Barney Frank: “This is not a $50 million expenditure for 40 loans. The $50 million has not been given to anybody, not a penny of it. It…”

“This is not a $50 million expenditure for 40 loans. The $50 million has not been given to anybody, not a penny of it. It has been put in a reserve account. Fifty million has been set aside in a reserve account. It was disbursed from the TARP to a reserve account. The CBO, as I've submitted if this goes forward, it will be about $12,000 per loan. Last week, the gentleman from Illinois was claiming that if you participate in this program, you would have a tax liability. He learned that that was totally wrong. He is perpetuating error.”