We will update this page regularly as new information from the Treasury Department, FDIC, or other agencies becomes available. Have questions? Let us know.
Financial Stability Plan
The U.S. Department of the Treasury announced the government’s Financial Stability Plan on February 10, 2009, and introduced a new web site – www.FinancialStability.gov – to provide the American people with information about the Obama Administration’s efforts to stabilize our financial system.
Overview
The Emergency Economic Stabilization Act of 2008 (EESA) was signed into law on October 3, 2008. Read an executive summary, prepared by the American Bankers Association, of key provisions of the economic rescue package, or review the votes on its final passage.
The Troubled Assets Relief Program (TARP) was established under the EESA with the specific goal of stabilizing the United States financial system and preventing a systemic collapse. Treasury has established several programs under the TARP to stabilize the financial system and has now created the Financial Stability Program to further stabilize the financial system.
Information about TARP programs (including the Capital Assistance Program, Public-Private Investment Program, and Capital Purchase Program) can be found at www.FinancialStability.gov.
Other Programs
- Treasury, in conjunction with the FDIC and the Federal Reserve Board, unveiled the Public-Private Investment Programs (PIPP) to buy troubled mortgage loans and mortgage-backed securities from banks. The programs will use $75 billion to $100 billion of remaining TARP funds along with capital from private investors to generate $500 billion to purchase troubled assets, with the potential to expand to $1 trillion over time. The PPIP consists of two programs: the Legacy Loan Program and the Legacy Securities Program. PIPP fact sheet.
- FDIC created the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. More information.
FDIC Deposit Insurance
Visit www.fdic.gov/deposit to learn how deposit insurance works and whether the FDIC insures your deposits. Congress has temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009. Changes have also been made to other account types. For more information visit Deposit Insurance Coverage Summary.
If you have questions about FDIC coverage limits and requirements, visit www.myFDICinsurance.gov or call 1-877-ASK-FDIC.
Homeownership Counseling Resources
Free State Sponsored Foreclosure & Homeownership Counseling
Free counseling sponsored by the State of Washington is available to residents thinking of buying a home and current homeowners who are having trouble with their mortgage. To speak with a counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME, or visit www.homeownership.wa.gov.
HOPE NOW
HOPE NOW is a national alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. Are you having trouble paying your mortgage? Nothing is worse than doing nothing. Call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE or visit www.hopenow.com.
