Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Fast action essential for multi-billion dollar financial US rescue plan

Staff Reporter 1 minute read

The US treasury’s US$700 billion (A$870 billion) financial rescue plan announced Friday prompted a strong US market rebound and hopes now hinge on speedy Congress approval.

Secretary Treasury Henry M Paulson Junior said the plan would address the “root cause” of the current meltdown by removing distressed assets from the financial system.

Under the plan, the treasury would have authority to step in as a buyer of troubled mortgage assets that few, if any, other institutions would want to purchase.

The proposal however may stall in a democrat-dominated Congress as lawmakers consider  the impact of the added burden on tax payers and an economy already weighed down by national debt.

Published: 22-09-08

Advertisement
Advertisement

Today's other news

Fast action essential for multi-billion dollar financial US rescue plan
default
TheAdviser logo
default
more from the adviser
first home buyers ta Brokers wrote half of FHLDS loans

The latest figures for the FHLDS suggest that brokers assisted in...

percent arrow down ta Low repayment loan for brokers launches

Specialist lender TrailBlazer Finance has launched a new low repa...

handshake contract ta PLAN bolsters lending panel

The aggregator has announced the addition of Better Choice Home L...

FROM THE WEB