BUSINESS
03/28/2008 02:45 am ET | Updated May 25, 2011

NY Governor Seeks Mortgage Stabilization Fund

New York State Governor Eliot Spitzer Thursday said lenders and the federal government should consider a mortgage-backed securities fund to stabilize the turbulent market.

The fund could be similar to an $80 billion pool proposed by Citigroup Inc and other banks designed to bail out structured investment vehicles (SIVs) of billions of dollars of risky mortgage securities, Spitzer said at a press conference.

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