Government unveils new mortgage help

AP
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 16 mins ago
WASHINGTON – The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.
The administration said the new program would help to support low mortgage rates and expand resources for low and middle income borrowers who want to buy or rent a home.
The program will feature two parts — a new bond purchase program to support new lending by housing finance agencies and a temporary credit and liquidity program to improve access by housing agencies to credit sources for their existing bonds.