left column

Connect With Me:

pohl real estate on facebook twitter pohl real estate pohl real estate on linked in E-mail A Friend add this page to your favorites iphone app and qr code pohl real estate
Predefined Homes For Sale PDX Metro
Search By Map  
Listing Id Search  
Detailed Search  
Basic Search  
Luxury Homes  
New Construction  
Portland Condos  
   
Other Sections

Client Tools -- Vast resource center for those getting into or exiting the real estate market.

Relocating to Portland -- Interested in moving to Portland.

Portland Metro Statistics -- Raw Portland Real Estate market data.

PDX News Headlines -- Pohl Real Estate's news recap around Portland.

Home Search -- Every possible type of search available to you.

Housing Tips -- Useful real estate articles.

Customer Service:

We are committed to our valuable customers, if you notice anything needing corrected. Let us know here.

Hot Off The Press: Obama Administration Announces Plan for State and Local Governments Finance Agencies  

10-25-2009 

This program was created to increase the finances of working families and allow them to have more access to affordable rental housing as well as home ownership. Washington says it will have great long term effect and have little to no cost to the taxpayer.

Furthermore this program stimulates low mortgage rates and helps low and middle income borrowers to purchase or rent affordable homes for the long haul. This initiative is divided into two separate parts, the bond purchase program and the program to facilitate liquidity. The bond purchase supports new lending. The temporary credit improves access of the Housing Finance Agency (HFA) to liquidity for HFA bonds.

The Department of the Treasury and HUD, together with the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, have developed this initiative to maintain the viability of HFA lending programs and their infrastructure. The two main aspects of this initiative are:

1. New Issue Bond Program. This program will provide temporary financing for HFAs to issue new mortgage revenue bonds. Using authority under the Housing and Economic Recovery Act of 2008 (HERA), Treasury will purchase securities of Fannie Mae and Freddie Mac backed by these new mortgage revenue bonds. The program can support several hundred thousand new mortgages to first-time homebuyers this coming year, as well as refinancing opportunities to put at-risk but responsible and performing borrowers into more sustainable mortgages. The new bond issuance will also support development of tens of thousands of new rental housing units for working families.

2. Temporary Credit and Liquidity Program (TCLP). Fannie Mae and Freddie Mac will provide replacement credit and liquidity facilities available to HFAs that will help reduce the costs of maintaining existing financing for the HFAs. The agreements will serve to help relieve financial strains experienced by HFAs and enable them to continue their important work. Treasury will backstop the GSE replacement credit and liquidity facilities for the HFAs by purchasing an interest in them using HERA authority.

In regards to the tax payer having little effect here is what the white house press release said in their statement. "Pricing under the program will reflect both the cost of any financing required by Treasury as well as a fee designed to cover any risk posed by the HFA. While there is risk that losses could exceed estimates, the fee schedule Treasury has adopted is designed to cover net losses under most stressed conditions and thus would minimize risk to the taxpayer."

To see the full plan click here Homeowner Affordability and Stability Plan.


Back to Portland Real Estate News Archive

Share This Page With A Friend:
Add This Page To Your Reading List: Add This Page to Your Favorites

Previous Articles:
By Month

Dec-2013
Nov-2013
Oct-2013
Sept-2013
Aug-2013
July-2013
June-2013
May-2013
Apr-2013
Mar-2013
Feb-2013
Jan-2013

Dec-2012 Dec-2011
Nov-2012 Nov-2011
Oct-2012 Oct-2011
Sept-2012 Sep-2011
Aug-2012 Aug-2011
July-2012 July-2011
June-2012 June-2011
May-2012 May-2011
Apr-2012 Apr-2011
Mar-2012 Mar-2011
Feb-2012 Feb-2011
Jan-2012 Jan-2011

Dec-2009 Dec-2010
Nov-2009 Nov-2010
Oct-2009 Oct-2010
Sep-2009 Sep-2010
Aug-2009 Aug-2010
July-2009 July-2010
June-2009 May-2010
May-2009 Apr-2010
Apr-2009 Apr-2010
Mar-2009 Mar-2010
Feb-2009 Feb-2010
Jan-2009 Jan-2010

 

 

pohl real estate on facebook twitter pohl real estate pohl real estate on linked in E-mail A Friend add this page to your favorites iphone app and qr code pohl real estate