House GOP unveils alternative rescue plan
By Patrick Yoest, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- House Republicans remain reluctant to throw their support behind a $700 billion asset-buyout plan, presenting an alternative plan Thursday afternoon that would allow banks to purchase insurance for mortgage- based assets.
A House GOP working group organized by House Minority Leader John Boehner, R- Ohio, presented the plan, which would create a new entity that Rep. Eric Cantor, R-Va., compared to Ginnie Mae.
"We charge them the premiums, they finance the insurance, and they unclog the system and Wall Street bails itself out," said Rep. Paul Ryan, R-Wis., the top Republican on the House Budget Committee and a member of the working group.
The plan, which comes as House and Senate leadership and committee chairs are far into negotiations on the asset-buyout plan, signals widespread concerns among House Republicans about the political implications of appearing to endorse what many voters consider a Wall Street bailout. |
