Help for local housing
The Obama administration plans to commit as much as $35 billion to help cash-strapped state and local housing-finance agencies provide mortgages to low- and middle-income home buyers.
The Obama administration plans to commit as much as $35 billion to help cash-strapped state and local housing-finance agencies provide mortgages to low- and middle-income home buyers. The agencies, or HFAs, offer mortgages with interest rates up to one percentage point below those offered by commercial mortgage providers.
Since credit tightened in 2007, the agencies have had difficulty selling bonds to fund their lending. Under the administration’s proposal, the Treasury Department and the federally supported mortgage agencies Freddie Mac and Fannie Mae would buy $20 billion in long-term HFA bonds. Fannie and Freddie would also act as buyer of last resort for up to $15 billion in other housing bonds.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
The best films and documentaries about space exploration
The Week Recommends The cosmos infiltrates Planet Earth's cinemas
By Devika Rao, The Week US Published
-
If comedy gives lessons, you're doing it wrong
Opinion Jerry Seinfeld wonders if his show would have made it in our moralistic era
By Mark Gimein Published
-
6 unique homes with an A-frame design
Feature Featuring a smart home in Vermont and a wall of windows in Wisconsin
By The Week Staff Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published