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Friday, March 6, 2009

Q&A: KEEPING MORTGAGE RATES LOW

Q 59. How will the Making Home Affordable program keep mortgage rates low?

A The Making Home Affordable Program will ensure low mortgage rates by infusing into Fannie Mae and Freddie Mac an additional $100 billion each in the form of Preferred Stock Purchas Agreements. The $200 billion in funding commitments are being made under the Housing and Economic Recovery Act of 2008.

The U.S. Treasury Department will also purchase Fannie Mae and Freddie Mac mortgage-backed securities to promote stability and liquidity in the mortgage market. The Treasury will also increase the allowable mortgage portfolio retained by Fannie Mae and Freddie Mac by $50 billion to a total of $900 billion.
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