It has been one year since Congress allotted $700 billion dollars to bailout the financial industry. With TARP's first birthday the debate on if the program has been a success or failure is heating up.

The President announces that 10 banks will repay their Troubled Asset Relief funds, and commits to new legislation codifying the Pay-As-You-Go principle, reports the White House.

The nation’s largest banks that have been receiving tax payer money from the TARP program have finally began to make new mortgage loans as mortgage rates remain low and home sales begin to pick up.