• Most Popular
  • Most Shared

Treasury sees mortgage plan as add-on to bailout

WASHINGTON
Sat Sep 27, 2008 5:11pm EDT

WASHINGTON (Reuters) - A private-sector mortgage insurance plan floated by Republicans in the House of Representatives would be acceptable to the Bush administration as an addition to core legislation for a U.S. Treasury $700 billion asset rescue plan, a Treasury official said on Saturday.

Barack Obama  |  Crisis in Credit

Asked whether the House plan would be acceptable as an addition, the official said, "That would be fine". But it would not be acceptable as an alternative to the plan proposed by U.S. Treasury Secretary Henry Paulson, which would use taxpayer funds to purchase troubled assets from financial institutions.

A group of House Republicans late on Thursday had proposed a private-sector funded mortgage insurance program as an alternative to tapping taxpayers fund to ease the credit crisis, causing negotiations over the bill to drag into the weekend.

(Reporting by David Lawder, Editing by Sandra Maler)
Barack Obama
Crisis in Credit


More from Reuters

Exclusive: U.S. business investment showing life

CHICAGO (Reuters) - A trade group for the lenders that finance half the capital equipment investment in the United States said on Tuesday the sharp pullback in business borrowing that marked the recent downturn moderated markedly in November -- an encouraging sign companies may be growing more confident in the sustainability of the recovery.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
Soldiers look on as U.S. Secretary of Defense Robert Gates speaks to soldiers at F.O.B. Warrior in Kirkuk, Iraq December 11, 2009. REUTERS/Justin Sullivan/Pool

Are you pregnant? Sir! No, Sir!

There are some 115,000 U.S. troops in Iraq -- and one commander wants to make sure his soldiers don't multiply.  Full Article 

Politics