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Written by <a href="/index.php?option=com_authorpages&view=authorpage&id=591&Itemid=473">Schneider Saintil</a>
As the economy is struggling Americans are searching for answers for mortgage relief and paths to home ownership. According to Department of Housing Development and Urban Development, the Obama administration announced that an initiative is set in place that will support lower mortgage rates, and expand resources for low and middle class income borrowers. This will give them the opportunity to purchase or rent homes that are affordable over the long term. The initiative is also supported by numerous State Housing Financing Agencies, and is said to provide thousands of people with affordable mortgages for working families. This initiative enables the development and rehab of many rental properties at no extra cost to tax payers according to HUD. The Initiative was developed as joint plan between the Department of Treasury, HUD, Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency.
Secondly, the initiative consists of the New Issue Bond Program which can help support first time home owners, and can help at risk, but responsible home owners into more manageable mortgages with refinancing opportunities, and new mortgages.The next initiative is the Temporary Liquid and Liquidity Program, which is more for the states and their HFA’s administration to alleviate some of the financial burden the agency absorbs. According to HUD and the HFA, would have to pay a fee to use the program, only because it covers the costs of tax payers and the DOT .The program is temporary in nature, and is only used to help during the housing down-turn.
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WASHINGTON, Nov. 3 /PRNewswire-USNewswire/ -- The Justice Department
announced today the largest monetary payment ever obtained by the
department in the settlement of a case alleging housing discrimination
in the rental of apartments. Los Angeles apartment owner Donald T.
Sterling has agreed to pay $2.725 million to settle allegations that he
discriminated against African-Americans, Hispanics and families with
children at apartment buildings he controls in Los Angeles. The
settlement must be approved by U.S. District Judge Dale S. Fischer.
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Preparing to own your own home? You join the ranks of the 48 percent of African Americans who own their own homes, according to the U.S. Census Bureau. Since African American homeowners often live in or near large, urban areas, you are likely to face the decision between a new model and an older "fixer-upper." While the saying "if it's not broke, don't fix it" is wise in most areas of life, buying a home brings a different twist on that idea. Experienced home owners might say that if it's not broke, it's a good candidate for improvement.
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