The Fed debuted a separate lending facility where Wall Street firms can borrow Treasury securities and put up risky home-loan packages as collateral.
Those firms averaged $32.9 billion in daily borrowing over the past week from the new lending facility, compared with $13.4 billion the previous week. The program, which began last Monday, is part of the Fed's effort to aid the financial system, and the broadest use of the Fed's lending authority since the 1930s.
The Fed also said it would make as much as $200 billion worth of Treasuries available through weekly auctions that started Thursday.
[Excerpt of an article byAP]
Note: A “billion” is a difficult number to comprehend. The next time you hear of loans or debts in the “billions”, or consider how much a billion is.