Lowlights: Eligible assets include residential or commercial mortgages and related instruments which were originated or issued on or before March 14, 2008. Other financial instruments can be included in consultation with the Federal Reserve if Congress is notified.
- Foreign assets owned by foreign countries are not eligible.
- US federal government may stall foreclosure of your house or properties.
- Non-voting rights of the stake of the bad debts to the tax payer.
- Overseeing the program: The bill would establish two oversight boards.
- The Financial Stability Oversight Board would be charged with ensuring the policies implemented protect taxpayers and are in the economic interests of the United States. It will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and the Treasury secretary.
Notes- Watch for my thoughts on Twitter through via links.
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