Monday, November 23,  9:55 pm

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New York Gov. David Paterson has asked the Treasury for between $2 billion and $3 billion to help boost the planned municipal bond carve-outs, as well as funds to prop up reserves against troubled mortgage-backed securities.

Pummeled by losses from structured finance products, troubled New York bond insurers MBIA Inc. and Ambac Financial Group Inc. both have said they plan to set up new bond insurance subsidiaries exclusively focused on municipal bonds. The capital injection "could immediately result in one or more strong triple-A rated insurers, ensuring that municipal bond issuers would be able to come to market under the best possible terms," he said.

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