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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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Mortgage Apps and Refinances Drop

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 600.

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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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AmeriBid Tackles Condo Surplus

AmeriBid, an auction provider with over 60 years of collective auction experience, and Condo.com, a condominium marketplace, recently announced a strategic partnership aimed at the growing inventory surplus of repossessed condominium homes.

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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 Unveils New Economic Plan

Treasury Secretary Timothy Geithner laid out the new administration’s highly-anticipated blueprint for the nation’s economic recovery Tuesday morning in Washington. In his remarks, Geithner said, The financial system is working against recovery, and that’s the dangerous dynamic we need to change.

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Celebrities Jump on Foreclosure Bandwagon

On Wednesday, February 11, Queen Latifah will kick off the Bringing Hope Home bus tour of Newark, New Jersey, to promote foreclosure prevention in the New England community. The Golden Globe and Grammy award winner and Oscar nominee will be joined by multi-platinum recording artist and actor Wyclef Jean and New York/New Jersey radio personality and actress Angie Martinez.

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Banking Advisors Offer Mark-to-Market Forum

Chicago-based Performance Trust Investment Advisors, LLC, a banking and investment advisory firm, has created a virtual forum at a new Web site (marktomarketdebate.com) to help the financial sector and the public better understand how fair value standards, also known as mark-to-market, and related accounting and bank regulatory rules impact bank lending.

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Senate Approves Stimulus Bill

The U.S. Senate voted 61-to-37 to approve an $838 billion stimulus package on Tuesday. Dissension over the bill fell largely along party lines. Next come negotiations with the House, who approved their own version of the stimulus in late January, with an $820 billion price tag.

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