And what does that GOP alternative ask for?
Before the Thursday-afternoon White House gathering, Bush aides were trying to rally support in anticipation of a close series of votes. But congressional Republicans were ginning up an alternative plan that would allow banks to purchase insurance for mortgage-based assets.
In a morning meeting with Sen. McCain, the group proposed charging premiums to companies that hold mortgage-backed securities and using that money to create an insurance fund for these products. The House Republican proposal would also remove regulatory and other barriers that they say block private investors from pumping capital into ailing financial institutions [emphasis mine; Greg Hitt, Damian Paletta, & Deborah Solomon, "Bush Promises Bailout Will Pass," Wall Street Journal, 2008.09.26].
Talk about fighting fire with fire.