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What's in that big bailout bill? A first look
Excerpt:
1) There's a mortgage insurance program, as pushed by House Republicans, but it's completely at the discretion of the Treasury Secretary. Institutions can ask for insurance, Treasury "may" grant it. Verdict: Not gonna happen, at least not much.
2) There's an oversight board, which consists of the Fed chairman, the Treasury Secretary, the SEC chairman, the director of the Federal Housing Finance Agency (it's listed in the bill as the "Federal Home Finance Agency"; here's hoping they fix that), and the HUD secretary. Update: Yay, they did fix the "Federal Home Finance Agency" error before actually introducing the bill today!
3) Treasury has to turn in a report by next April 30 recommending how financial regulation oughtta be revamped. I'd say whoever gets elected in November ought to get a task force working on that pronto.
4) 20% of any profits realized on the sale of assets go into the Housing Trust Fund and the Capital Magnet Fund
5) Treasury is encouraged to encourage servicers of the loans it buys to do workouts (that is, to change the terms of the loans to avert foreclosures).
6) If the Treasury Secretary buys securities directly from an institution and takes a "meaningful ... more

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