"First, we must continue to reinforce the stability of the financial
system, so that banks and other institutions critical to the provision
of credit are able to support economic recovery and growth. Although
the financial system has stabilized, both banks and non-banks may well
need more capital... Approximately 40 percent of U.S. consumer credit
is provided through securitization of credit card receivables, auto
loans and student loans and similar products. This market, which is
vital for lending and growth, has for all practical purposes ground to
a halt... Third, we continue to explore ways to reduce the risk of
foreclosure. Over these past weeks we have continued to examine the
relative benefits of purchasing illiquid mortgage-related assets. Our
assessment at this time is that this is not the most effective way to
use TARP funds."