About that $700 Billion

On the same day that the Federal Housing Finance Agency announced mortgage modifications from Fannie Mae and Freddie Mac (help for homeowners who are 90 days or more late on payments) comes this news via the New York Times: "Treasury Secretary Henry M. Paulson Jr. announced a major shift in the thrust of the $700 billion financial-rescue program on Wednesday, at the same time joining several agencies in prodding banks to speed up the thaw in the country’s credit system. Mr. Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but would instead be used in a broader campaign to bolster the financial markets and, in turn, make loans more accessible for creditworthy borrowers seeking car loans, student loans and other kinds of borrowing." [WSJ/NY Times]