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Treasury plan could help automakers: Rep. FrankWASHINGTON (Reuters) - The U.S. government's $700 billion market rescue plan could assist automakers such as General Motors Corp (GM.N) by buying up distressed auto loans, a top lawmaker said on Tuesday."Under the buying up of assets, they could buy up automobile loans," said Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee.Frank also said U.S. banks receiving capital injections under a U.S. Treasury plan to infuse $250 billion into the troubled sector are expected to use the funds to support lending activities.On Tuesday morning the Treasury Department unveiled more details of how it plans to implement the $700 billion bailout plan passed earlier this month, saying it would directly inject capital into U.S. financial institutions. It said nine banks have already signed on to the program; it did not name the nine.Frank said the nine are "relatively healthy" and do not appear to be at risk of sustaining large losses from credit default swaps, insurance-like products that protect a bigger investment.More
This worked so well the last time with houses.