Geithner to announce toxic assets plan at 8:45 AM

U.S. Treasury Secretary Timothy Geithner will provide details about the government's latest plan to help rid banks of toxic assets clogging the financial system; the Treasury Department said in a press release that it will hold the briefing at 8:45 a.m. EDT on Monday.

The Treasury Department's program involves setting up a new investment fund to buy mortgage-related securities and other assets weighing down bank balance sheets. The new Public Private Investment Program would combine taxpayer money with private funds, aiming to buy loans and free up banks to renew lending.

One of the key terms you are going to be hearing is "non-recourse" loans. This will be sweet music to the ears of monster investment funds like Black Rock and PIMCO.

If you are not familiar with the term non-recourse loans come back tomorrow for a quick primer on the topic. Hint: even better deal than a $165 million bonus. Keep in mind we are the recourse side of the loan.

If you want to read more right now, this article is interesting.

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