The focus this morning is on the Obama administration's plan to seek the help of private investors in an effort to rid banks of as much as $1 trillion in troubled loans and securities at the heart of the financial crisis.
Today’s announcement provides more of the fine points of the initial strategy laid out by Treasury Secretary Timothy Geithner last month. The initial lack of details caused stocks to fall. The plan emphasizes using both public and private funds with the government assisting to provide capital and financing for private investors to buy illiquid loans and securities held by banks.
After the open, investors will focus on the monthly figures for existing home sales. Sales are expected to slip to an annual rate of 4.45 million for February. That would be down from the January rate of 4.49 million. New home sales data and durable goods orders will be released Wednesday, and the final figure for the fourth quarter GDP will be released Thursday. We end the week with the University of Michigan consumer sentiment survey and the Commerce Department’s consumer income and spending report.
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