Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. have abandoned a fund intended to bail out structured investment vehicles adversely affected by the subprime mortgage crisis because of fund-raising difficulties, according to The Wall Street Journal.

The Charlotte Business Journal reported that the Treasury Department facilitated conversations among the banks, and in October, they announced an agreement to form the fund. It was intended to purchase certain assets from the SIVs to help them avoid having to sell them at very low prices, which could worsen the credit crunch.

Often run by large banks, SIVs tend to issue commercial paper and then use the proceeds to purchase higher-yielding securities, such as those backed by subprime mortgages. Investors have turned away from purchasing the commercial paper in the wake of current economic conditions, potentially causing the value of the funds to plummet.