Treasury To Unveil New Bailout Plans Next Week

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Some new plans for rescuing the financial sector are set to be unveiled next week.

A Treasury official says Treasury Secretary Timothy Geithner will announce the plans next week in a speech.

They'll include new programs aimed at helping homeowners avoid foreclosure, along with efforts to stabilize the banking sector.

Over the weekend, top Treasury officials met with people from the financial industry and with other policymakers to talk about possible rescue plans.

One is a so-called "bad bank" run by the government. It would buy problem assets that are clogging bank balance sheets.

Another plan would provide insurance against losses on assets that banks will continue to hold on their books.

The plans haven't been finalized.

Officials said as recently as Saturday that they planned to release the plans this week, but they have since pulled back.

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