thomaspaine23
09-21-2008, 11:15 PM
U.S. Treasury Widens Scope of Bad-Debt Plan Beyond Home Loans
By Dawn Kopecki
Sept. 22 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan late yesterday as lawmakers and lobbyists push their own ideas. The department also adjusted its new plan to insure money-market funds to limit protection to balances as of Sept. 19, after complaints from bank lobbyists.
Officials made the changes two days after unveiling plans for an unprecedented intervention in financial markets in an effort to halt the deepening crisis. The change to potentially allow purchases of instruments such as car loans, credit-card debt and other devalued assets may force an increase in the size of the package as the legislation proceeds through Congress.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aElikTnqq5yE&refer=news
By Dawn Kopecki
Sept. 22 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan late yesterday as lawmakers and lobbyists push their own ideas. The department also adjusted its new plan to insure money-market funds to limit protection to balances as of Sept. 19, after complaints from bank lobbyists.
Officials made the changes two days after unveiling plans for an unprecedented intervention in financial markets in an effort to halt the deepening crisis. The change to potentially allow purchases of instruments such as car loans, credit-card debt and other devalued assets may force an increase in the size of the package as the legislation proceeds through Congress.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aElikTnqq5yE&refer=news