Fed program promises $1 trillion lending

Central bank will accept assets backed by auto, credit card, student and small business loans, government says.
Last Updated: March 3, 2009: 11:45 AM ET

http://money.cnn.com/2009/03/03/news/economy/fed_lending.reut/index.htm?postversion=2009030311

WASHINGTON (Reuters) -- The U.S. Federal Reserve and Treasury on Tuesday extended a new securities loan program to include equipment and vehicle fleet leases and said a future expansion to $1 trillion may also include some of the riskier mortgage and debt securities now plaguing banks.

Launching the long-awaited $200 billion Term Asset-backed Securities Loan Facility, or TALF, the Fed and Treasury said the program will start offering loans on March 17.