WASHINGTON, Oct. 13 (UPI) -- The U.S. Treasury said Monday it would implement the $700 billion bailout package with a five-point strategy.
The plan includes purchasing risky mortgage-backed securities, buying mortgages, and insuring mortgage-backed securities and mortgages, CNNMoney reported Monday.
In addition, while details were not released, the Treasury said it would ensure banks and investors don't lose money from borrowers defaulting on loans. It would also move to purchase equity in various financial institutions, CNNMoney reported.
Neel Kashkari, interim assistant secretary for financial stability, said the department "is implementing its new authority with one simple goal: to restore capital flows to the consumer and businesses that form the core of our economy."
More details on the plan would be forthcoming, following a Monday meeting with top officials from the Treasury, the U.S. Federal Reserve and chief executive officers from Bank of America, JP Morgan Chase, Goldman Sachs Group, Morgan Stanley and Citigroup, CNNMoney said.
