An alternative is presented here: temporarily, and for some assets, suspend mark-to-market accounting rules:

This plan stops the mark-to-market meltdown without undoing the good that mark-to-market
accounting has done, protects the taxpayer, stops the losses at financial firms at a crucial time, and therefore helps end the shorting of stock and bonds that has kept the financial system on the rocks without making it illegal. Best of all it keeps the government from a massive and draconian step toward financial socialism.