Apparently $3.4 billion isn't enough. It now seems that the Obama Administration is asking for a total of $7.25 billion dollars to fund loan grants in its Consumer Operated and Oriented Plan (CO-OP) Program.
The same Administration that gave us Solyndra, had told us last year to expect a CO-OP loan default rate of 30% to 35%. Now it appears that the expected loss rate is 43%. That's $3,130,000,000 that the Obama Administration expects to lose! Read more »