By DEBORAH SOLOMON and AARON LUCCHETTI WASHINGTON -- The Treasury Department, seeking to jump-start its $700 billion rescue, is giving financial institutions two days to submit proposals to work as asset managers for the program. Treasury's request for proposals makes clear that it wants large, established firms with significant assets to work for the government's program to buy mortgage-backed securities and other distressed assets. To qualify, institutions must already manage at least $100 billion. Firms that want to manage whole loans, such as residential and commercial mortgages, must already oversee at least $25 billion in such loans or prove that they have capacity to handle that much. Firms have until 5 p.m. Wednesday to submit proposals. Treasury could hire managers before the end of the week. With the stock market...
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