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Obama to Announce Housing Plan on Wednesday

White House officials said that President Barack Obama is scheduled to unveil the administration’s new housing and mortgage relief program on Wednesday during a speech in Phoenix, Arizona, one of the areas hardest hit by the nation’s foreclosure epidemic.

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Lenders One, StreetLinks Partner

St. Louis, Missouri-based Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, has enlisted StreetLinks National Appraisal Services to provide its members with appraisal services and compliance expertise.

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FBI: Mortgage Fraud on the Rise

Federal Bureau of Investigations (FBI) Deputy Director John Pistole told a Senate Judiciary Committee on Wednesday that mortgage fraud investigations are intensifying in both volume and scope as the economic crisis worsens.

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Regulator Calls for Foreclosure Suspension, Banks Consent

On Wednesday, the Office of Thrift Supervision (OTS) – the primary regulator of federal savings holding companies and thrifts, including the nation’s largest banks and mortgage lenders – called on the more than 800 OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan’s home loan modification program is finalized.

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Lawmakers Reach Stimulus Deal

Congressional leaders have announced that negotiations between House and Senate officials over the terms of the economic stimulus package have led to a sooner-than-expected compromise. The new bill, now pared down to $789 billion, will be put to the House for a final vote on Thursday, sent to the full Senate on Friday, and make it to President Obama’s desk for his signature by President’s Day next Monday, government officials said.

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Economists Warn, 'Don't Expect Return to High Growth of Past'

According to a panel of financial experts at the 2009 Economic and Investment Forecast Dinner in Los Angeles last week, more pain lies ahead for the U.S. and global economies as they adjust from a long period of credit-fueled prosperity to a new era in which both economic growth and investment returns are likely to be lower.

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Geithner Plan Receives Mixed Reviews

Treasury Secretary Timothy Geithner outlined the Obama administration’s economic recovery strategy on Tuesday – dubbed the Financial Stability Plan – and on Wednesday, Geithner was called before Congress to defend the tactics he proposed.

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