Sept 16 (Reuters) - The U.S. Federal Reserve stepped in to rescue insurance giant American International Group (AIG.N) from bankruptcy with an $85 billion loan on Tuesday, the latest in a series of bailouts and loans for the financial and housing sectors.
The action brings the total tab for government rescues and special loan facilities this year to more than $900 billion.
Following are details of actions and amounts.
* $200 billion for Fannie Mae FNM.N and Freddie Mac FRE.N. The Treasury will inject up to $100 billion into each institution by purchasing preferred stock to shore up their capital as needed. The deal puts the two housing finance firms under government control.
* $300 billion for the Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill.
* $4 billion in grants to local communities to help them buy and repair homes abandoned due to mortgage foreclosures.
* $85 billion loan for AIG, which would give the Federal government a 79.9 percent stake and avoid a bankruptcy filing for the embattled insurer. AIG management will be dismissed.
* At least $87 billion in repayments to JPMorgan Chase & Co (JPM.N) for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers LEH.N LEH.P. U.S. Treasury Secretary Henry Paulson said over the weekend he was adamant that public funds not be used to rescue the firm.
* $29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March. The Fed agreed to take $30 billion in questionable Bear assets as collateral, making JPMorgan liable for the first $1 billion in losses, while agreeing to shoulder any further losses.
* At least $200 billion of currently outstanding loans to banks issued through the Fed's Term Auction Facility, which was recently expanded to allow for longer loans of 84 days alongside the previous 28-day credits. (Reporting by David Lawder; Editing by Lincoln Feast)