Pimco's Gross: Mortgage market needs more U.S. help, not less

The L.A. Times reports on Bill Gross' plea for government intervention in the mortgage market. Here's the quote from Reuters:

"Without a government guarantee, mortgage rates would be hundreds -- hundreds -- of basis points higher, resulting in a moribund housing market for years," Gross said.

He said Pimco would not consider investing in a private, or privately insured, mortgage pool unless it was accompanied by 30% down payments -- far above the current norm.

Bill Gross wants to make money without reasonable market down payments.