On November 21, the FDIC released its final rule for the Temporary Liquidity Guarantee Program which, among other changes, explicitly provides that the guarantee is backed by the full faith and credit of the United States government. Orrick Client Alert. FDIC Final Rule. 

On November 24, Treasury, the Fed, and the FDIC announced an agreement to provide Citigroup with a package of up to $306 billion of guarantees, liquidity access and $20 billion of capital.  Joint Statement by Treasury, the Fed, and the FDIC on Citigroup.

On November 25, Treasury and the New York Fed announced the creation of the $200 billion Term Asset Backed Securities Loan Facility to spur investment in the consumer asset-backed securities market.  Fed Release.

On November 25, the Fed announced that it will purchase up to $100 billion in direct obligations of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks and up to $500 billion in mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Orrick Client Alert. Fed Release.

On November 24, Treasury announced an extension of the Temporary Guarantee Program for Money Market Funds until April 30, 2009 to support ongoing stability in that market.  On December 2, the Fed announced an extension through April 9, 2009 of the Primary Dealer Credit Facility, the ABCP Money Market Fund Liquidity Facility and the Term Securities Lending Facility, which were originally set to expire on January 30, 2009.  Treasury Press Release. Fed Press Release. Orrick Client Alert.