Timothy Geithner’s proposals for hedge funds and private equity funds to buy the mortgage-backed assets that clog financial institutions’ books have not been met with the enthusiasm the US government might have wished for.
In February, the Treasury secretary said: “By providing the financing that the private markets cannot now provide, this will help start a market for the real estate-related assets that are at the centre of this crisis. Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets.
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