WASHINGTON - More than 110 banks submitted applications for an estimated $170 billion in funding by the deadline under the Treasury's Troubled Asset Relief Program, with dozens of other entities seeking assistance under the government's bailout.
The funds are going fast, with $350 billion of the $700-billion bailout package approved by Congress available and the other $350 billion needing additional congressional approval next year. So far, the Treasury has earmarked $125 billion of TARP funds to 34 of the biggest banks.
Four national insurer's announced last week they have applied to acquire savings and loans in order to give them access to the bailout funds as well. Hartford Financial Services has applied to acquire a small Florida thrift, Federal Trust; Genworth Financial plans to acquire Inter Savings Bank in Minneapolis; Lincoln Nation plans to buy Newton County S&L in Goodland, Ind. and Dutch insurer Aegon, which owns TransAmerica wants to buy Suburban Federal Savings in Crofton, Md.
In addition, Congress returned for a brief "lame-duck" session last week and tried to tap into the TARP for as much as $25 billion to help troubled U.S. automakers. However, use of the funds for an automaker bailout was almost certain to be defeated because of a lack of consensus by lawmakers.
Also, dozens of cities and towns are considering asking for bailout funds under the TARP.
