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More On the Draft Bailout Bill (updated)
Posted by: Dale Franks on Sunday, September 28, 2008

This is just coming in on the draft bailout bill.
Among the provisions of the draft bill:

* The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.
* Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.
* An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
* Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
* Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.
I don't much like it. The idea of the ownership warrants really stick in my craw.

UPDATE [McQ]: Here is a link to the draft bailout bill.

As you read through the bill you'll see passages which are marked with heavy black brackets - [ ]. According to a couple of sources that either means they're to be eliminated or they're "unresolved and will be deleted or amended".

Still in the bill but in this heavy brackets is the portion which apportions part of the "profits" of the action to be taken to the Housing Trust Fund (ACORN).

UPDATE II [McQ] - Rep. Blunt's office says that particular draft is an early draft from this morning and that no current draft exists online.
 
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So. Are we still underwriting low-risk mortgages or not?

That’s the real problems isn’t it? Have we stopped? Or just found a way to officially subsidize it?
 
Written By: jpm100
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