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."
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