to buy bad mortgage-related assets, but was changed last month to invest money into banks in a move to help revive the economy and spur bank lending.
As of mid-December, the Treasury has invested nearly $168 billion
into primarily mainstream banks.
Cunningham said the effort for MBF was launched in 2007, but the fund has not been able to raise a lot of capital. He said its application to TARP reflects a changed market environment.
“What we’re saying is if [the Treasury] not going to invest in the black-owned banks, than do it through us,â€ Cunningham said.