The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.
The U.S. Treasury Department initially promoted the financial rescue package approved by Congress last month as a vehicle to buy illiquid mortgage assets from banks and other institutions to spur fresh lending.
that plan never got off the ground and U.S. Treasury Secretary Henry Paulson told a news conference asset purchases were not the most effective use of the funds.
Paulson was unapologetic, saying that by the time the rescue bill was passed on October 3, it was clear the asset purchase plan would take too long and would not be sufficient to calm roiling markets
So what are the solutions and where should the money be spent? I can assure you that between today and January 5th we will hear wild idea after wild idea and more then a few CEO and CFO's will hop on their "private" jets to head to Washington to ask for a little handout opps I mean bailout.
However, for Mr. and Ms Homeowner -- it will always to be late, if we wait for government to take action and save the drowning man .. the lake will die up and dust will blow across the bones of all those that waited for Hope and a lifeline.
Mr. and Mrs Homeowner Please Don't Wait --take action -- call your Leander -- for a work out -- list your home as for a short sale-- do something --dog paddle your way to shore NOW. There are solution and resources, call me lets see what we can do together starting now.
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