Boston Globe (09/22/08); Crutsinger, Martin; Babington, Charles
The Bush administration is pressing Capitol Hill lawmakers to move quickly in approving a $700 billion proposal to buy up the troubled mortgage debt that has a stranglehold on the country's credit markets. Although congressional leaders have endorsed the strategy's main thrust, they believe the plan must be expanded to include such elements as greater protections for homeowners, limits on excessive executive compensation and independent oversight. Treasury Secretary Henry Paulson Jr. insists the proposal must be passed soon, adding that changes to the White House's measure could delay that approval and further roil global financial markets. Administration officials said over the weekend that the White House was modifying a program announced just a couple of days earlier to try and bolster the $3 trillion money-market mutual fund industry after the banking industry complained that new guarantees ran the risk of sparking withdrawals by their savings depositors.
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