About Government Refinance and Home Purchase Programs

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There is a lot of scuttlebutt in the news lately about plans being floated around Washington to shore up the housing market. We get this from a CNNmoney.com article:

The government is expected to announce soon that it will devote up to $50 billion to directly address the source of the financial crisis: bad mortgages and millions of homeowners at risk of foreclosure.

White House spokesman Tony Fratto said on Thursday that “no decisions” have been made on “a number of housing proposals” that the administration has been reviewing “for some time.”

The ideas floating around also include looking at completely nationalizing Fannie and Freddie to drive mortgage interest rates down into the mid 4% range from the mid 6% range they are at right now. That would be a major boost to housing to be sure.

Comments (0) Posted by G.R.A. Admin on Friday, October 31st, 2008

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