Friday, December 12, 2008

Fed Loans Sought for RV Industry

Fort Wayne Journal Gazette - Fort Wayne,IN,USA
Loans to RV buyers and sellers should be added to the government program created to encourage business and consumer lending, Indiana Rep. Mark Souder, R-3rd, said.

In a letter he and Indiana Rep. Joe Donnelly, D-2nd, wrote to the Treasury secretary and the chairman of the Federal Reserve, Souder said banks that get help from the $700 billion bailout fund should be forced to make consumer loans.

Souder and Donnelly, whose districts are home to the largest number of recreational vehicle makers in the country, said the industry is pinched almost beyond survival.

“The tightening credit market has made it very difficult for consumers to finance RV purchases and dealers to secure inventory financing,” they wrote to Secretary Henry Paulson and Fed Chairman Ben Bernanke.

As a result, they said, RV shipments dropped 30 percent so far this year, “causing manufacturers, dealers and campground operators to reduce their workforce by 53 percent since last summer.
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