Industry NewsMortgage

State budget crisis rocks CalHFA loans

Housing Finance Agency depends on state line of credit
Published on Dec 23, 2008

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by CareyBot

California's budget crisis has forced the state's Housing Finance Agency to suspend its 30-year fixed-rate mortgage loan and down-payment assistance programs.

CalHFA, which purchases more than $1 billion in mortgage loans a year, is among state agencies that depend on a line of credit from a pooled money investment account that's funded by state bond issues.

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