The Treasury's plan to cleanse banks of their troubled assets might result in a windfall for Pimco and other institutional investors. They might see annual returns of 20% on troubled mortgages bought at substantial discounts because the plan allows investors to borrow six times their investment with "nonrecourse" government-backed debt, Credit Suisse analysts said. "This is perhaps the first win-win-win policy to be put on the table," said Bill Gross, co-chief investment officer of Pimco.

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