The federal government has agreed to pay $9.9 billion to more than 840,000 homeowners, auto manufacturers and other financial institutions in a deal that gives the government the authority to purchase risky assets in the wake of the financial crisis.
The bailout comes as the federal government struggles to come up with new ways to support homeowners and businesses, particularly the elderly and people with disabilities.
The government said the money will be used to cover a wide range of financial needs and investments that are at risk of being wiped out if the economy stalls further.
The money will also help cover loans for borrowers, including the mortgages of homeowners and those with mortgages of up to $500,000.
Under the deal, the Treasury Department will be able to buy mortgage-backed securities that are not backed by a principal, but that can be backed by the principal and interest paid by lenders, for up to a fixed number of years.
The Treasury Department has been trying to come to terms on the best way to fund the program, and in the process it’s been trying out different approaches to help small businesses.
But the agreement still faces some challenges.
The agreement doesn’t guarantee that banks will lend to those who don’t qualify, or that borrowers will get credit on their mortgages.
And the Treasury department still hasn’t finalized how much money the government would use to buy those securities.
A House committee approved the bill in late December, and President Donald Trump signed it on Friday.
A separate bill that would have extended the emergency lending program through March expires in April.
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The House approved the measure after Democrats blocked it in December, arguing it did not meet the conditions for the bill to pass.
The Senate, on the other hand, passed the bill on a 51-49 vote on Thursday, with a bipartisan coalition of senators and representatives voting in favor of extending the loan program for five more years.
That vote is the first step toward a final agreement.