President Obama announced a plan yesterday to help as many as nine million American homeowners refinance their mortgages or avert foreclosure, saying that it would shore up housing prices, stabilize neighborhoods and slow a downward spiral that was “unraveling homeownership, the middle class and the American Dream itself.” The plan, which was more ambitious and expensive than many housing analysts had expected, drew praise from consumer advocates as well as the financial industry though it could cost taxpayers as much as $275 billion. NY Times
FBI agents have located Texas billionaire R. Allen Stanford in Fredericksburg, Va. The flamboyant 58-year-old Texas billionaire is accused of bilking 50,000 investors spread through 131 countries. FBI agents served Stanford with court orders relating to the SEC civil investigation into alleged fraud by his firm, Stanford Financial Group. Federal law enforcement officials raided Stanford’s Houston offices Tuesday, seizing assets and shutting down operations. The action followed civil charges that Stanford had promised clients unrealistic returns on $8 billion in certificates of deposit and committed other financial fraud. As of now, Stanford is not under arrest and is not in custody. CBS News
A Chicago minister told the Associated Press he and other black pastors who previously supported U.S. Sen. Roland Burris now plan to ask him to resign in light of recent revelations that Burris attempted to raise money for now-ousted Illinois Gov. Rod Blagojevich, who is accused of trying to sell the Senate seat. Chicago Tribune
Note: Tomorrow’s news report will also be posted in the evening.