The framework for the bailout has been announced and they would be the following:
MONEY: Under the agreement, Paulson would be allowed to get an overall amount of $700-billion, BUT only $250-billion would be available immediately. Then an additional $100-billion would be given to Paulson upon his certification that he needed it. And the final $350-billion would be subject to a "Congressional joint resolution of disapproval."
The other principles include:
TAXPAYER PROTECTIONS:
- standards to prevent excessive executive compensation
- some form of equity sharing
- most profits used to reduce national debt
OVERSIGHT:- oversight board, IG, GAO audits, reports to Congress
FORECLOSURES:- find ways to modify mortgages for those at risk of foreclosure
- require modification on loans owned or controlled by the government
Source: MSNBC First Read
This is just the agreed framework for the deal. The details are being worked out and as everyone knows the devil is in the details but I like what I am seeing so far compared to the original Paulson plan.