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Congressional Oversight Panel
AUGUST OVERSIGHTREPORT
*
August 11, 2009
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
THE CONTINUED RISK OF TROUBLED ASSETS
 
 
 
1
Table of Contents
Executive Summary .............................................................................................................3Section One: The Continued Risk of Troubled Assets ........................................................6A. Background ...............................................................................................................7B. What is a Troubled Asset? ......................................................................................10C. Estimating the Amount of Troubled Assets ............................................................26D. Current Strategies for Dealing with Troubled Assets .............................................37E. The Future ...............................................................................................................57
 
F. Conclusion ...............................................................................................................61Annex to Section One: Estimating the Amount of Troubled Assets - AdditionalInformation and Methodology ...........................................................................................63Section Two: Additional Views .........................................................................................80A. Senator John E. Sununu ..........................................................................................80B. Congressman Jeb Hensarling ..................................................................................83Section Three: Correspondence with Treasury Update .....................................................94
 
Section Four: TARP Updates Since Last Report ...............................................................96
 
Section Five: Oversight Activities ...................................................................................115Section Six: About the Congressional Oversight Panel ...................................................117Appendices:APPENDIX I: LETTER FROM CHAIR ELIZABETH WARREN TOSECRETARY TIMOTHY GEITHNER AND CHAIRMAN BEN BERNANKE,RE: CONFIDENTIAL MEMORANDA, DATED JULY 20, 2009 ..........................119APPENDIX II: LETTER FROM CHAIR ELIZABETH WARREN TOSECRETARY TIMOTHY GEITHNER, RE: TEMPORARY GUARANTEEPROGRAM FOR MONEY MARKET FUNDS, DATED MAY 26, 2009 ..............122
 
 
2APPENDIX III: 2009 LETTER FROM SECRETARY TIMOTHY GEITHNER
IN RESPONSE TO CHAIR ELIZABETH WARREN‘S LETTER, RE:
TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS,DATED JULY 21, 2009 ............................................................................................126APPENDIX IV: LETTER FROM CHAIR ELIZABETH WARREN TOSECRETARY TIMOTHY GEITHNER AND CHAIRMAN BEN BERNANKE,RE: BANK OF AMERICA, DATED MAY 19, 2009...............................................130APPENDIX V: 2009 LETTER FROM SECRETARY TIMOTHY GEITHNER
IN RESPONSE TO CHAIR ELIZABETH WARREN‘S LETTER, RE: BANK 
OF AMERICA, DATED JULY 21, 2009 ..................................................................133APPENDIX VI: LETTER FROM CHAIR ELIZABETH WARREN ANDPANEL MEMBER RICHARD NEIMAN TO SECRETARY TIMOTHYGEITHNER, RE: FORECLOSURE DATA, DATED JUNE 29, 2009 ....................140APPENDIX VII: LETTER FROM ASSISTANT SECRETARY HERBALLISON
IN RESPONSE TO CHAIR ELIZABETH WARREN‘S LETTER,
RE: FORECLOSURE DATA, DATED JULY 29, 2009 ..........................................143
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