WASHINGTON - One of the key parts of the government's financialrescue plan-buying troubled assets of financial institutions--hasbeen put on hold, Treasury Secretary Henry Paulson said today.

"Our assessment at this time is that this is not the mosteffective way to use TARP funds, but we will continue to examinewhether targeted forms of asset purchases can play a useful role,relative to other potential uses of TARP resources," he said inWashington.

The prospect of the government purchasing bad mortgages was akey selling point among skeptical lawmakers during thecongressional fight over the $700 billion plan in September andOctober.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.