Reversal: $700 Billion Rescue Program NOT To Buy Troubled Assets

Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.

Paulson said the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending.

By MARTIN CRUTSINGER, AP Economics Writer

 
Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned. Photo: Associated Press

He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans.

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http://news.yahoo.com/s/ap/20081112/ap_on_bi_ge/
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One Response to “Reversal: $700 Billion Rescue Program NOT To Buy Troubled Assets”

  1. pam11 Says:

    hi mr. paulson, i am a home owner and i am loosing my home now. we had a predatory loan. we were on a forbearance and that is up dec 1, 2008. yesterday on saturday we were served sheriff papers for a sheriffs sale on dec. 18. we have talked to our servicer many, many times & they can not do nothing except a loan modification & that will make your payment a lot higher. we been asking for help but are getting nowhere. we are hard working people and are not asking something for nothing. that all we want is to keep our house so my husband can have his serious back surgery before it is too late. it is gong to take him 1 year to recoupe. we have select portfolio servicing and we have checked them out on the bbb & ripoff report and all they want is your house, they are crooked. we need help now we cannot wait another day! please pass the housing bill so the people can get help! the banks are not lending & if they were you have to have perfect credit, so that leaves the majority of the people out & into foreclosure. if the housing market does not get fixed the rest of the economy is keep going down & down. i am sick of the rich getting bailouts. not the people who are the ones that put a lot of money in the markets too. since it was the lenders and the servicers & governments fault since they did not put a regulations on the lenders. now we the people have to suffer & loose our houses & then we have nowhere to go because who is going to take you with bad crdit? please i ask you to give a helping hand & alson i am sick & tired of those people calling us stupid & it is our fault where we are, sure we are all at fault, but now we are the ones suffering. please i pray to god every night for help & i don;t want something for nothing, we just need a helping hand. thank you for listening to me very much. pam & al

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