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From MassBenchmarks: Massachusetts Economy Entering Recession, Third Quarter Growth Revised Downward, Tough Times Ahead
The Massachusetts economy grew at an annual rate of 0.2 percent between September and October and was up 1.2 percent from October of last year according to the MassBenchmarks Current Economic Index. The current index is normalized to 100 in July 1987 and is calibrated to grow at the same rate as Massachusetts real gross state product over the 1978–2003 period.
DHCD, November 25, 2008: Governor Deval Patrick today awarded $1.35 million to 18 cities to spark urban revitalization efforts through a new state program designed to support affordable housing and economic development opportunities for mixed-income communities across Massachusetts. Funding from the new Gateway Plus Action Grant (GPAG) program will help recipient cities identify their specific housing or mixed-use development needs to enhance their economic vitality and the quality of life for all residents.
DHCD’s comprehensive plan for assistance through HUD's Neighborhood Stabilization Program (NSP) contains a combination of centralized resources (a statewide loan fund for acquisition, receivership assistance program, mortgage product support, etc) and targeted responses to specific high-priority geographic areas who request state assistance. Please use the links below to view full documentation of DHCD's plan:
DHCD’s comprehensive plan for assistance through HUD's Neighborhood Stabilization Program (NSP) contains a combination of centralized resources (a statewide loan fund for acquisition, receivership assistance program, mortgage product support, etc) and targeted responses to specific high-priority geographic areas who request state assistance. Please use the links below to view full documentation of DHCD's plan:
The U.S. Government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access and capital. As part of that agreement, Treasury and the FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by commerical and residential real estate and other such assets.
Click here for the full statement.
In order to support the streamlined modification program announced on November 11, 2008, Fannie Mae (NYSE:FNM) today issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009.
Washington Post - The Obama administration will soon inherit a $35 billion federal housing agency that was a weak backbencher during the housing crisis and moved too late to do much to keep millions of families from going into foreclosure.