As market after market started to freeze, we were swamped with stories from a steady stream of trade associations, businesses, individuals, lenders, and others about the consequences of problems with ABS.
Knowing that families and firms need access to loans to pay for college, replace worn-out cars, or upgrade computer systems, staff at the Fed worked around the clock to develop a credit facility that would help individuals and small businesses by jump-starting new issuance of ABS.