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Article: California Bank & Trust, Freddie Mac Partner in Affordable Housing Program
- Article from:
- Los Angeles Sentinel
- Article date:
- June 13, 2001
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Los Angeles Sentinel
06-13-2001
California Bank & Trust, Freddie Mac Partner in Affordable Housing Program
California Bank & Trust today announced its participation in a landmark $25
million private- sector initiative that will significantly help more
California families overcome income, credit and savings barriers to home
ownership without public subsidies.
The new statewide effort combines an affordable 30-year fixed-rate first
mortgage with a very low market-rate second loan that families can use to
finance their down payment or closing costs. The pilot program also
combines low-cost mortgage insurance, flexible underwriting and minimal
borrower contributions with a statewide grassroots ...
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