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To: Bucky Katt who wrote (38408)	11/7/2008 10:39:58 AM
From: Rangle	Read Replies (2) \| Respond to of 48461

In an article out overnight, the Washington Post reported that the Treasury is working to widen the rescue Washington Post reports the federal government is preparing to take tens of billions of dollars in ownership stakes in an array of companies outside the banking sector, dramatically widening the scope of the Treasury Department's rescue effort beyond the $250 billion set aside for traditional financial cos, government and industry officials said. Treasury officials are finalizing the new program, which could ultimately involve hundreds of billions of the $700 billion rescue package, though the initiative is unlikely to be announced until the end of next week at the earliest. Two industry sources familiar with the planning said the Treasury is holding off because it wants to make sure President-elect Barack Obama is on board and will not reverse the course once he takes office in January. But an administration official contested that explanation, saying the Treasury simply wants to give its initial bank plan a chance before injecting more money into the financial system... The new initiative would make it easier for the Treasury to aid a wider variety of cos if their troubles put the wider financial system at risk, government and industry officials said. These companies would still have to be financial cos that fall under federal regulators... The Treasury is also making progress on an initiative that would provide relief to homeowners at risk of foreclosure. Several proposals are on the table, including one crafted by Sheila Bair, chairman of the FDIC, who wants to spend about $40 billion to modify the mortgages for as many as 3 million homeowners. But several government and industry sources close to the matter said Treasury officials view Bair's plan as flawed and are seeking ways to revise it. .