BREAKING: New Details on Bear Stearns-JPMorgan Deal

CNBC’s Steve Liesman reported late-breaking details on the terms of the Fed’s $29 billion loan to JPMorgan for it to purchase Bear Stearns . According to Liesman’s report, the Fed’s loan is for 10 years at a fluctuating interest rate of 2.5% - a rate the traders all called incredibly cheap, even though it is predicated on the ebb and flow of the discount window rate. Neither the Fed nor JPMorgan is likely to lose money on the deal, Liesman said.

Is the loan spread over 10 years because the Fed thinks that’s how long the mortgage crisis will last? Not likely. But it does give JPM plenty of time – “forever,” as Karen Finerman called it – to pay back the central bank.

Watch the video for more.

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Trader disclosure: On Mar. 24, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (INTC), (ATVI); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (SBUX), (TOL), (TSO), Seygem Asset Management owns (EEM), (CHT), (EWT), (TSM); Finerman Owns (GS), Finerman’s Firm Owns (PM-WI), (PLCE), (AAPL), (FLS), (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), Is Short ( IYR), (IJR), (MDY), (SPY), (IWM), (GLD); Jon Najarian Owns (AAPL), (ACI), (AG), (AGU), (GOOG), (GS), (MON), (MOS), (POT), (USB), (IDCC), (EK), Is Short (BVF), (TGT)