Financial Bailout - Proposed Emergency Economic Stabilization Act of 2008

Congress finalized the financial bailout plan. Called a buy-in, its purpose is to inject liquidity and confidence back into US and global financial markets in 2008.

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The following summary is from an article titled Bailout Bill Unveiled, Heads to House by Ruth Mantell and Andrea Coombes, Market Watch, September 28, 2008

Buy-In Plan - Stimulate US Economy

Nancy Pelosi, Speaker of the House of Representatives, defines the vote as a buy-in to stimulate the U.S. economy, adding it is not just about a bail out.

Mortgage Bailout Plan - Unclog Credit Create Jobs

Henry Paulson, United States Treasury Secretary, believes the new legislation will unblock financial markets. At the same time, the bailout should create an injection of confidence, positioning the lending institutions to once again begin offering credit, instrumental to job creation.

Financial Bailout Summary

• Authorize $250 billion immediately
• Another $100 billion upon presidential certification
• Further $350 billion available subject to congressional approval
• Treasury Department can use a combination of tactics to buy bad loans
• Allows companies to participate in insurance program, whereby Treasury would guarantee troubled assets
• Taxpayer money could be recovered if those companies benefit in the future
• Requires president to submit a proposal to Congress after 5 years that recoups from financial industry any losses to taxpayers
• Existing executive compensation contracts remain as is
• In some cases, the bill requires companies to limit executive pay

Mortgage Bailout - Distressed Homeowners

What about a mortgage bailout plan for distressed homeowners? The financial bailout plan contains some language encouraging mortgage servicers to offer mortgage modifications assisting homeowners on the verge of foreclosure.

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