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New plan to spur consumer lending

Posted by 104Inc.com on November 28, 2008

The Federal Reserve and Treasury department have announced new plans to inject up to $800 billion into the U.S. economy –
with the goal of reducing the costs and making it easier for consumers to get mortgage and other consumer loans.
The new program includes plans for the Fed to purchase up to $600 billion in mortgage-backed securities from Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The other $200 billion will be made available to investors who back other consumer loans – including credit card, student and auto loans.
These investments are designed to take a large portion of consumer debt out of the market and, in turn, support continued and increased consumer lending opportunities to eligible borrowers.

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