Another Housing Bailout on the Horizon?

Real Estate Agent with Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC

The current administration has announced still another initiative in an effort to prop up the housing market.

Declining to put a pricetag on the program and insisting there would be no cost to taxpayers, officials unveiled a plan to aid state and local housing finance agencies, which provide mortgages to first-time and lower-income homebuyers and enable the development or rehabilitation of rental properties.

Treasury Secretary Tim Geithner said: "This initiative is critical to helping working families maintain access to affordable rental housing and homeownership in tough economic times."

Under this new initiative, the Treasury Department, along with Fannie Mae and Freddie Mac, will purchase housing bonds issued by the finance agencies. This will give the groups the funding needed to make new loans. Also, the government will provide a temporary credit program to allow the agencies to refinance their existing bonds to more favorable terms.

The measure will enable housing agencies to lend to hundreds of thousands of families and enable the development or rehabilitation of tens of thousands of rental units, administration officials said. The agencies operate in all 50 states and in many cities.

Click for further information, from CNN Money, and contact us to lean how you can benefit from this unique opportunity!

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Wayne and Lynda Gomillion, Brokers
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Re-Blogged 1 time:

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  1. Julie Chroust 10/20/2009 04:35 PM
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Robert T. Boyer
FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans - La Jolla, CA
San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan

Thanks for the info.  I clicked through to the article and found the comments more enlightening than the article itself.

Oct 20, 2009 04:28 PM #1
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