The Obama administration launched a new effort Monday to end a paralysis in lending, saying it will team with investors to initially sop up to half-trillion dollars of bad assets from banks that have been reluctant to make loans to consumers and companies.
Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.
After an unsuccessful first attempt, the Treasury Department is poised to announce Monday details of its plan to help get so-called toxic assets off of the balance sheets of the nation's largest and often most troubled financial institutions.
Wall Street closed out its first two-week gain in almost a year Friday barely. After a mixed start, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow rise 14 percent over seven trading days.
The Treasury Department, trying to stabilize the battered auto industry, will provide up to $5 billion in financing to troubled auto parts suppliers who are linked to Detroit's carmakers, officials said Thursday.