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South Florida

Federal government unveils $800 billion in loans and debt purchases

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Hoping another cash injection will help unfreeze credit, the federal
government said today it would offer another $800 billion
in loans
and debt purchases. The Federal Reserve said it will buy up to $600
billion in
mortgage-backed assets from Fannie Mae and Freddie Mac, in hopes of
increasing credit availability for home purchases. As part of the package, the Fed and Treasury
Department announced a $200 billion program to ease commercial lending
on
several types of debts, including student loans, car loans and business
loans.