White House Plan Garners Mixed Reaction

``House Financial Services Committee Chairman Spencer Bachus, R-Ala., commended the White House for incorporating several proposals that are similar to those previously put forth by Republicans. However, he also blasted the administration for offering multiple options for reform. "What’s needed is a real plan, and we intend to sit down with administration officials to find common ground," Bachus said in... The Mortgage Bankers Association (MBA) also praised the report for including an option that closely tracks the trade group's proposal released a year-and-a-half ago. That proposal recommends an explicit but limited government guarantee of securities that are backed by certain lower-risk mortgage products.''