Oct 27, 2008

Obama supports help for auto financing

Barack Obama's presidential campaign said Friday the federal government should act swiftly to help unlock credit for the financing of car loans crucial to U.S. automakers.

Obama's economic adviser Jason Furman said the Democrat supports calls by Michigan lawmakers for the Treasury Department and the Federal Reserve to use their authority in the $700 billion bailout plan to help the industry deal with the tight credit markets.

Michigan's congressional delegation said this week the lack of access to consumer car loans was hurting the industry and threatening the nation's manufacturing sector. Many banks and auto finance companies have tightened credit standards because they can't borrow money to lend, or they have been reluctant to lend and risk defaults.

Source: AP

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