Phố Wall sẽ đi về nơi rất xa

Phố Wall sẽ đi về nơi rất xa

Paulson changes tack on financial rescue
Consumer-finance sector will get help, but mortgage asset plan shelved

WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson laid out his plans for the next stage of the financial market rescue package, announcing he has shelved a plan to buy troubled mortgage assets and is moving his attention to non-banks and consumer finance.
In a broad and dense review of the controversial $700 billion rescue effort, Paulson defended the steps taken to date, but in the same breath said that financial markets remain fragile and the focus must remain on "recovery and repair."
"I believe we have taken the necessary steps to prevent a broad systemic event. Both at home and around the world, we have already seen signs of improvement," Paulson said in a speech at the Treasury Department.
But in a striking admission, Paulson said that buying mortgage assets "is not the most effective way" to use government funding.
That program was once the cornerstone of the rescue plan for financial markets and was almost the entire focus of Congress when the package was being debated.
But almost as soon as Treasury received the money, it decided that giving capital to banks in return for preferred stock was a better use of the funds.
Some of the money saved from not buying mortgage assets will now be used to shore up the market for credit card receivables, auto loans and student loans, Paulson said.
"This market, which is vital for lending and growth, has for all practical purposes ground to a halt," Paulson said.
"With the Federal Reserve, we are exploring the development of a potential liquidity facility for highly-rated AAA asset-backed securities," Paulson said.
Treasury would also consider giving some capital to non-bank financial institutions, with banks also possibly needing additional help, he said.
"Although the financial system has stabilized, both banks and non-banks may well need more capital, given their troubled asset holdings, projections for continued high rates of foreclosures and stagnant U.S. and world economic conditions," Paulson said.
Sweeping proposals to modify mortgages remain on the table, Paulson said.
The cost of these programs will be substantial and don''t belong under this rescue package, Paulson said
http://www.marketwatch.com/news/story/Paulson-lays-out-rescue-plan/story.aspx?guid={2809B670-5F1F-4407-8079-836A5A05E8E5}

Sơ qua thì thấy kế hoạch 700$ bill sẽ chuyển sang ưu tiên cho non-banks và consumer finance, còn các khoản nợ xấu do chứng khoán hóa tài sản thế chấp sẽ bị "xếp xó" (shelved). Mẽo đêm nay sẽ rất dài đây