Monday, September 22, 2008

$1 trillion? Excuse me, we meant $1.8 trillion

A $1.8 Trillion Bailout: Where the Money's Going
—Up to $700 billion to buy assets from struggling institutions.

—Up to $50 billion from the Great Depression-era Exchange Stabilization Fund to guarantee principal in money market mutual funds to provide the same confidence that consumers have in federally insured bank deposits.

—At least $10 billion in Treasury direct purchases of mortgage-backed securities in September.

—Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac.

—$85 billion loan for AIG.

—At least $87 billion in repayments to JPMorgan Chase for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers.

—$200 billion for Fannie Mae and Freddie Mac.

—$300 billion for the Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill.

—$4 billion in grants to local communities to help them buy and repair homes abandoned due to mortgage foreclosures.

—$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns in March.

—At least $200 billion of currently outstanding loans to banks issued through the Fed's Term Auction Facility.
It should be added that the list is everything committed.......so far.

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