WASHINGTON — Treasury Secretary Henry Paulson, warning that "millions of Americans cannot find affordable financing for basic credit needs," announced a major expansion of the federal bailout on Tuesday — as much as $800 billion to make mortgages and consumer credit more available and affordable.

The government will buy up to $600 billion in mortgage-backed assets, and, in a separate action, lend up to $200 billion to investors who've bought securities backed by consumer loans such as credit cards, auto and student loans, in a bid to free up consumer credit.

Paulson, speaking at a Washington news conference, hailed the housing aid as "a very strong statement of support for the housing market....Mortgage spreads have...not come down as much as they might," he said, "but I would say mortgage financing has remained...available and it has not risen nearly as fast as the cost of other credit."

Read full article: New $800 billion rescue plan includes money for credit card debt


Resources:
Debt Consolidation Information
Debt Consolidation Companies

.

Comments

Comment by hood Nov. 27,2008 good + hit

Can Obama Make Sense of All This Debt?
U.S. Mortgage Rates Drop Most in Seven Years on Fe
New $800 billion rescue plan includes money for cr
Credit cards with the happiest users
How You Can Make Your Debt Consolidation Work
The Debt Diet: Ways to Trim Unsightly Bills
Checklist for Those on Debt Management Plan
Financial Focus: There are still ways to consolida
Regulators nix credit card debt forgiveness plan
Ready to Consolidate That Debt?