Top officials at the Treasury Department and Federal Reserve began discussing with Congressional leaders a plan to buy up large numbers of distressed mortgages held by ailing financial institutions.
AP - Congress promised quick action on a plan to buy up toxic assets, such as bad mortgages, held by troubled banks and other institutions, hoping to lift the nation out of its worst financial crisis in decades.
AP - Barack Obama turned to a team of advisers that shaped America's economy in happier days to fashion fresh ideas for calming the stomach-churning financial crisis that has thundered from Wall Street to Main Street.
AP - It's been nearly a week since Hurricane Ike bulled ashore, and the images of once-bustling coastal Texas communities reduced to only a faint shadow of their old selves are no less staggering.
The federal government is poised to establish a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade. Leaders from the House and the Senate were briefed late Thursday by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, CNNMoney.com reports.
Congressional leaders met with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Thursday to work on a new bailout plan to stem the ongoing financial crisis.