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(Image from article: "Toxic assets cleanup plan unveiled by Obama administration")

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Toxic assets cleanup plan unveiled by Obama administration

Treasury Secretary Timothy Geithner says government will spend up to $100 billion to join private investors in buying up to $1 trillion in bad sub-prime mortgages, securities and other ailing assets.

The Obama administration today formally unveiled details of its long-awaited plan to help cleanse banks and financial institutions of bad home loans and toxic securities, making a calculated gamble that partnering with private investors to buy the assets will stabilize the crisis while limiting the

U.S. to lay out plan to sop up bad mortgage assets

U.S. Treasury Secretary Timothy Geithner will lay out a bank-rescue plan on Tuesday that will rely on public and private funds to take $500 billion of bad assets off banks' books, sources said.

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