U.S. Housing Groups, Fannie Mae to Launch Pilot

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00011528-us-housing-groups-fannie-mae-to-launch-pi/

WASHINGTON – U.S. housing groups are joining mortgage finance giant Fannie Mae to launch a pilot program aimed at helping low-income homebuyers raise down payments, Edward Gramlich, chairman of the Neighborhood Reinvestment Corp. said on Friday.

Gramlich, who is also a Federal Reserve Board governor, said under the program Fannie Mae will buy, for its own portfolio, loans made to help low-income borrowers overcome the hurdle of raising money to make down payments to buy homes.

The pilot will be done by a cash sale.

“While homeownership rates are at a record high, many individuals and families are still left out,” Gramlich said in remarks to a conference on Neighborhood Housing Services of America.

For this complete story, please visit U.S. Housing Groups, Fannie Mae to Launch Pilot.

U.S. Housing Groups, Fannie Mae to Launch Pilot

Unknown Author

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