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The Treasury has announced details about the implementation of the $700 billion bailout, the Emergency Economic Stabilization Act. As the G7 meeting has ended, Great Britain and Europe have already started implementing their national plan which is based on government taking an equity positions, using the purchase of bank stock as the vehicle of capitalizing the banking system.
The Treasury statement says that there is only one goal in its the implementation of the powers under the bailout. The program is called Troubled Asset Relief Program (TARP).
"To restore capital flows to the consumers and businesses that form the core of our economy. Achieving this goal will require multiple tools to help financial institutions remove illiquid assets from their balance sheets, and attract both private and public capital. "
The implementation outline is as follows:
•1. To work closely with both domestic and international regulators to understand how best to design tools that will be most effective in dealing with the challenges in our financial system. For example, regulators are helping us to identify the quickest and most efficient method to purchase equity in financial institutions so they can resume lending
•2. The creation of seven policy teams to develop several tools and other important elements that are required under the TARP. In each case, we designated team leaders to drive the work-streams and take responsibility for their success.
•3. The individual teams are working on these following areas of concern
Mortgage backed securities purchase program
Whole loan purchase program
Insurance program - to insure troubled assets
Equity purchase program - to purchase equity in financial institutions (more on this in a follow post)
Homeownership preservation - the plan to help struggling homeowners after the troubled mortgages are purchased
The announcement provides the names for the interim team leaders.
Then the announcement describes efforts to finalize the procedures to procure the troubled assets and then to manage them. The plan has been short on details since the beginning of Sec Paulson's initial proposal. The apparent reason for the lack of details is that the plan is getting worked out as we go.
The procurement process is to be "fair and in the best interest of the taxpayers."
This is a complicated program, and there remain many questions and concerns. Perhaps though it is the intention for the process to be open and transparent. That is the best hope for success.
The question though - is this a global move to nationalization of the financial system and to a socialistic world economy? Can the governments act to restore a market economy?
Richard Smith American Acceptance Mortgage, Inc Toll Free 888-474-9920 Cell 423-280-0345 Home financing in Tennessee, Georgia, and Alabama. Experience matters when it is your home loan.
FHA, VA, Rural Development, Reverse Mortgages, Construction Permanent, Renovation, FHA Renovation, Mortgage Modification and Loss Mitigation
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Richard Smith NMLS# 184479 TN# 40161 GA# 28928
Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). Lending in Chattanooga, Tennessee and Georgia for over 20 years.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.