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Article: The Philadelphia Inquirer home real estate column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 15, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Alan J. Heavens, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Nov. 15--Here is an idea that has gone around and come back again: the 40-year mortgage.
Fannie Mae, the nation's largest source of home financing, is test-marketing a 40-year mortgage, using 21 federally insured credit unions around the country (none in Pennsylvania or New Jersey) as its guinea pigs.
By limiting the test market to credit unions, Fannie Mae targets an audience of low- and moderate-income buyers. Spokeswoman Sandy Cutts said Fannie Mae looked at programs in light of its "American Dream" strategy, designed to create homeownership opportunities ...