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July 29, 2014

Wealthy Get Mortgage Help From Uncle Sam

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Wealthy Get Mortgage Help From Uncle Sam

A recently released Reuters analysis shows that between 2006 and 2010, mortgage guarantees by Fannie Mae and Freddie Mac increased as much in affluent communities as they did in poor ones. 

In 2006, the year the housing boom started to go bust, the two government-sponsored enterprises guaranteed only around 33 percent of new mortgages in the 20 highest-income mortgage markets nationwide. That share had risen to about three in four by 2010, the latest year for which detailed data is available.

The data, which was collected by regulators under the Home Mortgage Disclosure Act, includes more than 50 million loans made in the period.

Source: "Special Report: Well-to-Do Get Mortgage Help From Uncle Sam," Reuters (Sept. 13, 2012) Lange, Jason

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