Correct Me If I’m Wrong, But..

Wasn’t this the original idea behind the TARP?

Meanwhile, Federal Reserve Board Chairman Ben Bernanke is finally taking a step that Paulson won’t, and spending $600 billion to revive the U.S. housing market. $100 billion will be designated to buy the debt of Fannie Mae and Freddie Mac and another $500 billion to buy mortgage-backed securities that are guaranteed by Fannie, Freddie and Ginnie Mae. According to the Fed, the program will be conducted “through a series of competitive auctions,” thereby establishing a price for some of the unpriced toxic assets kicking around those institutions alongside their more credit-worthy holdings.

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