State Housing Agencies battered by crunch

first_imgAll states have housing-finance agencies, which either originate mortgage loans to state residents or guarantee loans made by lenders. In 2007, state housing agencies issued $17 billion in bonds that funded 126,611 mortgages. In 2008, some agencies were on track to exceed 2007’s levels, until September when the credit markets froze.Now, at a time when housing-finance agencies’ services are needed more than ever, most states have sharply curtailed their housing-finance operations. A handful of states, including California, Texas and Wisconsin, have suspended their mortgage-lending programs altogether.Wall Street Journallast_img read more

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