New direction for rescue plan

The Bush administration today announced a change course in its implementation of the $700 billion Troubled Asset Relief Program, with most of the initial $350 billion authorization now earmarked to buy preferred stock in banks rather than mortgage backed securities and whole mortgage loans.

The change in direction -- part of a global response to the credit crisis officials said was necessitated by the continued reluctance of banks to loan each other money -- is intended to restore lending by recapitalizing banks.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.