On the Credit crises Front...to improve liquidity in the asset-backed commercial paper markets.

Big Banks Announce Plans to bring billions to credit market

The U.S. Department of Treasury facilitated discussions among Several major banks are working together to establish a multibillion-dollar investment fund intended to lessen the credit crunch by improving liquidity for mortgage securities and other investments using a product called the "master liquidity enhancement conduit ("M-LEC")... this could be set up within 90 days, according to the bank Of America.

The Bank announcement today named . Bank of America Corp., Citigroup Inc. and JP Morgan Chase & Co. among the group of banks that are setting up the fund, which could be worth up to $100 billion. Treasury Department officials reported that the "Treasury is pleased with the response by the private sector to enhance liquidity in the short-term credit markets.

http://newsroom.bankofamerica.com/index.php?s=press_releases&item=7892

Posted in Headlines, Mortgage, Real Estate Market Conditions, Foreclosure

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