12 November 2008 17:00 [Source: ICIS news]
WASHINGTON (ICIS news)--US Treasury Secretary Henry Paulson said on Wednesday that federal officials are looking at ways of restoring credit for automobile loans as a means of shoring up the tottering US auto manufacturing sector.
Paulson said that some funds remaining in the $700bn (€560bn) bailout package approved last month by Congress - known as the troubled assets relief programme (TARP) - will be used to revive credit markets for car loans, student loans and other consumer finance vehicles such as credit cards.
“We are looking at ways to possibly use the TARP to encourage private investors to come back to this troubled market by providing them access to federal financing while protecting the taxpayer’s investments,” Paulson told a press conference.
In addition to this developing Treasury Department plan, the US Congress is likely to consider next week a package of up to $50bn in emergency loans to the three major ?xml:namespace>
The auto makers and other
Along with the
Paulson also said Treasury is examining possible means of forestalling home mortgage loan foreclosures in hopes of keeping more foreclosed homes from flooding the already over-supplied housing market.
“The road ahead for the
However, he added, “I am confident the
($1 = €0.80)
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