RV loans included in bailout plan

WASHINGTON — Loans to recreational vehicle dealers and consumers could be easier to come by if Congress authorizes the release of $350 billion associated with the financial rescue plan passed last year.

The new legislation would make RV loans insured by a government institution set up to protect banks from losses if borrowers default on their debts. The first $350 billion Congress approved as part of the so-called financial bailout gave similar protection only to auto, credit card and student loans.

U.S. Rep. Joe Donnelly, D-Granger, pushed for the change in the new bill, adding "and other vehicles" to the types of loans included in the Term Asset-Backed Securities Loan Facility.

 

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