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Suze Orman The personal-finance guru and best-selling author is a former TIME 100 honoree Sheila Bair, chairwoman of the FDIC, was one of the first government officials to recognize the danger of the subprime crisis and was relentless in fighting for a temporary increase on the limits of FDIC insurance. Because of her efforts, your FDIC-insured deposits are safe and sound...
...plan has three parts. Most people have focused on the first part, which is run by the reliable Federal Deposit Insurance Corp. (FDIC) and about which Geithner provided the most detail on Monday. It covers not the complex bundled loans that have received much attention in the media but troubled loans, like mortgages that haven't been paid for three months or more. The plan offers very favorable financing for private investors who want to buy them. In an example provided by the Treasury, an investor would pay as little as $6 for a loan that had an original value...
Those bad loans are a problem for banks. There are some $230 billion in loans that were overdue by 90 days or more as of Dec. 31, 2008, according to the FDIC. It's a good idea to try and get those moving off banks' books. But what of the bundled, securitized assets? According to the FDIC, the total value of securities on banks' books as of Dec. 31 was $1.7 trillion. How much of those securities are toxic and how does the Geithner plan move them to be sold...
...Fitch Ratings and New York University professor Nouriel Roubini. (Treasury and Federal Reserve officials declined to provide their estimates.) To get those selling, the Fed offers some attractive financing, but it hasn't made those details public and the financing is expected to be considerably less favorable than the FDIC rates. Treasury officials insist they have formulas worked out but are waiting to reveal details. (Read "A Brief History Of: Ratings Agencies...
...strength of the three-part rollout is the advantages of one rubbing off on the others. In an example provided by the Treasury for the FDIC part of the plan, an investor could put up $6, get matching investments from the Treasury for another $6, then obtain loan financing of $72 from the FDIC. This would allow the investor to purchase a security with an $84 auction price (and a face value of $100). Again, Geithner did not provide details on the terms of those loans...