11 Feb '11, 3pm

[CNA] US unveils housing market overhaul

[CNA] US unveils housing market overhaul

WASHINGTON : The Treasury Department proposed Friday to set a mandatory 10 percent 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 percent deposit to buy a home. The wide-ranging proposals effectively end the US government's long-standing support for the goal of having every American own their own home. "The administration believes that we must continue to help ensure that Americans have access to quality housing they can afford," the...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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