Wednesday, May 20, 2009

Geithner: PPIP to Start by Early July

by Bill McBride on 5/20/2009 11:42:00 AM

From Bloomberg: Geithner Says Toxic-Asset Plan to Start in Six Weeks

Treasury Secretary Timothy Geithner said he expects a pair of government programs to help banks remove their distressed assets will start by early July ...

The Treasury’s Public-Private Investment Program will use $75 billion to $100 billion of government funds to finance sales of as much as $1 trillion in distressed mortgage-backed securities and other assets.
Here is Geithner's prepared statement.