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Washington
Inside Washington (09/25/2008)
* WASHINGTON (9/26/08)--As of Thursday, details of the Treasury’s proposal to buy illiquid assets from banks were unclear. The proposal did not yet specify how the assets would be priced, managed, identified or resold (American Banker Sept. 25). Details regarding executive compensation and use of facility would likely be determined later by the Treasury. The proposal draft includes foreclosure prevention efforts, but it was not yet known if the Bush administration would agree to those provisions. Democrats also indicated they wanted to add a measure allowing judges in the bankruptcy process to rework mortgages. Sen. John McCain (R-Ariz.) said he would suspend his presidential campaign to work on the crisis and said he didn’t think the proposal would pass as it was. Sen. Barack Obama (D-Ill.) noted presidential politics could delay the proposal’s passing ... * WASHINGTON (9/26/08)--House Financial Services Committee Chairman Barney Frank (D-Mass.) said he would like to change the Treasury’s proposal to bail out banks by adding tax breaks for institutions affected by losses in Fannie Mae and Freddie Mae preferred stock (American Banker Sept. 25). Frank said small banks seemed concerned that they were being left out from the plan. Fannie Mae and Freddie Mac were placed into conservatorship several weeks ago. Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke have not yet commented on whether the tax-break provision should be added to the bill. The Treasury’s plan as of Thursday would bail out banks through a $700 billion package. Frank also said he may introduce a bill next year that would increase the deposit insurance limit to more than $100,000 per account ...


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