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MAKING NEWS
Thu, 18 December 2008
Toxic mortgages ignored in US bailout
US authorities have scrapped plans to use a huge financial rescue plan to buy up toxic mortgage assets.
Treasury Secretary Henry Paulson said the $US700 billion ($1 trillion) Troubled Asset Relief Program (TARP) would focus now on continued capital injections to struggling banks, but would also look at ways to help the "non-bank'' financial sector.
This could include rescue efforts for credit card and car loan debt which, like mortgages, was often packaged into securities sold to investors, Mr Paulson said. Source: courier mail
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