Banks' rescue: Foreclosure-fed toxic assets remain a key hurdleFebruary 10, 2009
TG-18
Secretary Geithner Introduces Financial Stability Plan
Remarks by Treasury Secretary Timothy Geithner
Introducing the Financial Stability Plan
Many banks are reducing lending, and across the country they are tightening the terms of loans.
Last Friday we learned that the economy had lost three million jobs last year, and an additional 600,000 just last month. As demand falls and credit tightens, businesses around the world are cutting back the investments that are essential to future growth. Trade among nations has contracted sharply, as trade finance has dried up. Home prices are still falling, as foreclosures rise and even credit worthy borrowers are finding it harder to finance the purchase of a first home, or refinance their mortgage.
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