U.S. Rep. Ed Perlmutter (CO-07), a member of the House Financial Services Committee, issued the attached letter on Friday, October 24, 2008 calling for the Treasury to move forward with hiring financial institutions to act as whole loan asset managers.
Following passage of the Emergency Economic Stabilization Act, Treasury quickly established the new Office of Financial Stability to implement the Troubled Asset Relief Program (TARP) and to request applications for whole loan asset managers. The applications were due by Oct. 8. However, as of Friday, Oct. 24, the Whole Loan Asset Management Services division of TARP had yet to hire any financial institutions.
"I urge Treasury to promptly move forward with hiring these whole loan asset managers,” said Perlmutter. “Our nation’s economy is hurting, and we must return liquidity to the financial markets and restore credit to small businesses, farms and families.”
Please click here to read the letter to Sec. Wheeler.
