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House Passes New Version of $700B Rescue Plan

October 3, 2008

The House of Representatives, by a vote of 263-171 early Friday afternoon, approved a $700 billion rescue package of the credit and mortgage markets, paving the way for the bill to be sent to President George Bush.

Once the legislation is signed into law, the Treasury will begin planning how it will purchase troubled mortgage assets from depositories, investment banking firms, and other investors that hold underwater mortgage- and asset-backed securities.

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