Feds to finance billions in loans

State and local housing finance agencies loan to first-time buyers

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The Obama administration has launched a program intended to help state and local housing finance agencies finance several hundred thousand mortgages for first-time homebuyers, and provide opportunities for borrowers at risk of foreclosure into more sustainable loans.

State and local housing finance agencies (HFAs) — which before the financial crisis financed more than 3 million home purchases through the issuance of tax exempt bonds — have been frozen out of the bond market, forcing many to suspend lending or scale back their programs and raise rates.