Morning Brief: Stimulus to Fund Local Projects

Metro and Maryland have detailed how they will use some of their share of the stimulus package money.

The Transportation Planning Board of the Metropolitan Washington Council of Governments approved $230 million in projects for Metro on Wednesday, including $40 million to replace its oldest buses and crumbling rail station platforms and $48 million to construct a rail-car inspection and testing building that would get new and rehabilitated cars in service more quickly.

Maryland Gov. Martin O'Malley (D) said the state would jump-start $365 million in transportation work with the money, with some projects starting in 30 days.

The region's mortgage giants will receive guarantees of more federal aid under President Obama's mortgage plan. The federal government yesterday doubled its commitment to Fannie Mae and Freddie Mac, promising to reimburse the companies for up to $400 billion in losses on their mortgage investments.

And the McLean consulting giant BearingPoint, struggling under a heavy debt load, filed yesterday for bankruptcy protection.

By Alejandro Lazo  |  February 19, 2009; 10:20 AM ET  | Category:  BearingPoint , Economy Watch , Fannie Mae , Freddie Mac , Morning Brief
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