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Obama administration launches effort to end lending freeze
2009-03-23 16:45:22 (GMT) (Caymanmama.com - Banks & Banking Top Stories News)
In a new effort launched Monday, the administration is looking to put an end to the lending freeze, saying it will partner up with investors to absorb nearly a half-trillion dollars of bad assets
Albuquerque, New Mexico (CaymanMama.com) — Positive change is coming slowly but the Obama administration is determined to tackle each recession crisis head on.
In a new effort launched Monday, the administration is looking to put an end to the lending freeze, saying it will partner up with investors to absorb nearly a half-trillion dollars of bad assets from banks that have been hesitant to give out loans to consumers and companies.
During the announcement of the program, Treasury Secretary Timothy Geithner asked for patience, saying that efforts to boost an industry with such universal issues must go forward despite “deep anger and outrage” over executive bonus payments.
According to the Associated Press, “Geithner’s performance in President Barack Obama’s Cabinet has come under heavy criticism from some in Congress. The secretary announced the initiative in a Treasury Department room with no cameras allowed. He was with Obama later in the morning, however, when the president spoke briefly, saying he was “very confident” the latest plan will succeed.”
Obama called the new plan “one more critical element” in a widespread effort to rehabilitate the economy and said the sagging housing market is starting to show hope.
Geithner said the new plan will aim to will seek to connect government and private resources in the acquiring of bad assets from the balance sheets of banks and said he anticipates purchases eventually could increase to $1 trillion.
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