Shares of many financial services firms fell in premarket trading Monday as investors waited for specifics about a broad government bailout aimed at restoring confidence in U.S. credit markets.
Late last week, the government said it was formulating a plan to purchase illiquid mortgage-backed securities from financial firms in an effort to allay investors concerns and provide stability and liquidity to the volatile market. Treasury has requested up to $700 billion to purchase banks' mortgage debt, but specific details of the plan have yet to be released, including what assets will be purchased from what companies and at what price.
