Lenders Team Up To Increase Home Ownership
By: Import User
Updated: January 7, 2009
Bank and mortgage company executives gathered outside a North Little Rock home to announce a push for increased home ownership in Arkansas, Missouri
and Oklahoma. The group was joined by Democratic U.S. Senator Blanche Lincoln, who predicted the one billion dollar affordable lending alliance between Arvest Bank and Fannie Mae, would help more Arkansans own homes.
Lincoln says 94 percent of Arkansans make less than 100 thousand dollars a year. She says owning a home should not be out of reach for working families.
Mike Hernandez, a vice president for Fannie Mae, says the agreement with Arvest is part of a national strategy to increase home ownership. Hernandez said the alliance should help an
estimated eleven thousand people in the three states by providing one billion dollars in affordable mortgage finance through 2008.
