, Inc. Hammond LA Preferred Stock w/ Exercised Warrants $ Par 20,699,000

2, 10 8/28/2009 CoastalSouth Bancshares, Inc. Hilton Head Island SC Preferred Stock w/ Exercised Warrants $ Par 16,015,0008, 10 8/28/2009 TCB Corporation Greenwood SC Subordinated Debentures w/ Exercised Warrants $ Par 9,720,0008, 10 9/4/2009 The State Bank of Bartley Bartley NE Subordinated Debentures w/ Exercised Warrants $ Par 1,697,000

9/11/2009 Pathfinder Bancorp, Inc. Oswego NY Preferred Stock w/ Warrants $ Par 6,771,000

2 9/11/2009 Community Bancshares of Mississippi, Inc. Brandon MS Preferred Stock w/ Exercised Warrants 52,000,000 $ Par 

2 10 ,9/11/2009 9/11/2009 Heartland Bancshares Inc Heartland Bancshares, Inc. Franklin Franklin IN Preferred Stock w/ Exercised Warrants Preferred Stock w/ Exercised Warrants $ 7 000 000 7,000,000 Par

2, 10 9/11/2009 PFSB Bancorporation, Inc. Pigeon Falls WI Preferred Stock w/ Exercised Warrants $ Par 1,500,000

8 9/11/2009 First Eagle Bancshares, Inc. Hanover Park IL Subordinated Debentures w/ Exercised Warrants $ Par 7,500,000

2, 10 9/18/2009 IA Bancorp, Inc. Iselin NJ Preferred Stock w/ Exercised Warrants 5,976,000 $ Par 2, 10 9/18/2009 HomeTown Bankshares Corporation Roanoke VA Preferred Stock w/ Exercised Warrants 10,000,000 $ Par 2, 10 9/25/2009 Heritage Bankshares, Inc. Norfolk VA Preferred Stock w/ Exercised Warrants 10,103,000 $ Par 

2 9/25/2009 Mountain Valley Bancshares, Inc. Cleveland GA Preferred Stock w/ Exercised Warrants 3,300,000 $ Par 8 9/25/2009 Grand Financial Corporation Hattiesburg MS Subordinated Debentures w/ Exercised Warrants $ Par 2,443,320

3, 8, 30 - 

7/30/2010 9/25/2009 Guaranty Capital Corporation Belzoni MS Subordinated Debentures 14,000,000 $ Par 7/30/2010 

10, 21 9/25/2009 GulfSouth Private Bank Destin FL Preferred Stock w/ Exercised Warrants 7,500,000 $ Par 

8, 10 9/25/2009 Steele Street Bank Corporation Denver CO Subordinated Debentures w/ Exercised Warrants $ Par 11,019,000

10/2/2009 Premier Financial Bancorp, Inc. Huntington WV Preferred Stock w/ Warrants 22,252,000 $ Par 

2, 10 10/2/2009 Providence Bank Rocky Mount NC Preferred Stock w/ Exercised Warrants 4,000,000 $ Par 2, 10 10/23/2009 Regents Bancshares, Inc. Vancouver WA Preferred Stock w/ Exercised Warrants 12,700,000 $ Par 

8 10/23/2009 Cardinal Bancorp II, Inc. Washington MO Subordinated Debentures w/ Exercised Warrants $ Par 6,251,000

2 10/30/2009 Randolph Bank & Trust Company Asheboro NC Preferred Stock w/ Exercised Warrants $ Par 6,229,000

2, 10a 10/30/2009 WashingtonFirst Bankshares, Inc. Reston VA Preferred Stock $ Par 6,842,0002, 10a 11/6/2009 F & M Bancshares, Inc. Trezevant TN Preferred Stock $ Par 3,535,000

2, 10 11/13/2009 Fidelity Federal Bancorp Evansville IN Preferred Stock w/ Exercised Warrants $ Par 6,657,0008, 10 11/13/2009 Community Pride Bank Corporation Ham Lake MN Subordinated Debentures w/ Exercised Warrants $ Par 4,400,000

2, 10a 11/13/2009 HPK Financial Corporation Chicago IL Preferred Stock w/ Exercised Warrants $ Par 5,000,000

2, 10 11/20/2009 Presidio Bank San Francisco CA Preferred Stock w/ Exercised Warrants $ Par 10,800,000

2 11/20/2009 McLeod Bancshares, Inc. Shorewood MN Preferred Stock w/ Exercised Warrants $ Par 6,000,000

2, 10a 11/20/2009 Metropolitan Capital Bancorp, Inc. Chicago IL Preferred Stock $ Par 2,348,000

3, 10a 12/4/2009 Broadway Financial Corporation Los Angeles CA Preferred Stock $ Par 6,000,000

2 12/4/2009 Delmar Bancorp Delmar MD Preferred Stock w/ Exercised Warrants $ Par 9,000,000

2, 10 12/4/2009 Liberty Bancshares, Inc. Fort Worth TX Preferred Stock w/ Exercised Warrants $ Par 6,500,000

2 12/11/2009 First Community Financial Partners, Inc. Joliet IL Preferred Stock w/ Exercised Warrants $ Par 22,000,000

2, 10 12/11/2009 Wachusett Financial Services, Inc. Clinton MA Preferred Stock w/ Exercised Warrants $ Par 12,000,000

8 12/11/2009 Nationwide Bankshares, Inc. West Point NE Subordinated Debentures w/ Exercised Warrants $ Par 2,000,000

2, 10a 12/11/2009 GrandSouth Bancorporation Greenville SC Preferred Stock $ Par 6,319,0002, 10a 12/11/2009 1st Enterprise Bank Los Angeles CA Preferred Stock $ Par 6,000,000

2, 10a 12/11/2009 First Resource Bank Exton PA Preferred Stock $ Par 2,417,000

2, 10a 12/11/2009 First Western Financial, Inc. Denver CO Preferred Stock $ Par 11,881,000
Name of Institution City State Investment Description Investment Amount 

 Pricing 

Mechanism

Capital 

Repayment Dat

Footnote Purchase Date 

Seller Purchase Details Capital R

2, 10a 12/11/2009 Meridian Bank Devon PA Preferred Stock $ Par 6,335,000

2, 10a 12/11/2009 The Victory Bancorp, Inc. Limerick PA Preferred Stock w/ Exercised Warrants $ Par 1,505,000

2, 10a 12/11/2009 First Business Bank, N.A. San Diego CA Preferred Stock $ Par 2,032,000

2 12/18/2009 Layton Park Financial Group Milwaukee WI Preferred Stock w/ Exercised Warrants $ Par 3,000,000

2, 10 12/18/2009 Centric Financial Corporation Harrisburg PA Preferred Stock w/ Exercised Warrants $ Par 6,056,000

2 12/18/2009 Valley Financial Group, Ltd., 1st State Bank Saginaw MI Preferred Stock w/ Exercised Warrants $ Par 1,300,000

2, 10a 12/18/2009 Cache Valley Banking Company Logan UT Preferred Stock $ Par 4,640,000

2, 10a 12/18/2009 Birmingham Bloomfield Bancshares, Inc Birmingham MI Preferred Stock $ Par 1,744,000

2, 10a 12/18/2009 First Priority Financial Corp. Malvern PA Preferred Stock $ Par 4,596,000

2, 10a 12/18/2009 Northern State Bank Closter NJ Preferred Stock $ Par 1,230,000

2, 10a 12/18/2009 Union Bank & Trust Company Oxford NC Preferred Stock $ Par 2,997,000

2, 10 12/22/2009 First Freedom Bancshares, Inc. Lebanon TN Preferred Stock w/ Exercised Warrants $ Par 8,700,000

2, 10a 12/22/2009 First Choice Bank Cerritos CA Preferred Stock $ Par 2,836,000

2, 10a 12/22/2009 Highlands State Bank Vernon NJ Preferred Stock $ Par 2,359,0002, 10a 12/22/2009 Medallion Bank Salt Lake City UT Preferred Stock w/ Exercised Warrants $ Par 9,698,000

2, 10a 12/22/2009 Catskill Hudson Bancorp, Inc Rock Hill NY Preferred Stock w/ Exercised Warrants $ Par 3,500,000

2, 10a 12/22/2009 TriSummit Bank Kingsport TN Preferred Stock $ Par 4,237,000

2, 10 12/29/2009 Atlantic Bancshares, Inc. Bluffton SC Preferred Stock w/ Exercised Warrants $ Par 2,000,000

2, 10 12/29/2009 Union Financial Corporation Albuquerque NM Preferred Stock w/ Exercised Warrants $ Par 2,179,000

2 12/29/2009 Mainline Bancorp, Inc. Ebensburg PA Preferred Stock w/ Exercised Warrants $ Par 4,500,000

8, 10 12/29/2009 FBHC Holding Company Boulder CO Subordinated Debentures w/ Exercised Warrants $ Par 3,035,000

2, 10a 12/29/2009 Western Illinois Bancshares Inc. Monmouth IL Preferred Stock $ Par 4,567,000

2, 10a 12/29/2009 DeSoto County Bank Horn Lake MS Preferred Stock $ Par 1,508,0002, 10a 12/29/2009 Lafayette Bancorp, Inc. Oxford MS Preferred Stock $ Par 2,453,0002, 10a 12/29/2009 Private Bancorporation, Inc. Minneapolis MN Preferred Stock $ Par 3,262,000

2, 10a 12/29/2009 CBB Bancorp Cartersville GA Preferred Stock $ Par 1,753,0002, 10a 12/29/2009 Illinois State Bancorp, Inc. Chicago IL Preferred Stock w/ Exercised Warrants $ Par 4,000,000

Total Purchase Amount * 204,925,930,320 $ 

Notes appear on the following page.

TOTAL TREASURY CAPITAL PURCHASE PROGRAM (CPP) OUTSTANDING INVESTMENT AMOUNT

* Total purchase amount includes the capitalization of accrued dividends referred to in Notes 20, 22 and 28.** Total repaid includes (i) the amount of $8,479,158,535 applied as repayment under the Capital Purchase Program from the total proceeds of $10,505,219,983 received pursuant to the sales of Citigroup, Inc. common stock a

repaid by institutions that have completed exchanges for investments under the Community Development Capital Initiative (see Note 30 and "Community Development Capital Initiative" below).
22/ On 4/16/2010, Treasury exchanged its $72,000,000 of Preferred Stock in Independent Bank Corporation (Independent) for $74,426,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial inve

Independent of the conditions related to its capital plan, the MCP may be converted to common stock.23/ Treasury received Citigroup common stock pursuant to the June 2009 Exchange Agreement between Treasury and Citigroup which provided for the exchange into common shares of the preferred stock that Treasury purchM St l & C I t d (M St l ) di ti th it it l t t ll bj t t t i t t 1 500 000 000 h f th t k f ti t ti d i th i d di 21/ On 3/30/2010, Treasury exchanged its $7,500,000 of Subordinated Debentures in GulfSouth Private Bank for an equivalent amount of Preferred Stock, in connection with its conversion from a Subchapter S-Corporation, th10a/ This institution received an additional investment through the expansion of CPP for small banks.11/ Treasury made three separate investments in Citigroup Inc. (Citigroup) under the CPP, Targeted Investment Program (TIP), and Asset Guarantee Program (AGP) for a total of $49 billion. On 6/9/2009, Treasury entered into 

Stock, Series H (CPP Shares) "dollar for dollar" in Citigroup's Private and Public Exchange Offerings. On 7/23/2009 and 7/30/2009, Treasury exchanged a total of $25 billion of the CPP shares for Series M Common Stock Equshares of common stock and the associated warrant terminated on receipt of certain shareholder approvals.12/ On 8/24/2009, Treasury exchanged its Series C Preferred Stock issued by Popular, Inc. for a like amount of non tax-deductible Trust Preferred Securities issued by Popular Capital Trust III, administrative trustee for Popula

13/ This institution converted to a bank holding company structure and Treasury exchanged its securities for a like amount of securities that comply with the CPP terms applicable to bank holding companies. The institution in w

14/ As of the date of this report, this institution is in bankruptcy proceedings. 15/ For final disposition of warrants, "R" represents proceeds from a repurchase of warrants by the financial institution, and "A" represents the proceeds to Treasury, before underwriting fees and selling expenses, from a sale b16/ On 12/10/2009, the bankruptcy reorganization plan of CIT Group Inc. became effective and Treasury's preferred stock and warrant investment were extinguished and replaced by Contingent Value Rights (CVRs). On 2/8/217/ On 12/11/2009, Treasury exchanged its Series A Preferred Stock issued by Superior Bancorp, Inc. for a like amount of non tax-deductible Trust Preferred Securities issued by Superior Capital Trust II, administrative trustee 18/ On 2/1/2010, following the acquisition of First Market Bank (First Market) by Union Bankshares Corporation (the acquiror), the preferred stock and exercised warrants issued by First Market on 2/6/2009 were exchanged for 19/ On 2/11/2010, Pacific Coast National Bancorp dismissed its bankruptcy proceedings with no recovery to any creditors or investors, including Treasury, and the investment was extinguished.20/ On 3/8/2010, Treasury exchanged its $84,784,000 of Preferred Stock in Midwest Banc Holdings, Inc. (MBHI) for $89,388,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial investment am

conditions related to its capital plan, the MCP may be converted to common stock.10/ This institution participated in the expansion of CPP for small banks.1a/ This transaction was included in previous Transaction Reports with Merrill Lynch & Co., Inc. listed as the qualifying institution and a 10/28/2008 transaction date, footnoted to indicate that settlement was deferred pending m1b/ The warrant disposition proceeds amount are stated pro rata in respect of the CPP investments in Bank of America Corporation that occurred on 10/28/2008 and 1/9/2009. The total gross disposition proceeds from CPP won 3/3/2010 appear on a following page of this report. 2/ Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock (unless the institution is a CDFI), which it exercised immediately.3/ To promote community development financial institutions (CDFIs), Treasury does not require warrants as part of its investment in certified CDFIs when the size of the investment is $50 million or less.3a/ Treasury cancelled the warrants received from this institution due to its designation as a CDFI.4/ Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009.5/ Redemption pursuant to a qualified equity offering.6/ This amount does not include accrued and unpaid dividends, which must be paid at the time of capital repayment.7/ The proceeds associated with the disposition of this investment do not include accrued and unpaid dividends.8/ Subchapter S corporation; Treasury received a warrant to purchase additional subordinated debentures (unless the institution is a CDFI), which it exercised immediately.9/ In its qualified equity offering, this institution raised more capital than Treasury’s original investment, therefore, the number of Treasury’s shares underlying the warrant was reduced by half.28/ On 7/20/2010, Treasury completed the exchange of its $400,000,000 of Preferred Stock in First BanCorp for $424,174,000 of Mandatorily Convertible Preferred Stock (MCP), which is equivalent to the initial investment amoBanCorp of certain conditions, including those related to its capital plan, the MCP may be converted to common stock.29/ On 7/26/2010, Treasury entered into an agreement with Pacific Capital Bancorp (Pacific Capital) to exchange Treasury’s $180,634,000 of Preferred Stock for an equivalent amount of Mandatorily Convertible Preferred StocMCP is subject to certain closing conditions, including the satisfactory completion of a capital plan. Subject to the fulfillment by Pacific Capital of certain conditions, including the receipt of regulatory and shareholder approvals, 30/ This institution qualified to participate in the Community Development Capital Initiative (CDCI), and has completed an exchange of its Capital Purchase Program investment for an investment under the terms of the CDCI pr

Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority as its sales agent to sell subject to certain parameters up to 1,500,000,000 shares of the common stock from time to time during the period ending o

2010, Treasury again gave Morgan Stanley discretionary authority as its sales agent to sell subject to certain parameters up to 1,500,000,000 shares of the common stock from time to time during the period ending on June 30generally made at the market price. See "Capital Purchase Program - Citigroup, Inc., Common Stock Disposition" on following page for the actual number of shares sold by Morgan Stanley, the weighted average price per shaStanley discretionary authority as its sales agent to sell subject to certain parameters up to 1,500,000,000 shares of the common stock from time to time during the period ending on September 30, 2010 (or on completion of the 24/ On 4/29/2010, Treasury entered into an agreement with Sterling Financial Corporation (Sterling) to exchange Treasury’s $303,000,000 of Preferred Stock for an equivalent amount of Mandatory Convertible Preferred Stock fulfillment by Sterling of the conditions related to its capital plan, the MCP may be converted to common stock.25/ As of the date of this report, the banking subsidiary of this institution has been placed in receivership and the subsidiary's assets and liabilities were ordered to be sold to another bank.26/ On 5/18/2010, Treasury entered into an agreement with The Toronto-Dominion Bank for the sale of all Preferred Stock and Warrants issued by South Financial Group, Inc. to Treasury at an aggregate purchase price of $13closing conditions.27/ On 6/30/2010, Treasury exchanged $46,400,000 of its Series A Preferred Stock in First Merchants Corporation for a like amount of non tax-deductible Trust Preferred Securities issued by First Merchants Capital Trust III.
Pricing Mechanism4 Number of Shares Proceeds5

4/26/2010 -

5/26/2010

1

$4.1217 1,500,000,000 $ 6,182,493,158 

5/26/2010 - 

6/30/2010

2

$3.8980 1,108,971,857 $ 4,322,726,825 

7/23/2010 - 

9/30/2010

3

Total Proceeds: $10,505,219,983

CAPITAL PURCHASE PROGRAM - CITIGROUP, INC.

COMMON STOCK DISPOSITION

Date

1/ On April 26, 2010, Treasury gave Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority, as its sales agent, common stock from time to time during the period ending on June 30, 2010 (or upon completion of the sale). Completion of the sale 2/ On May 26, 2010, Treasury gave Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority, as its sales agent, common stock from time to time during the period ending on June 30, 2010 (or upon completion of the sale). Completion of the sale 

4/ The price set forth is the weighted average price for all sales of Citigroup, Inc. common stock made by Treasury over the course o5/ Amount represents the gross proceeds to Treasury.common stock from time to time during the period ending on June 30, 2010 (or upon completion of the sale). Completion of the sale 

3/ On July 23, 2010, Treasury gave Morgan Stanley & Co. Incorporated (Morgan Stanley) discretionary authority, as its sales agent, stock from time to time during the period ending on September 30, 2010 (or upon completion of the sale).
Name of Institution City State Investment Description Amount from CPP Additional Investment 

1 7/30/2010 Guaranty Capital Corporation Belzoni MS Subordinated Debentures $ - 14,000,000 $ 

1, 2 7/30/2010 University Financial Corp, Inc. St. Paul MN Subordinated Debentures $ 10,189,000 11,926,000 $ 

Total Purchase Amoun

TOTAL TREASURY COMMUNITY 

1/ This institution qualified to participate in the Community Development Capital Initiative (CDCI), and has exchanged its Capital Purchase Program investment for an equivalent amount of investment with Trea2/ Treasury made an additional investment in this institution at the time it entered the CDCI program.

COMMUNITY DEVELOPMENT CAPITAL INITIATIVE

Footnote Purchase Date 

Seller Purchase Details 
12/29/2008 Purchase GMAC Preferred Stock w/ Exercised Warrants $ Par 12/30/2009 5,000,000,000 Exchange for convertible preferred stock $ N/A GMAC 

5,000,000,000 

GMAC GMAC GMAC 

12/30/2009 Purchase GMAC Trust Preferred Securities w/ Exercised Warrants $ Par 2,540,000,00012/30/2009 Purchase GMAC Convertible Preferred Stock w/ Exercised Warrants $ Par 22 1,250,000,00012/29/2008 Purchase General Motors Corporation Debt Obligation 884,024,131 $ Par 2 5/29/2009 Exchange for equity interest in GMAC $ N/A 884,024,131 3

12/31/2008 Purchase General Motors Corporation Debt Obligation w/ Additional Note $ Par 7/10/2009 13,400,000,000 Exchange for preferred and common stock in New GM $ 13,400,000,000 N/A 7

4/22/2009 Purchase General Motors Corporation Debt Obligation w/ Additional Note $ Par 2,000,000,000 4 7/10/2009 Exchange for preferred and common stock in New GM $ 2,000,000,000 N/A 7 General Motors Company 

5/20/2009 Purchase General Motors Corporation Debt Obligation w/ Additional Note $ Par 4,000,000,000 5 7/10/2009 Exchange for preferred and common stock in New GM $ 4,000,000,000 N/A 7 General Motors Company 

GMAC Convertible Preferred Stock w/ Exercised Warrants

7 General Motors Holdings LLC Par 6 7/10/2009 

Exchange for preferred and common stock in New GM $ 360,624,198 N/A

Pricing 

Mechanism Obligor 

N/A

General 

Motors Detroit, MI 5/27/2009 Purchase General Motors Corporation Debt Obligation w/ Additional Note $ 360,624,198

$ Par 22 12/30/2009 7,500,000,000 Partial exchange for common stock $ 3,000,000,000

GMAC Detroit, MI

5/21/2009 Purchase

Transaction Type Seller Description Amount

Pricing 

Mechanism Date

AUTOMOTIVE INDUSTRY FINANCING PROGRAM

Initial Investment Exchange/Transfer/Other Details Treasur

City, State Date 

Type Amount 

6/3/2009 Purchase General Motors Corporation Debt Obligation w/ Additional Note $ Par 30,100,000,000 8 7/10/2009 Exchange for preferred and common stock in New GM $ 22,041,706,310 N/A 9

7/10/2009 Transfer of debt to New GM 7,072,488,605 $ N/A 97/10/2009 Debt left at Old GM 985,805,085 $ N/A 9 Motors Liquida

Company 

1/16/2009 Purchase Chrysler FinCo Debt Obligation w/ Additional Note $ Par 1,500,000,000 13 

1/2/2009 Purchase Chrysler Holding Debt Obligation w/ Additional Note $ Par 6/10/2009 4,000,000,000 Transfer of debt to New Chrysler $ N/A 500,000,000 19 Chrysler Holdin

4/29/2009 Purchase Chrysler Holding Debt Obligation w/ Additional Note $ - - 14

4/29/2009 Purchase Chrysler Holding Debt Obligation w/ Additional Note $ Par 280,130,642 15 

5/1/2009 Purchase Old Chrysler Debt Obligation w/ Additional Note $ 1,888,153,580 16 4/30/2010 (1,888,153,580) $ N/A 23 Old Carco Liquidation Tru

5/20/2009 Purchase Old Chrysler Debt Obligation w/ Additional Note $ - - 17

5/27/2009 Purchase New Chrysler Debt Obligation w/ Additional Note, Equity $ N/A 6,642,000,000 18 6/10/2009 Issuance of equity in New Chrysler $ N/A - Chrysler Group LLC 

Chrysler Group LLC 

Total Initial Investment 

Amount $ 81,344,932,551 

Chrysler Auburn Hills, MI

Completion of bankruptcy proceeding; transfer of collateral security to liquidation trust

Chrysler 

FinCo

Farmington 

Hills, MI

Footnotes appear on following page.

Total Treasury Investment 

Amount $ 67,0
19. Pursuant to the agreement explained in footnote 18, $500 million of this debt obligation was assumed by New Chrysler. 

20. Under loan agreement, as amended on 7/23/2009, Treasury was entitled to proceeds Chrysler Holdco received from Chrysler FinCo equal to the greater of $1.375 billion or 40% of the equity value of Chrysler FinCo. Pursuant to a termination agreement dnotes and accrued and unpaid interest) of Chrysler Holdco and upon receipt of such payment to terminate all such obligations13. The loan was funded through Chrysler LB Receivables Trust, a special purpose vehicle created by Chrysler FinCo. The amount of $1,500,000,000 represents the maximum loan amount. The loan was incrementally funded until it reached the maximum am14. This transaction was an amendment to Treasury's 1/2/2009 agreement with Chrysler Holding. As of 4/30/2009, Treasury's obligation to lend any funds committed under this amendment had terminated. No funds were disbursed.

15. The loan was used to capitalize Chrysler Warranty SPV LLC, a special purpose vehicle created by Old Chrysler. 16. This transaction was set forth in a credit agreement with Old Chrysler fully executed on 5/5/2009 following a term sheet executed on 5/1/2009 and made effective on 4/30/2009. Treasury's commitment was $3.04 billion of the total $4.1 billion debtor-in-poss

terminated. The remaining principal amount reflects the final amount of funds disbursed under the Chrysler DIP Loan.17. This transaction was an amendment to Treasury's commitment under the Chrysler DIP Loan, which increased Treasury's commitment by an amount $756,857,000 to a total of $3.8 billion under the Chrysler DIP Loan. As of 6/30/2009, Treasury's obligation 

18. This transaction, first reported based on a term sheet fully executed on 5/27/2009 for an amount up to $6.943 billion, was set forth in a credit agreement with New Chrysler fully executed on 6/10/2009. Under the terms of the credit agreement, Treasury mad

6/10/2009 from Chrysler Holding originally incurred under Treasury's 1/2/2009 credit agreement with Chrysler Holding. The debt obligations are secured by a first priority lien on the assets of New Chrysler. When the sale to new Chrysler was completed, Treas

7. On 7/10/2009, the principal amount outstanding under the Old GM Loan and interest accrued thereunder were extinguished and exchanged for privately placed preferred and common equity in New GM. (See green lines in the table above.)

8. Under the terms of the $33.3 billion debtor-in-possession credit agreement dated 6/3/2009 with Old GM (the "GM DIP Loan"), Treasury's commitment amount was $30.1 billion. The remaining $2.2 billion of the financing was provided by Canadian governm9. On 7/10/2009, Treasury and Old GM amended the GM DIP Loan, and the principal amount and interest accrued thereunder were extinguished and exchanged for privately placed preferred and common equity in New GM, except for (i) $7.07 billion, which wtransactions marked by green lines in table above) and (ii) $986 million, which remained a debt obligation of Old GM. 10. In total, for the exchange of the Old GM Loan and the GM DIP Loan (other than as explained in footnote 9), Treasury received $2.1 billion in preferred shares and 60.8% of the common shares of New GM. (See transactions marked by green lines in the ta11. Pursuant to a corporate reorganization completed on or about 10/19/2009, the shareholders of New GM, including with respect to Treasury's preferred and common stock, became shareholders of General Motors Holding Company (the ultimate parent com

GM was converted to "General Motors LLC". General Motors LLC is a wholly owned subsidiary of General Motors Holdings LLC, and General Motors Holdings LLC is a wholly owned subsidiary of General Motors Company.12. Pursuant to a corporate reorganization completed on 10/19/2009, Treasury's loan with New GM was assigned and assumed by General Motors Holdings LLC.1. Payment amount does not include accrued and unpaid interest on a debt obligation, which must be paid at the time of principal repayment.

2. Treasury committed to lend General Motors Corporation up to $1,000,000,000. The ultimate funding was dependent upon the level of investor participation in GMAC LLC's rights offering. The amount has been updated to reflect the final level of funding. 

3. Pursuant to its rights under the loan agreement with Old GM reported on 12/29/2008, Treasury exchanged its $884 million loan to Old GM for a portion of Old GM’s common equity interest in GMAC. Treasury held a 35.4% common equity interest in GMAC 4. This transaction is an amendment to Treasury's 12/31/2008 agreement with Old GM (the "Old GM Loan"), which brought the total loan amount to $15,400,000,000.

5. This transaction was a further amendment to the Old GM Loan, which brought the total loan amount to $19,400,000,000.

6. This transaction was a further amendment to the Old GM Loan, which brought the total loan amount to $19,760,624,198. The $360,624,198 loan was used to capitalize GM Warranty LLC, a special purpose vehicle created by Old GM . On 7/10/2009, the p"Chrysler FinCo" refers to Chrysler Financial Services Americas LLC."Chrysler Holding" refers to CGI Holding LLC, the company formerly known as "Chrysler Holding LLC"."Old Chrysler" refers to Old Carco LLC (fka Chrysler LLC)."New Chrysler" refers to Chrysler Group LLC, the company that purchased Old Chrysler's assets on 6/10/2009 in a sale pursuant to section 363 of the Bankruptcy Code.As used in this table and its footnotes:"GMAC" refers to GMAC Inc., formerly known as GMAC LLC."Old GM" refers to General Motors Corporation, which is now known as Motors Liquidation Company."New GM" refers to General Motors Company, the company that purchased Old GM's assets on 7/10/2009 in a sale pursuant to section 363 of the Bankruptcy Code. See also footnote 11.

City State

Adjustmen

Amount

6

7/8/2009 3 $ (500,000,0

7

$ 5,000,000,000 

6/ Treasury's commitment was $2.5 billion (see note 3). As of 4/5/2010, Treasury's commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note. The final investment amount refle

7/ Treasury's commitment was $1 billion (see note 3) As of 4/7/2010 Treasury's commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note The final investment amount reflect

1/ The loan was funded through GM Supplier Receivables, LLC, a special purpose vehicle created by General Motors Corporation. The amount of $3,500,000,000 represents the maximum loan amount. The loan will be incrementally funded. The credit agreem

2/ The loan was funded through Chrysler Receivables SPV LLC, a special purpose vehicle created by Chrysler LLC. The amount of $1,500,000,000 represents the maximum loan amount. The loan will be incrementally funded. The credit agreement was fully e

3/ Treasury issued notice to the institution of the permanent reduced commitment on 7/8/2009; the reduction was effective on 7/1/2009.4/ Does not include accrued and unpaid interest due on the amount of principal repayment, which interest must be paid at the time of principal repayment.5/ All outstanding principal drawn under the credit agreement was repaid.

N/A

INITIAL TOTAL ADJUSTED TOTAL 413,076,735 $ Total Repayments 413,076,7

$ 

2 4/9/2009 Chrysler Receivables SPV LLC Wilmington DE Purchase Debt Obligation w/ Additional Note $ 1,500,000,000

Debt Obligation w/ Additional Note $ N/A 3,500,000,000

7/8/2009 3 $ (1,000,000,0

1 4/9/2009 GM Supplier Receivables LLC Wilmington DE Purchase

Pricing Mechanism

Adjustme

Name of Institution

Adjustment 

Date

Footnote Date 

Seller

Transaction Type

Investment 

Description 

Investment 

Amount

notes and accrued and unpaid interest) of Chrysler Holdco, and upon receipt of such payment to terminate all such obligations.

21. Amount of the Treasury investment after exchange includes the exercised warrants from Treasury's initial investment. 22. Under the terms of an agreement dated 12/30/2009, the convertible preferred shares will mandatorily convert to common stock under the conditions and the conversion price as set forth in the terms of the agreement. 23. On April 30, 2010, the Plan of Liquidation for the debtors of Old Chrysler approved by the respective bankruptcy court became effective (the “Liquidation Plan”). Under the Liquidation Plan, the loan Treasury had provided to Old Chrysler was extinguished w

liquidation from time to time of the specified collateral security attached to such loan.

AUTOMOTIVE SUPPLIER SUPPORT PROGRAM

7/ Treasury s commitment was $1 billion (see note 3). As of 4/7/2010, Treasury s commitment to lend under the credit agreement had terminated and the borrower has paid its obligations with respect to the Additional Note. The final investment amount reflect
Date Name of Institution City State

Capital 

Repayment Date

Capital Repayment 

Amount

Remaining 

Capital Amount

Remaining Capital 

Description Final Disposition Date 3

Di

De

1 12/31/2008 Citigroup Inc. New York NY Purchase

Trust Preferred Securities w/ Warrants $ 20,000,000,000 Par 12/23/2009 2 $ 20,000,000,000 0 $ Warrants

1/16/2009

Bank of America Corporation Charlotte NC Purchase

Preferred Stock w/ Warrants $ 20,000,000,000 Par 12/9/2009

2

 $ 20,000,000,000 $ 0 Warrants 3/3/2010 A W

TOTAL $ 40,000,000,000 $ 40,000,000,000 

$ 0

Date Name of Institution City State

1 1/16/2009 Citigroup Inc. New York NY Guarantee Master Agreement $ 5,000,000,000 

Preferred Stock 

w/ Warrants 2 6/9/2009

Exchange preferred stock for trust preferred securities

Trust Preferred Securities w/ Warrants 

3 12/23/2009 Citigroup Inc. New York NY Termination Termination Agreement $ (5,000,000,000)

TOTAL $ 0

2/ Treasury made three separate investments in Citigroup Inc. ("Citigroup") under CPP, TIP, and AGP for a total of $49 billion. On 6/9/2009, Treasury entered into an agreement with Citigroup to exchange all of Treasury’s investments. On 7/30/2009, Treasury exchanged all of its Fixed R

Preferred Securities. 3/ On 12/23/2009, Treasury entered into a Termination Agreement with the other parties to the Master Agreement which served to terminate Treasury’s guarantee and obligations under the Master Agreement. In connection with the early termination of the guarantee, Treasury agreed to 

subject to the conditions set out in the Termination Agreement, the FDIC may transfer $800 million of Trust Preferred Securities to Treasury at the close of Citigroup’s participation in the FDIC’s Temporary Liquidity Guarantee Program.

 $ 4,034,000,000 $ 4,0

1/ In consideration for the guarantee, Treasury received $4.03 billion of preferred stock, which pays 8% interest.

A

Description Amount Footnote Date Type Description 

ASSET GUARANTEE PROGRAM

Footnote

Initial Investment Premium Exchange/Transfer/Other Details 

Seller

Type Description Guarantee Limit

3/ For final disposition of warrants, "R" represents proceeds from a repurchase of warrants by the financial institution, and "A" represents the proceeds to Treasury, before underwriting fees and selling expenses, from a sale by Treasury in a registered public offering of the warrants issue

TARGETED INVESTMENT PROGRAM

Footnote

Seller

Transaction 

Type Investment Description Investment Amount

Pricing 

Mechanism

Capital Repayment Details

Treasury Investment Remaining After Capital 

Repayment Final Di

AMOUNT Total Warrant Procee

TOTAL TREASURY TIP INVESTMENT AMOUNT

1/ Treasury made three separate investments in Citigroup Inc. ("Citigroup") under CPP, TIP, and AGP for a total of $49 billion. On 6/9/2009, Treasury entered into an agreement with Citigroup to exchange all of Treasury’s investments. On 7/30/2009, Treasury exchanged all of its Fixed R

Stock, Series I (TIP Shares) “dollar for dollar” for Trust Preferred Securities.2/ Repayment pursuant to Title VII, Section 7001 of the American Recovery and Reinvestment Act of 2009.
Name of Institution City State 

1 3/3/2009 TALF LLC Wilmington DE Purchase Debt Obligation w/ Additional Note $ 

20,000,000,000

TOTAL $ 4,300,000,000

Seller 

Name of Institution City State 

Transaction 

Type Investment Description Investment Amount Pricing Mec

11/25/2008 AIG New York NY Purchase Preferred Stock w/ Warrants 40,000,000,000 $ Par 

3 4/17/2009 AIG New York NY Purchase Preferred Stock w/ Warrants 29,835,000,000 $ Par 

TOTAL $ 69,835,000,000

1/ The loan was funded through TALF LLC, a special purpose vehicle created by The Federal Reserve Bank of New York ("FRBNY"). The amount of $20,000,000,000 represents the maximum loan amount. The loan w

2/ On 7/19/2010, Treasury, the FRBNY and TALF LLC entered into an amendment of the credit agreement previously entered into on 3/3/2009, which amendment reduced Treasury's maximum loan amount to $4,300,0

AMERICAN INTERNATIONAL GROUP, INC. (AIG) INVESTMENT PROGRAM

(formerly referred to as Systemically Significant Failing Institutions)

Footnote Date 

Purchase Details 

Pricing Me

N/A

CONSUMER AND BUSINESS LENDING INITIATIVE INVESTMENT PROGRAM

Footnote Date

Seller Transaction 

Type Investment Description Investment Amount

1/ On 4/17/2009, Treasury exchanged its Series D Fixed Rate Cumulative Preferred Shares for Series E Fixed Rate Non-Cumulative Preferred Shares with no change to Treasury's initial investment amount. In additioreflect the cumulative unpaid dividends for the Series D Preferred Shares due to Treasury through and including the exchange date.2/ The investment price reflects Treasury's commitment to invest up to $30 billion less a reduction of $165 million representing retention payments AIG Financial Products made to its employees in March 2009.3/ This transaction does not include AIG's commitment fee of an additional $165 million scheduled to be paid from its operating income in three equal installments over the five-year life of the facility.
Name of Institution City State Date Amount Date A

1 9/30/2009 Invesco Legacy Securities Master Fund, L.P. Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 

1,244,437,500 $ 

1 10/1/2009 Wellington Management Legacy Securities PPIF Master Fund, LP Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 1,

1,262,037,500 $ 

2 10/1/2009 Wellington Management Legacy Securities PPIF Master Fund, LP Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 2,

2,524,075,000 $ 

1 10/2/2009 AllianceBernstein Legacy Securities Master Fund, L.P. Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 1,

1,244,437,500 $ 

2 10/2/2009 AllianceBernstein Legacy Securities Master Fund, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 2,

2,488,875,000 $ 

1 10/2/2009 Blackrock PPIF, L.P. Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 

1,244,437,500 $ 

2 10/2/2009 Blackrock PPIF, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 1,

2,488,875,000 $ 

1 10/30/2009 AG GECC PPIF Master Fund, L.P. Wilmington DE Purchase Membership Interest $ 1,111,111,111 Par 3/22/2010

6

$ 1,271,337,500 7/16/2010 $ 1,

Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 1,

2,488,875,000 $ 

2 9/30/2009 Invesco Legacy Securities Master Fund, L.P. Wilmington DE Purchase

1/4/2010

4

$ 200,000,000

4

2 9/30/2009 UST/TCW Senior Mortgage Securities Fund, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par $ 

Membership Interest 1,111,111,111 $ Par 1/4/2010 4 156,250,000 $ 

Final Investment 

Purchase 4 

$ 

LEGACY SECURITIES PUBLIC-PRIVATE INVESTMENT PROGRAM (S-PPIP)

(Revised as of July 16, 2010)

Footnote Date

Seller

Transaction 

Type Investment Description Investment Amount

Pricing 

Mechanism

Adjusted Investment 3

1 9/30/2009 UST/TCW Senior Mortgage Securities Fund, L.P. Wilmington DE1 10/30/2009 AG GECC PPIF Master Fund, L.P. Wilmington DE Purchase Membership Interest $ 1,111,111,111 Par 3/22/2010 $ 1,271,337,500 7/16/2010 $ 1,

2 10/30/2009 AG GECC PPIF Master Fund, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 2,

2,542,675,000 $ 

1 11/4/2009 RLJ Western Asset Public/Private Master Fund, L.P. Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 

1,244,437,500 $ 

2 11/4/2009 RLJ Western Asset Public/Private Master Fund, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 1,

2,488,875,000 $ 

1 11/25/2009 Marathon Legacy Securities Public-Private Investment Partnership, L.P. Wilmington DE Purchase Membership Interest 1,111,1 $ Pa 11,111 r 3/22/2010

6

$ 7/16/2010 

1,244,437,500 $ 

2 11/25/2009 Marathon Legacy Securities Public-Private Investment Partnership, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 

2,488,875,000 $ 

1 12/18/2009 Oaktree PPIP Fund, L.P. Wilmington DE Purchase Membership Interest 1,111,111,111 $ Par 3/22/2010

6

$ 7/16/2010 1,

1,244,437,500 $ 

2 12/18/2009 Oaktree PPIP Fund, L.P. Wilmington DE Purchase Debt Obligation w/ Contingent Proceeds 2,222,222,222 $ Par 3/22/2010

6

$ 7/16/2010 2,

2,488,875,000 $ 

INITIAL INVESTMENT AMOUNT $ 30,000,000,000 $ 22,

7/ Amount adjusted to show Treasury's final capital commitment (membership interest) and the maximum amount of Treasury's debt obligation that may be drawn down in accordance with the Loan Agreement.1/ The equity amount may be incrementally funded. Investment amount represents Treasury's maximum obligation if the limited partners other than Treasury fund their maximum equity capital obligations.2/ The loan may be incrementally funded. Investment amount represents Treasury's maximum obligation if Treasury and the limited partners other than Treasury fund 100% of their maximum equity obligations.3/ Adjusted to show Treasury's maximum obligations to a fund.4/ On 1/4/2010, Treasury and the fund manager entered into a Winding-Up and Liquidation Agreement.5/ Profit after capital repayments will be paid pro rata (subject to prior distribution of Contingent Proceeds to Treasury) to the fund's partners, including Treasury, in respect of their membership interests.6/ Following termination of the TCW fund, the $3.33 billion of obligations have been reallocated to the remaining eight funds pursuant to consent letters from Treasury dated as of 3/22/2010. $133 million of maximum equity capital obligation and $267 million of maximum d

in the TCW fund to the Wellington fund and the AG GECC fund, respectively. The $356 million of final investment in the TCW fund will remain a part of Treasury's total maximum S-PPIP investment amount.

FINAL INVESTMENT AMOUNT 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

4/13/2009 Select Portfolio Servicing Salt Lake City UT Purchase Financial Instrument for Home Loan Modifications $ 376,000,000 

4/13/2009 CitiMortgage, Inc. O'Fallon MO Purchase Financial Instrument for Home Loan Modifications $ 2,071,000,000 

HOME AFFORDABLE MODIFICATION PROGRAM

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

4/13/2009 Wells Fargo Bank, NA Des Moines IA Purchase Financial Instrument for Home Loan Modifications $ 2,873,000,000 

4/13/2009 GMAC Mortgage, Inc. Ft. Washington PA Purchase Financial Instrument for Home Loan Modifications $ 633,000,000 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

4/13/2009 Saxon Mortgage Services, Inc. Irving TX Purchase Financial Instrument for Home Loan Modifications $ 407,000,000 

4/13/2009 Chase Home Finance, LLC Iselin NJ Purchase Financial Instrument for Home Loan Modifications $ 3,552,000,000 

4/16/2009 Ocwen Financial Corporation, Inc. West Palm Beach FL Purchase Financial Instrument for Home Loan Modifications $ 659,000,000 

4/17/2009 as 

amended on Bank of America, N.A. Simi Valley CA Purchase Financial Instrument for Home Loan Modifications $ 798,900,000 

4/17/2009 as 

amended on Countrywide Home Loans Servicing LP Simi Valley CA Purchase Financial Instrument for Home Loan Modifications $ 1,864,000,000 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

4/20/2009 Home Loan Services, Inc. Pittsburgh PA Purchase Financial Instrument for Home Loan Modifications $ 319,000,000 

4/20/2009 Wilshire Credit Corporation Beaverton OR Purchase Financial Instrument for Home Loan Modifications $ 366,000,000 

4/24/2009 Green Tree Servicing LLC Saint Paul MN Purchase Financial Instrument for Home Loan Modifications 156,000,000 $ 

4/27/2009 Carrington Mortgage Services, LLC Santa Ana CA Purchase Financial Instrument for Home Loan Modifications 195,000,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

5/1/2009 Aurora Loan Services, LLC Littleton CO Purchase Financial Instrument for Home Loan Modifications 798,000,000 $ 

5/28/2009 Nationstar Mortgage LLC Lewisville TX Purchase Financial Instrument for Home Loan Modifications 101,000,000 $ 6/12/2009 Residential Credit Solutions Fort Worth TX Purchase Financial Instrument for Home Loan Modifications 19,400,000 $ 6/17/2009 CCO Mortgage Glen Allen VA Purchase Financial Instrument for Home Loan Modifications 16,520,000 $ 6/17/2009 RG Mortgage Corporation San Juan PR Purchase Financial Instrument for Home Loan Modifications 57,000,000 $ 6/19/2009 First Federal Savings and Loan Port Angeles WA Purchase Financial Instrument for Home Loan Modifications 770,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

6/19/2009 Wescom Central Credit Union Anaheim CA Purchase Financial Instrument for Home Loan Modifications 540,000 $ 

6/26/2009 Citizens First Wholesale Mortgage Company The Villages FL Purchase Financial Instrument for Home Loan Modifications 30,000 $ 6/26/2009 Technology Credit Union San Jose CA Purchase Financial Instrument for Home Loan Modifications 70,000 $ 

6/26/2009 National City Bank Miamisburg OH Purchase Financial Instrument for Home Loan Modifications 294,980,000 $ 

7/1/2009 Wachovia Mortgage, FSB Des Moines IA Purchase Financial Instrument for Home Loan Modifications 634,010,000 $ 

7/1/2009 Bayview Loan Servicing, LLC Coral Gables FL Purchase Financial Instrument for Home Loan Modifications 44,260,000 $ 

7/10/2009 Lake National Bank Mentor OH Purchase Financial Instrument for Home Loan Modifications 100,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

7/10/2009 IBM Southeast Employees' Federal Credit Union Delray Beach FL Purchase Financial Instrument for Home Loan Modifications 87 $ 

0,000 

7/17/2009 MorEquity, Inc. Evansville IN Purchase Financial Instrument for Home Loan Modifications 23,480,000 $ 7/17/2009 PNC Bank, National Association Pittsburgh PA Purchase Financial Instrument for Home Loan Modifications 54,470,000 $ 7/17/2009 Farmers State Bank West Salem OH Purchase Financial Instrument for Home Loan Modifications 170,000 $ 7/17/2009 ShoreBank Chicago IL Purchase Financial Instrument for Home Loan Modifications 1,410,000 $ 7/22/2009 American Home Mortgage Servicing, Inc Coppell TX Purchase Financial Instrument for Home Loan Modifications 1,272,490,000 $ 

7/22/2009 Mortgage Center LLC Southfield MI Purchase Financial Instrument for Home Loan Modifications $ 4 210 000 7/22/2009 Mortgage Center, LLC Southfield MI Purchase Financial Instrument for Home Loan Modifications $ 4,210,000 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

7/22/2009 Mission Federal Credit Union San Diego CA Purchase Financial Instrument for Home Loan Modifications 860,000 $ 

7/29/2009 First Bank St. Louis MO Purchase Financial Instrument for Home Loan Modifications 6,460,000 $ 7/29/2009 Purdue Employees Federal Credit Union West Lafayette IN Purchase Financial Instrument for Home Loan Modifications 1,090,000 $ 7/29/2009 Wachovia Bank, N.A. Charlotte NC Purchase Financial Instrument for Home Loan Modifications 85,020,000 $ 7/31/2009 J.P.Morgan Chase Bank, NA Lewisville TX Purchase Financial Instrument for Home Loan Modifications 2,699,720,000 $ 7/31/2009 EMC Mortgage Corporation Lewisville TX Purchase Financial Instrument for Home Loan Modifications 707,380,000 $ 

8/5/2009 Lake City Bank Warsaw IN Purchase Financial Instrument for Home Loan Modifications 420,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

8/5/2009 Oakland Municipal Credit Union Oakland CA Purchase Financial Instrument for Home Loan Modifications 140,000 $ 

8/5/2009 HomEq Servicing North Highlands CA Purchase Financial Instrument for Home Loan Modifications 674,000,000 $ 

8/12/2009 Litton Loan Servicing LP Houston TX Purchase Financial Instrument for Home Loan Modifications 774,900,000 $ 8/12/2009 PennyMac Loan Services, LLC Calasbasa CA Purchase Financial Instrument for Home Loan Modifications 6,210,000 $ 

8/12/2009 Servis One, Inc. Titusville PA Purchase Financial Instrument for Home Loan Modifications 29,730,000 $ 

8/28/2009 8/28/2009 OneWest Bank OneWest Bank Pasadena Pasadena CA Purchase Purchase Financial Instrument for Home Loan Modifications Financial Instrument for Home Loan Modifications $ 668 440 000 668,440,000 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

8/28/2009 Stanford Federal Credit Union Palo Alto CA Purchase Financial Instrument for Home Loan Modifications 300,000 $ 

8/28/2009 RoundPoint Mortgage Servicing Corporation Charlotte NC Purchase Financial Instrument for Home Loan Modifications 570,000 $ 

9/2/2009 Horicon Bank Horicon WI Purchase Financial Instrument for Home Loan Modifications 560,000 $ 

9/2/2009 Vantium Capital, Inc. Plano TX Purchase Financial Instrument for Home Loan Modifications 6,000,000 $ 9/9/2009 Central Florida Educators Federal Credit Union Lake Mary FL Purchase Financial Instrument for Home Loan Modifications 1,250, $ 

000 

9/9/2009 U.S. Bank National Association Owensboro KY Purchase Financial Instrument for Home Loan Modifications 114,220,000 $ 9/9/2009 CUC Mortgage Corporation Albany NY Purchase Financial Instrument for Home Loan Modifications 4,350,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

9/11/2009 ORNL Federal Credit Union Oak Ridge TN Purchase Financial Instrument for Home Loan Modifications 2,070,000 $ 

9/11/2009 Allstate Mortgage Loans & Investments, Inc. Ocala FL Purchase Financial Instrument for Home Loan Modifications 250,000 $ 9/11/2009 Metropolitan National Bank Little Rock AR Purchase Financial Instrument for Home Loan Modifications 280,000 $ 9/11/2009 Franklin Credit Management Corporation Jersey City NJ Purchase Financial Instrument for Home Loan Modifications 27,510,000 $ 9/16/2009 Bay Federal Credit Union Capitola CA Purchase Financial Instrument for Home Loan Modifications 410,000 $ 

9/23/2009 AMS Servicing, LLC Buffalo NY Purchase Financial Instrument for Home Loan Modifications 4,390,000 $ 

9/23/2009 9/23/2009 Schools Financial Credit Union Schools Financial Credit Union Sacramento Sacramento CA Purchase Purchase Financial Instrument for Home Loan Modifications Financial Instrument for Home Loan Modifications $ 390 000 390,000 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

9/23/2009 Glass City Federal Credit Union Maumee OH Purchase Financial Instrument for Home Loan Modifications 230,000 $ 

9/23/2009 Central Jersey Federal Credit Union Woodbridge NJ Purchase Financial Instrument for Home Loan Modifications 30,000 $ 9/23/2009 Yadkin Valley Bank Elkin NC Purchase Financial Instrument for Home Loan Modifications 240,000 $ 

9/25/2009 SEFCU Albany NY Purchase Financial Instrument for Home Loan Modifications 440,000 $ 

10/14/2009 Great Lakes Credit Union North Chicago IL Purchase Financial Instrument for Home Loan Modifications 570,000 $ 10/14/2009 Mortgage Clearing Corporation Tulsa OK Purchase Financial Instrument for Home Loan Modifications 4,860,000 $ 10/21/2009 United Bank Mortgage Corporation Grand Rapids MI Purchase Financial Instrument for Home Loan Modifications 410,000 $ 10/23/2009 Bank United Miami Lakes FL Purchase Financial Instrument for Home Loan Modifications 93,660,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

10/23/2009 IC Federal Credit Union Fitchburg MA Purchase Financial Instrument for Home Loan Modifications 760,000 $ 

10/28/2009 Harleysville National Bank & Trust Company Harleysville PA Purchase Financial Instrument for Home Loan Modifications 1,070,000 $ 

10/28/2009 Members Mortgage Company, Inc Woburn MA Purchase Financial Instrument for Home Loan Modifications 510,000 $ 10/30/2009 DuPage Credit Union Naperville IL Purchase Financial Instrument for Home Loan Modifications 70,000 $ 

11/6/2009 Los Alamos National Bank Los Alamos NM Purchase Financial Instrument for Home Loan Modifications 700,000 $ 

11/18/2009 Quantum Servicing Corporation Tampa FL Purchase Financial Instrument for Home Loan Modifications 18,960,000 $ 

11/18/2009 Hillsdale County National Bank Hillsdale MI Purchase Financial Instrument for Home Loan Modifications 1,670,000 $ 11/18/2009 QLending, Inc. Coral Gables FL Purchase Financial Instrument for Home Loan Modifications 20,000 $ 11/25/2009 Marix Servicing, LLC Phoenix AZ Purchase Financial Instrument for Home Loan Modifications 20,360,000 $ 11/25/2009 Home Financing Center, Inc Coral Gables FL Purchase Financial Instrument for Home Loan Modifications 230,000 $ 11/25/2009 First Keystone Bank Media PA Purchase Financial Instrument for Home Loan Modifications 1,280,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

12/4/2009 Community Bank & Trust Company Clarks Summit PA Purchase Financial Instrument for Home Loan Modifications 380,000 $ 

12/4/2009 Idaho Housing and Finance Association Boise ID Purchase Financial Instrument for Home Loan Modifications 9,430,000 $ 

12/9/2009 Spirit of Alaska Federal Credit Union Fairbanks AK Purchase Financial Instrument for Home Loan Modifications 360,000 $ 

12/9/2009 American Eagle Federal Credit Union East Hartford CT Purchase Financial Instrument for Home Loan Modifications 1 $ 

,590,000 

12/9/2009 American Eagle Federal Credit Union East Hartford CT Purchase Financial Instrument for Home Loan Modifications $ 1,590,000 

12/9/2009 Silver State Schools Credit Union Las Vegas NV Purchase Financial Instrument for Home Loan Modifications 1,880,000 $ 12/9/2009 Fidelity Homestead Savings Bank New Orleans LA Purchase Financial Instrument for Home Loan Modifications 2,940,000 $ 12/9/2009 Bay Gulf Credit Union Tampa FL Purchase Financial Instrument for Home Loan Modifications 230,000 $ 12/9/2009 The Golden 1 Credit Union Sacramento CA Purchase Financial Instrument for Home Loan Modifications 6,160,000 $ 12/9/2009 Sterling Savings Bank Spokane WA Purchase Financial Instrument for Home Loan Modifications 2,250,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

12/11/2009 HomeStar Bank & Financial Services Manteno IL Purchase Financial Instrument for Home Loan Modifications 310,000 $ 

12/11/2009 Glenview State Bank Glenview IL Purchase Financial Instrument for Home Loan Modifications 370,000 $ 12/11/2009 Verity Credit Union Seattle WA Purchase Financial Instrument for Home Loan Modifications 600,000 $ 12/11/2009 Hartford Savings Bank Hartford WI Purchase Financial Instrument for Home Loan Modifications 630,000 $ 12/11/2009 The Bryn Mawr Trust Co. Bryn Mawr PA Purchase Financial Instrument for Home Loan Modifications 150,000 $ 

12/16/2009 Citizens 1st National Bank Spring Valley IL Purchase Financial Instrument for Home Loan Modifications 620,000 $ 

12/16/2009 Golden Plains Credit Union Garden City KS Purchase Financial Instrument for Home Loan Modifications 170,000 $ 12/16/2009 First Federal Savings and Loan Association of Lakewood Lakewood OH Purchase Financial Instrument for Home Loan Modifications 3,460,000 $ 12/16/2009 Sound Community Bank Seattle WA Purchase Financial Instrument for Home Loan Modifications 440,000 $ 

12/16/2009 Horizon Bank, NA Michigan City IN Purchase Financial Instrument for Home Loan Modifications 700,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

12/16/2009 Park View Federal Savings Bank Solon OH Purchase Financial Instrument for Home Loan Modifications 760,000 $ 

12/23/2009 Iberiabank Sarasota FL Purchase Financial Instrument for Home Loan Modifications 4,230,000 $ 12/23/2009 Grafton Suburban Credit Union North Grafton MA Purchase Financial Instrument for Home Loan Modifications 340,000 $ 12/23/2009 Eaton National Bank & Trust Company Eaton OH Purchase Financial Instrument for Home Loan Modifications 60,000 $ 

12/23/2009 Tempe Schools Credit Union Tempe AZ Purchase Financial Instrument for Home Loan Modifications 110,000 $ 

1/13/2010 Fresno County Federal Credit Union Fresno CA Purchase Financial Instrument for Home Loan Modifications 260,000 $ 

1/13/2010 Roebling Bank Roebling NJ Purchase Financial Instrument for Home Loan Modifications 240,000 $ 

1/13/2010 First National Bank of Grant Park Grant Park IL Purchase Financial Instrument for Home Loan Modifications 140,000 $ 

1/13/2010 Specialized Loan Servicing, LLC Highlands Ranch CO Purchase Financial Instrument for Home Loan Modifications 64,150,000 $ 

1/13/2010 Greater Nevada Mortgage Services Carson City NV Purchase Financial Instrument for Home Loan Modifications 770,000 $ 
Servicer Modifying Borrowers' Loans

Name of Institution City State 

Date 

Transaction 

Type Investment Description 

Cap of Incentive Payments 

on Behalf of Borrowers and 

to Servicers & 

Lenders/Investors (Cap) 1

P

Me

1/15/2010 Digital Federal Credit Union Marlborough MA Purchase Financial Instrument for Home Loan Modifications 3,050,000 $ 

1/29/2010 iServe Residential Lending, LLC San Diego CA Purchase Financial Instrument for Home Loan Modifications 960,000 $ 

1/29/2010 United Bank Griffin GA Purchase Financial Instrument for Home Loan Modifications 540,000 $ 

3/3/2010 Urban Trust Bank Lake Mary FL Purchase Financial Instrument for Home Loan Modifications 1,060,000 $ 

3/5/2010 iServe Servicing, Inc. Irving TX Purchase Financial Instrument for Home Loan Modifications 28,040,000 $ 

3/10/2010 Navy Federal Credit Union Vienna VA Purchase Financial Instrument for Home Loan Modifications 60,780,000 $ 3/10/2010 Vist Financial Corp Wyomissing PA Purchase Financial Instrument for Home Loan Modifications 300,000 $ 

4/14/2010 4/14/2010 Midwest Bank and Trust Co. Midwest Bank and Trust Co. Elmwood Park Elmwood Park IL Purchase Purchase Financial Instrument for Home Loan Modifications Financial Instrument for Home Loan Modifications $ 300,000 300,000 

4/14/2010 Wealthbridge Mortgage Corp Beaverton OR Purchase Financial Instrument for Home Loan Modifications 6,550,000 $ 

5/21/2010 Aurora Financial Group, Inc. Marlton NJ Purchase Financial Instrument for Home Loan Modifications 10,000 $ 

6/16/2010 Selene Financial, L.P. Houston TX Transfer Financial Instrument for Home Loan Modifications - $ 

Total Initial Cap $ 23,761,990,000 

TOTAL CAP 

5/ On 6/17/2010, Selene Financial, L.P. executed an Assignment and Assumption Agreement with CitiMortgage, Inc. (a copy of which is available on www.FinancialStability.gov) with respect to all rights and for Selene Financial, L.P.As used in this table:"HAFA" means the Home Affordable foreclosure Alternatives program."HPDP" means the Home Price Decline Protection program."2MP" means the Second Lien Modification Program.4/ Initial cap amount only includes FHA-HAMP.1/ The Cap of Incentive Payments represents the potential total amount allocated to each servicer and includes the maximum amount allotted for all payments on behalf of borrowers and payments to serviceThe Cap is subject to adjustment based on the total amount allocated to the program and individual servicer usage for borrower modifications. Each adjustment to the Cap is reflected under Adjustment Deta2/ On July 31, 2009, the SPA with Chase Home Finance, LLC was terminated and superseded by new SPAs with J.P. Morgan Chase Bank, NA and EMC Mortgage Corporation. 3/ Wachovia Mortgage, FSB was merged with Wells Fargo Bank, NA, and the remaining Adjusted Cap stated above represents the amount previously paid to Wachovia Mortgage, FSB prior to such merger. 
Name of Institution City State

6/23/2010 Nevada Affordable Housing Assistance Corporation Reno NV Purchase Financial Instrument for HHF Program 102,800,

$ 

6/23/2010 CalHFA Mortgage Assistance Corporation Sacramento CA Purchase Financial Instrument for HHF Program 699,600,

$ 

6/23/2010 Florida Housing Finance Corporation Tallahassee FL Purchase Financial Instrument for HHF Program 418,000,

$ 

6/23/2010 Arizona (Home) Foreclosure Prevention Funding Corporation Phoenix AZ Purchase Financial Instrument for HHF Program 125,100, $ 

6/23/2010 Michigan Homeowner Assistance Nonprofit Housing Corporation Lansing MI Purchase Financial Instrument for HHF Program 154,500,

$ 

TOTAL INVESTMENT AMOUNT $ 1,500,000,

1/ The purchase will be incrementally funded up to the investment amount.

Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets

Hardest Hit Funds (HHF) Program

Date

Seller

Transaction 

Type Investment Description Investment Amo
Date

Purchase Face 

Amount 3 Pricing Mechanism 

TBA or 

PMF3 Settlement Date

Investment Amount 

2, 3

Senior Security 

Proceeds 4 Trade Dat

3/19/2010 $ 4,070,000 107.75 - 3/24/2010 4,377,249 $ 2,184 $ 

3/19/2010 $ 7,617,617 109 - 3/24/2010 8,279,156 $ 4,130 $ 

3/19/2010 $ 8,030,000 108.875 - 3/24/2010 8,716,265 $ 4,348 $ 

4/8/2010 $ 23,500,000 110.502 - 5/28/2010 26,041,643 $ 12,983 $ 

4/8/2010 $ 8,900,014 107.5 - 4/30/2010 9,598,523 $ 4,783 $ 

5/11/2010 $ 10,751,382 106.806 - 6/30/2010 11,511,052 $ 5,741 $ 

5/11/2010 $ 12,898,996 109.42 - 6/30/2010 14,151,229 $ 7,057 $ 5/11/2010 $ 8,744,333 110.798 - 6/30/2010 9,717,173 $ 4,844 $ 5/25/2010 $ 8,417,817 110.125 - 7/30/2010 9,294,363 $ 4,635 $ 5/25/2010 $ 17,119,972 109.553 - 7/30/2010 18,801,712 $ 9,377 $ 6/17/2010 $ 30,000,000 110.75 TBA 8/30/2010 33,327,708 $ 16,612 $ 6/17/2010 $ 25,000,000 111.875 TBA 8/30/2010 28,049,306 $ 13,984 $ 7/14/2010 $ 6,000,000 106.625 TBA 9/30/2010 6,412,363 $ 3,198 $ 7/14/2010 $ 7,000,000 108.5625 TBA 9/30/2010 7,618,124 $ 3,799 $ 7/14/2010 $ 15,000,000 111.875 TBA 9/30/2010 16,829,583 $ 8,390 $ 7/29/2010 $ 3,000,000 108.4375 TBA 9/30/2010 3,263,577 $ 1,626 $ 7/29/2010 $ 10,000,000 106.75 TBA 10/29/2010 10,695,743 $ 5,337 $ 

Total Purchase Face Amount $ 206,050,131 $ 226,684,769 * 

Floating Rate SBA 7a security due 2034 TBA*

 TOTAL INVESTMENT 

AMOUNT 

Total Senior Security Pro

* Subject to adjustment

1/ The amortizing principal and interest payments are reported on the monthly Dividends and Interest Report available at www.FinancialStability.gov.

Floating Rate SBA 7a security due 2034 TBA*

Floating Rate SBA 7a security due 2017 TBA*Floating Rate SBA 7a security due 2020 TBA*Floating Rate SBA 7a security due 2025 TBA*Floating Rate SBA 7a security due 2020 TBA*Floating Rate SBA 7a security due 2034 TBA*Floating Rate SBA 7a security due 2029 -Floating Rate SBA 7a security due 2033 -Floating Rate SBA 7a security due 2035 -Floating Rate SBA 7a security due 2033 -Floating Rate SBA 7a security due 2016 -Floating Rate SBA 7a security due 2020 -Floating Rate SBA 7a security due 2022 -Floating Rate SBA 7a security due 2034 -Floating Rate SBA 7a security due 2025 -Floating Rate SBA 7a security due 2022 -

Investment Description

TBA or 

PMF3

SMALL BUSINESS AND COMMUNITY LENDING INITIATIVE

SBA 7a Securities Purchase Program

Purchase Details 1 Settlement Details 

5/ Disposition Amount is stated after giving effect, if applicable, to sale of accrued principal and interest.2/ Investment Amount is stated after giving effect to factor and, if applicable, the purchase of accrued principal and interest.3/ If a purchase is listed as TBA, or To-Be-Announced, the underlying loans in the SBA Pool have yet to come to market, and the TBA pricing mechanism, purchase face amount, investment amount and senior security proceeds wi

the program terms. If a purchase is listed as PMF, or Prior-Month-Factor, the trade was made prior to the applicable month's factor being published and the SBA 7a security and senior security are priced according to the prior-mon

security proceeds will be adjusted after publication of the applicable month's factor (on or about the 11th business day of each month).4/ In order to satisfy the requirements under Section 113 of the Emergency Economic Stabilization Act of 2008, Treasury will acquire a senior indebtedness instrument (a Senior Security) from the seller of each respective SBA 7a S

aggregate principal amount equal to the product of (A) 0.05% and (B) the Investment Amount (excluding accrued interest) paid by Treasury for the respective SBA 7a Security, and (ii) at the option of the respective seller, may be re

or remain outstanding with the terms and conditions as set forth in the Master Purchase Agreement.
U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Projected Costs and Liabilities [Section 105(a)(3)(E)]

For Period Ending July 31, 2010

Type of Expense/Liability Amount 

None

Note: Treasury interprets this reporting requirement as 

applicable to costs and liabilities related to insurance contracts 

entered into under the provisions of section 102 of the EESA; 

and the single insurance contract with Citigroup was 

terminated on December 23, 2009.
U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Programmatic Operating Expenses [Section 105(a)(3)(F)]

For Period Ending July 31, 2010

Type of Expense Amount

Compensation for financial agents 

and legal firms $275,760,964
U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Description of Vehicles Established [Section 105(a)(3)(H)]

For Period Ending July 31, 2010

Date Vehicle Description

None