FACTBOX-Outline of U.S. Congress' draft bailout plan

(Reuters) - U.S. lawmakers pressed forward on Saturday with talks over a proposed massive financial system bailout, hoping to nail down an agreement by Sunday.

The Bush administration last week asked Congress to give the Treasury secretary authority to buy up to $700 billion (380 billion pounds) in bad assets from banks and other companies in a bid to ease the most serious U.S. financial crisis since the Great Depression.

Following are provisions compromise legislation is expected to incorporate, based on a draft bill and comments from lawmakers about the state of negotiations.

- The bill would create a Troubled Assets Relief Program (TARP) to purchase mortgage-related assets originated or issued on or before March 14, or any assets if needed to promote financial stability.

- $700 billion overall to be authorized in instalments of

$250 billion. That could be increased to $350 billion upon notification to Congress by the president.

- Assets could be purchased from any financial institution having significant operations in the United States.

- Government to get warrants for equity in participating companies as a way of protecting taxpayers and allowing them to benefit from any profit gains.

- Foreclosure mitigation for Americans at risk of losing home. However, a provision House Democrats had sought to help save homes in bankruptcy proceedings has been dropped.