"Text of Draft Proposal for Bailout Plan
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Published: September 20, 2008 "

That was the original proposal, much modified by Congress.

But the new one is still not what is needed.



Why doesn't the US government just buy up all the properties in default ( freeing up the sub-prime mortgages) and make it public housing, with subsidized rent to low income families? Any repairs can be done by a modern equiv. of the CCC, so it provides employment as well.