No, TARP was not intended in any way to get the crap out into the open. It came with few, if any, conditions on opening the books of banks. The original intent of TARP was to allow only the SecTreas to see the books and decide what, if any, position to take in the banks. That was then amended by the Congress to place more consideration upon exec comp, lending practices, etc - but they still didn’t open the books.
That was, in part, the Fed’s doing. The Fed has, since the 30’s, protected the banks from the public TRULY seeing and knowing what is going on within a bank’s books.
When I say “get the crap out into the open” I really mean it. Fling open the books of banks for the investors, bondholders, customers, FDIC et al to see. Then get realistic about what loans are good, which are dubious and which need to be sold off for speculative recovery, ala the RTC in the S&L scandal.
So Bank A Coutrywide made a mortgage loan to Mr. Jones and before the ink was dry they busted the whole thing up shreaded most of the paperwork and they sold the if with out legal transfer to International Mortgage Investors or World Wide Mortgage Money Managers or who ever (but they really aren’t sure and besides the think has changed hands unregisted a couple times since then), but they countinue servicing the loan, Now BOA buys Countrywide, but they could not have brought the mortgage as Countrywide has already sold it they did by the right to service the loans as well as the obligation to pay those whose money Countrywide took when the sold it them (who every that is)Now explain to me where BOA has the right to foreclose.