Dated, but will serve as backgound for some. Jamie sure got a chunk-a-change out of it.
http://www.washingtonpost.com:80/wp-dyn/articles/A32845-2005Apr6.html
$18 billion infusion for N.J. housing - Fannie Mae program will assist urban buyers
Star-Ledger, The (Newark, NJ) - November 17, 1999
Author: George E. Jordan, Star-Ledger Staff
Fannie Mae, the nations largest source of home mortgage financing, said yesterday it will invest $18 billion in New Jersey over five years to encourage banks to finance tens of thousands of first-time homebuyers in the states urban centers.
The money is aimed at making homeowners of 180,000 low- and moderate-income families that Fannie Mae says are underserved by commercial lenders, including:
New immigrants.
People with credit problems.
Purchasers of two- and three-family homes.
Low-income buyers of affordable units built by nonprofit housing agencies.
Funds also are going toward home renovation loans and employer-assisted homebuying programs.
The Fannie Mae program is directed at families with household incomes of less than $38,400 a year. That figure represents 80 percent of the states median household income of $48,021. Its the equivalent of providing 36,000 mortgages per year of $100,000 for five years.
A major beneficiary is Newark, where Jamie S. Gorelick , Fannie Maes vice chairman, announced the investment plan to a gathering of northern New Jerseys political leaders, housing advocates and captains of the banking and construction industries.
Fannie Mae announced it was opening a Partnership Office in downtown Newark and has committed through Summit Bank to provide no-money-down, 30-year mortgages at 6.5 percent interest for 800 new homes in the citys South Ward. The city plans to sell vacant lots to builders for as little as $1 as sites for two-family homes.
This city is going to rock and roll, as will the rest of New Jersey, said Gorelick , a former U.S. deputy attorney general. One of the astonishing facts is this city is so happening, we cannot find space for our office. That is just astonishing.
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