Real estate industry sells 'rescue' plan
Groups say failed bailout would further harm housing
By Matt Carter, Tuesday, September 30, 2008.Backers of a plan to allow the government borrow up to $700 billion to buy troubled assets from banks and financial institutions insist that it's been miscast as a taxpayer-funded bailout of Wall Street, even as opponents rolled out a competing proposal to unfreeze credit markets by .
Supporters of the bipartisan plan voted down by the House Monday, including real estate industry trade groups, say the cost to taxpayers is likely to be significantly less than $700 billion and that the government may even make money on the deal.
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