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Mrs. Spellings yesterday outlined some of the actions her agency is taking, including an investigation of 900 colleges and universities that have 80 percent of their student loan volume with a single lender.

Obama’s ad

Democratic Sen.Barack Obama has a new ad running on Iowa television stations portraying himself as the candidate who can unite Americans.

The ad, “What if,” intersperses shots of Mr. Obama speaking to applauding crowds with pictures of him working as a community organizer and lawmaker.

“What if there was hope instead of fear?” an announcer says. “Unity instead of division? What if we had a president who believes that we are one nation?”

Mr. Obama has been spending about $160,000 a week to run ads in Iowa, the Associated Press reports.

Greg Pierce can be reached at 202/636-3285 or gpierce