Progress Made On Bailout Plan, Deal Could Come By Sunday

September 26, 2008 10:10 p.m. EST

Washington, DC (AHN) - House speaker Nancy Pelosi said she believes progress has been made on a financial bailout plan. Rep. Barney Frank said he believes a deal can be in place by Sunday.

In an interview on MSNBC, Frank said government-backed mortgage insurance would be included as a piece of the proposed rescue plan.

When talks broke down on Thursday evening, the insurance piece was viewed as a large sticking point. Republicans wanted it included, Democrats refused.

"I'm convinced that by Sunday we will have an agreement that people can understand on this bill," predicted Massachusetts Rep. Frank, according to the Associated Press.

Recent reports described the bailout proposal as having 108 pages, a far cry from the mere three pages it started off early in the week. Still intact is the centerpiece of the plan, a $700 billion mortgage asset bailout, with $250 million of the fund becoming available immediately.