NEW YORK (CNNMoney.com) - Just as federal officials seek to wind down many bailout programs, the Obama administration announced Monday yet another initiative to prop up the housing market.
Administration officials unveiled a plan to aid state and local housing finance agencies, which provide mortgages to first-time and lower-income homebuyers and enable the development or rehabilitation of rental properties. Officials declined to put a pricetag on the program, but said there would be no cost to taxpayers.
"This initiative is critical to helping working families maintain access to affordable rental housing and homeownership in tough economic times," said Treasury Secretary Tim Geithner.
Under the initiative, the Treasury Department, along with Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), will purchase housing bonds issued by the finance agencies. This will give the groups the funding needed to make new loans. Also, the government will provide a temporary credit program to allow the agencies to refinance their existing bonds to more favorable terms.
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Another waste of tax payers dollars by Obama.
IMPEACH OBAMA for misleadership and misspending.
More bailout? The banks already have received billions, now congress wants to give more under the smoke screen of helping home owners. Unemployment is at 17% and now the powers that be say that there is no relief in sight, maybe never.So how will it help to refinance loans with no hope for jobs. Just another scam. WHERE ARE THE JOBS? Not more empty promises, real jobs.
The money has to come from somewhere.
Let us all take a moment to thank Barney Frank, Chris Dodd, Franklin Raines, Barry da Man Obama, Nancy Pelosi, and all those other unforeseen bureaucrats that have done everything possible to destroy our Great Nation through the systematic financial ruin of our economy. Would it not be great if our Federal Government actually enforced our laws instead of writing legislation to circumvent them, when are we going to hear that they actually fixed what broke us the first time instead of pouring more of our hard earned tax money on it?
BUCK THE FED BABY, BUCK THE FED!
More NoBama Spending and leveraging our Children's future.
Meanwhile the unemployment rate stands at 10 percent and growing. When are these liberals going to realize they are spending our Country into oblivion. The ANSWER is MORE JOBS STUPID!! When Reagan lowered the top marginal tax rate from 70 to 28 percent, unemployment was at it's lowest in our history and tax revenues to the government DOUBLED!!! Stop punishing those who HIRE people and create jobs! Socialism is a failure whenever it is indoctrinated. Wake up Americal, progressive liberalism is destroying our Nation!
It was government social engineering that started our financial crisis and made worse by fannie and freddie. Have we learned nothing.
Also, the government will provide a temporary credit program to allow the agencies to refinance their existing bonds to more favorable terms.
What the heck does 'temporary credit" mean???
...that sounds exactly like YET another bailout for the bad mortgage gag that Frank has been running for the last decade...
People with good credit and solid incomes can't get loans these days, yet anyone else with a pulse (job not required) is welcomed with open arms.
So killing us with Fannie and Freddie wasn't enough ? Knock it off Washington. The more you interfere, the more we hurt down here.
Who is going to back these bonds and and temporary credits when the low income owners default as they did in the recent housing bust? The taxpayers of course. No more BAIL OUTS and no more give aways for those who cannot afford a house to get a loan!
Why don't you just help everyone wih their mortgages!!! Those of us who have been responsible always seem to get the short end of the stick.
Bonds, huh? Freddie and Fannie, huh? Devalue the dollar much?
Lower-income HOME BUYERS!!!! Isn't THAT what got us in to trouble in the first place?
Why can't these people just rent?
When is the irresponsible spending going to stop. This bunch is taking us down the river very swiftly.
I hope we bailout the home owners this time not the banks...Goldman got Billions directly in bailout and Billions in AIG bailout money and now are using that money to pay their overpaid executive huge bonuses. We need to take that AIG money back from Goldman Sachs and help hardworking Americans pay their mortgages.
Let's save more houses and their owners. Dear Lord! Have mercy!