While many taxpayers and federal officials have called for the government to wind down its spending on its various federal bailout programs, the Obama administration has just announced a new housing bailout to help fix the housing market. The plan would be geared to assist state and local housing finance agencies.
These agencies help first-time and lower-income homebuyers to secure a mortgage and also help to develop or renovate rental properties. Obama administration officials have not yet placed a price tag on the program but have also assured that none of the money spent on the program will come from the …read more

Borrowers from Fannie Mae and Freddie Mac that purchase foreclosed homes owned by these two lenders will soon receive special incentives on the part of these companies that will help homebuyers to cover closing costs. These two companies, both of which buy mortgages in bulk from lenders, will offer these incentives at a time when many potential homebuyers are struggling.
Freddie Mac’s SmartBuy program began and July and gives homebuyers until October 30 to apply to take advantage of the offer, which allows the buyer to use up to 3.5 percent of the home’s sale price to cover closing costs. To qualify, …read more