Whatever happened to the Toxic Assets Plan?
Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate June 3rd, 2009
Wasn’t that the reason Hank Paulson pushed to pass the first 700 billion bailout plan last year?
Well, apparently the FDIC gave up on that idea. According to CNNMoney:
The Federal Deposit Insurance Corp. said Wednesday it has postponed the initial sale of bank assets under its Legacy Loans Program, or LLP. The FDIC said it wasn’t canceling the program but would put it under study for revival in a different form.
The loan program was unveiled in March as part of the Obama administration’s effort to restore investor confidence in the financial system. At the time, officials said removing bad assets from banks was the key to restarting the financial markets and putting the economy on track to recover.
