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by CareyBot

Eight House Democrats Tuesday proposed an alternative plan for unfreezing credit markets without putting taxpayers at risk that includes dropping "mark to market" accounting rules for mortgage-backed securities and allowing the FDIC to buy "net worth certificates" in troubled banks.The plan (view the proposal here) -- based on ideas floated by former FDIC Chairman William Isaac in a Washington Post editorial -- was put forward by Rep. Peter DeFazio, D-Ore., and seven other Democrats as an alternative to a $700 billion troubled-asset repurchase program voted down by the House Monday. The bill's supporters are not among Congress' most influential lawmakers, and their proposal is not considered a serious rival to the plan backed by the Bush administration and House and Sen...