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Real Estate Blog & Resources

Administration unveiling bailout overhaul

The Obama administration has promised to aggressively combat the current financial crisis and just unveiled a program that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again.
Treasury Secretary Timothy Geithner said Tuesday the new plan would bring the full force of the federal government to bear in a partnership with the private sector. The new plan would greatly expand an effort to unclog credit markets that provide loans to consumers and businesses. Funding for this effort would see a huge increase — from $20 billion up to $100 billion — according to administration officials.