Actually, we could just call this TARP II as the second half of the TARP money is what will fund the program!  Note that another acronym bandied about is FSP - that is, the Financial Stability Plan.

Secretary of the Treasury, Timothy Geithner's plan or "The Plan" or the Private-Public Investment Plan is linked here at the Treasury so I will only highlight a few of the salient points here. 

     Note: THIS is where the term "Legacy Assets" came from.

 About $100 billion of the $350 billion in TARP II would be used for these programs, according to the document.

   First there are TWO types of Legacy Assets -

"Legacy Loans" - held directly by banks and
"Legacy Securities" - mortgage backed securities, credit debt obligations, etc.

Here is the table from the Treasury website
 Notice there are three agencies involved - the Fed (Federal Reserve System or the U.S. Central Bank), the U.S. Treasury Department, and the F.D.I.C. (the Federal Deposit Insurance Corporation).

The GOAL: use private monies in addition to the government's (our tax dollars), thus expanding the impact (hopefully) to actually create a market and price these "Legacy Assets."  You see, we don't have a clue as to what they are worth now as no one is buying them, partially because the securities are very risky and partially because the buyers are waiting for the government's plan!  Furthermore, we do not know what the securities may be worth in the future!

Then there are basically three parts to the Plan:

1.  Expanding TALF - the Temporary Asset Loan Facility at the Federal Reserve,
2.  Using the FDIC to insure up to 72% of the financing - no more than 84% may be borrowed (debt or leveraged) - the non-recourse loans part, and
3.  Partnering with investors who only need put up small amounts of funding.

  The keys - to apply (see application website here) you must be significantly large with a "Demonstrated capacity to raise at least $500 million, have a minimum of $10 billion assets under management, and submit your application before Friday, April 10, 2009!"

So WE SHALL SEE very, very soon!!!