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Fed Consumer Credit Program to Loan $200B

To spur consumer lending, the Federal Reserve will lend up to $200 billion for autos, education, credit cards and more. The program, dubbed the Term Asset-Backed Securities Loan Facility, was first announced late last year and originally scheduled to start in February.

March 3, 2009

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Fed Consumer Credit Program to Loan $200B

Some Americans may find getting credit for a business or car a little easier as the Federal Reserve launches a program aimed at boosting the availability of credit to consumers and small businesses.

To spur consumer lending, the Federal Reserve will lend up to $200 billion for autos, education, credit cards and more. The program, dubbed the Term Asset-Backed Securities Loan Facility, was first announced late last year and originally scheduled to start in February.

Participants must request loans by March 17. The program has the potential to generate up to $1 trillion of lending for businesses and households.

Source:  USA Today.com,  Fed Launches $200B Consumer Credit Program

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