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Article: Germany Offers Finance Help.(International Mortgages)
- Article from:
- National Mortgage News
- Article date:
- October 20, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. 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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Byline: Bonnie Sinnock
MUNICH, Germany-National government officials and entities have increased the amount of credit available for Hypo Real Estate Group here, according to the group.
The group said it will receive an additional 15 billion euro ($20 billion) secured credit line as well as a previously offered 35 billion euros ($47 billion) in funding from the German government and finance sector.
Hypo has been hard-pressed by the intensifying financial crisis and the withdrawal of a crucial credit facility a private consortium previously had agreed to provide.
The new public funding comes as the result of an agreement between ...