Word: auto
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...ready for the Toxic Asset Loan Factory. TALF, the U.S. government's effort to boost consumer lending, finally launches next week. The program - officially the Term Asset-Backed-Securities Loan Facility - is targeted at restarting the market banks use to fund credit-card, auto and other consumer loans. But some worry TALF could create even more risky bonds that our nation's wobbly financial firms don't want and can't sell - a perverse unintended consequence of a well-intended program...
...heart of the program - and the biggest cause of complaints - is an effort to reignite the process by which most banks get the money they use to make consumer loans. To fund credit-card, auto and education lending, banks typically gather up loans they already have made and pass them off to an investment bank. Wall Street firms then package these into bonds that pay interest based on borrowers' loan payments. Completing the money-recycling loop, investors buy the bonds, and investment banks pass most of that money, minus a fee, back to the lenders. The lenders can then...
...pictures of the auto industry...
...credit to fund areas like research and development. In London on March 11, British carmakers and banks gathered to kick-start the distribution of the loan guarantees. With car registrations forecast to slide 20% in Britain this year, the government will be hoping that it can still save its auto factories, and the jobs that go along with them, from the scrap heap...
...owner who has a 2002 Mercury Grand Marquis probably paid about $30,000 for it. The car is probably worth $5,000 now. A person with modest experience and skills with auto repairs can rebuild that car for about $5,000. The car will need new breaks. It will cost $500.00 to replace the breaks with all the parts. Approximately $800 will be required to replace most of the moving parts in the air conditioning system. Another $200 will get the owner a new exhaust system. It is likely that the alternator will also need to be replaced after...