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Obama signs stimulus bill

Foreclosure plan details expected Wednesday
Published on Feb 17, 2009

President Barack Obama, during a visit to Colorado, today signed into law the controversial $787 billion stimulus bill passed by Congress last week. The bill, which backers say will save or create 3 million to 4 million jobs through $575 billion in government appropriations and direct spending plus $212 billion in tax cuts, includes several provisions aimed at boosting home sales.HR 1, the American Recovery and Reinvestment Act of 2009, increases the $7,500 limit on an existing tax credit for first-time homebuyers to $8,000, extends its sunset from July 1 to Dec. 1, and eliminates a requirement to repay the credit. A first-time buyer is defined as someone who hasn't owned a principal residence in the last three years.In addition, the bill restores the $729,750 upper loan limits for Fannie Mae and Freddie Mac in high-cost housing markets that was in place during much of 2008. The higher limits -- first put in place as a temporary measure included in last year's economic stimulus bill --...

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