Obama Offers New Mortgage Help Plan; Government Provides More Support
Posted on | October 19, 2009 | 2 Comments
President Obama and his administration plan to unveil a new program that provides support to state and local housing agencies that will, in turn, provide financial assistance to current home buyers and renters. The program is intended to keep mortgage rates low as well as expand the resources available to low and middle income buyers who want to buy or rent a home.
The new mortgage help plan will have two parts. The first part will be a new bond purchase program that will support new lending by housing agencies. The second part will be a temporary credit and liquidity program to improve the access that housing agencies have to credit sources. This comes on the heels of the Federal Reserve Bank stopping their purchases of US Treasuries by the end of October.
It is very obvious that Obama and his administration are going to do whatever it takes to keep mortgage interest rates down and allow middle to low income income buyers to buy or rent a home. Whether or not this will be successful in the long run has yet to be determined but there is little doubt that President Obama wants you to be able to purchase a home.
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Author: Mike Garner
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2 Responses to “Obama Offers New Mortgage Help Plan; Government Provides More Support”
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October 19th, 2009 @ 11:24 am
[...] is working on a new plan. This is not one that will help in terms of new home buyers. Subprime Blogger offers this summary of the new plan to help home buyers: The new mortgage help plan will have two parts. The first part will be a new bond purchase [...]
October 20th, 2009 @ 8:07 am
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