It's hard to know what to make of the fact that the Treasury Department is extending the application deadline and "refining" the guidelines for the Legacy Securities Public-Private Investment Program. On the one hand, expanding the pool of eligible applicants might temper some of the fairness-based criticisms that the plan has received. (I.E. -- why can only the big players get non-recourse loans?) On the other hand, extending the application deadline is something you do when the first round of applicants is a bit weak. 

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