Daily Market Update 2/9/09

Mortgage rates were little changed Monday as debate continued in the Senate over the proposed stimulus package. The measure is widely expected to pass, but with little Republican support. Congress wants to have a bill ready for the President’s signature by next Monday, although differences remain between the House and Senate versions. President Obama will hold a prime time news conference this evening to promote the bill. Treasury Secretary Timothy Geithner will announce details tomorrow of a plan to relieve banks of their troubled assets. Traders of mortgage-backed securities will be watching closely, and market volatility is likely. No economic data will be released today.

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