The move is a dramatic reversal by Treasury Secretary Hank Paulson, who made the asset purchase plan the centrepiece of his high-stakes pitch for $700bn in rescue funds from Congress under the Troubled Asset Relief Programme (TARP).
Some investors expressed dismay at the Treasury decision.
Mr Paulson said the “critical priorities” for the remaining $410bn in uncommitted funds were to further recapitalise and strengthen the financial system, support markets that securitise credit card loans, auto loans and student loans, and reduce foreclosures.
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