Fed Expands Consumer Credit Program

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The Federal Reserve is expanding a $1 trillion program aimed at jump-starting consumer and small business lending.

The Fed says the program will include securities backed by loans or leases relating to business equipment, car-fleet leases and loans extended by mortgage servicers to cover payments missed by homeowners.

The new categories won't be part of the program's initial rollout this week, but will be included starting next month.

The program aims to stimulate lending for auto, education, credit card and other loans for consumers and small businesses. Investors can get loans from the Fed and use the money to buy newly issued securities backed by a range of consumer and business debt.

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