Can anyone explain to me the bank bailout program? Was it part loans to these banks and part buying of toxic assets; also, can someone define what a "toxic asset" is [foreclosures by homeowners, defaults by developers?] If part of the bailout program included buying toxic assets, what happens to those assets -- does the federal govt own them, or is it mutally ownership of some type between the banks/govt? In addition, what is the future of these toxic assets -- do they go to public auction? Is there any government site that explains this program?
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Hey everyone,
Can anyone explain to me the bank bailout program? Was it part loans to these banks and part buying of toxic assets; also, can someone define what a "toxic asset" is [foreclosures by homeowners, defaults by developers?] If part of the bailout program included buying toxic assets, what happens to those assets -- does the federal govt own them, or is it mutally ownership of some type between the banks/govt? In addition, what is the future of these toxic assets -- do they go to public auction? Is there any government site that explains this program?
 Many thanks!
 Trudy.
#housing