Fed looks to boost lending by financing loans

The Federal Reserve on Tuesday looked to bolster bank lending by pledging to lend up to $200 billion against highly-rated securities backed by new consumer and business loans.

Under the Term-Asset-Backed Securities Loan Facility, the New York Fed will lend to holders of some AAA-rated asset-backed securities backed by newly or recently originated consumer and small business loans.

The Fed said the facility "will help market participants meet the credit needs of households and small businesses

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