11 Feb '11, 9am

US unveils housing market overhaul: WASHINGTON - THE Treasury Department proposed on Friday to set a mandatory 1...

US unveils housing market overhaul: WASHINGTON - THE Treasury Department proposed on Friday to set a mandatory 1...

Fannie Mae and Freddie Mac (above) buy up mortgages made to certain standards and sell them to investors to free up cash for lenders to lend again. -- PHOTO: AP WASHINGTON - THE Treasury Department proposed on Friday to set a mandatory 10 per cent down payment for US home buyers and to wind down state-backed mortgage lenders that have underpinned the housing market for 40 years. 'The plan is for fundamental reform, to wind down the GSEs (government-sponsored enterprises), strengthen consumer protection and preserve access to affordable housing for the people who need it.' Launching what could be the biggest shake-up of the housing market in a generation, the Obama administration said home buyers should have to put down at least a 10 per cent deposit to buy a home. The wide-ranging proposals effectively end the US government's long-standing support for the goal of having ev...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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[CNA] US unveils housing market overhaul

[CNA] US unveils housing market overhaul

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