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Used in the Virginia housing development authority you wanna have -- with Susan anyone ask you some questions well this is open before I dive and tell us what you're doing for at lower in there's a low income.
Out there now what is wrong.
Well I'll leave you promised to be a little bit nicer to me than you were to he has not let -- -- he's like I'm -- -- -- answered you.
Well thank you -- -- excited yesterday when the administration announced a new plan to help state housing finance agencies.
I'm not sure of your committee with state houses in finance agencies that each state.
Had the housing finance agency that really concentrate.
On providing affordable.
Rental and home ownership within the states.
And this plan will really help us get back in business and fortunately you know when when housing.
Wasn't so much -- troubled over the last year the bonds that we felt were about our capital.
Had a penalty associated with them because it was housing.
And we have not been able to sell our bonds in a way that would allow us to provide the first time home buyer of mortgages that we.
Have done for many decades.
So this plan will it enable us -- state housing finance agencies have a long history.
Providing mortgages and we do have the right way you know a lot of what happened and calls to the mortgage crisis was because people got sub prime -- and adjustable rate.
Loans and they were not able to stay in the hands what we do without housing finance agencies.
Is that we make sure there are well documented -- we do -- tried and true is.
Thirty year fixed rate mortgages.
We really emphasized things like how -- patience of people understand.
The obligation they're about to undertake.
And mostly we service -- line and so that we can do everything we can do to make sure people stay in this kind.
So Susan -- it took about new bond purchases to keep these rates reasonable where people go then if they are they -- it.
Why -- I think that they qualify and too where they go within their state to try to get one of these months.
That's a great question the best thing I think for.
Your listeners to do is to go to our national organization's web site.
And that's www.
Dot board and that stands for the national council of state housing agencies.
And they can go on there and click on their state and find the name -- information for their and state housing finance agency.
I'm in Virginia and -- is the Virginia housing development authority.
And then we can work with them on making sure they know if they qualify what -- limits are.
And how they can go about working with one of our lenders to get -- mortgage pop up.
-- topic that we just finished up with Peter in all seriousness if that's something like that was not extended.
The 8000 dollar credit you have for people -- -- -- wrongs what would happen in the market vs it being extended and you deal with people.
That this could help all the time and how much how much of a big deal or something like that.
While I think right now that's very important get that first -- him -- in the market.
Because we really believe percent and buyers will help.
With economic recovery in the housing market.
And didn't want to a -- concerns that we have right now for example there are many communities that have.
-- -- properties because of foreclosure.
And the more we can get those first -- -- buyers back in the market.
Purchasing those hands are also purchasing -- -- -- that someone they can trade up.
To a bigger hand it's going to be better for everyone in this economic.
This comes back to the whole moral issue of it is -- -- -- right.
Yeah you know should we be pushing people into homes this is what got us into trouble the last time.
We had clearly no one was checking whether or not you had a job or pulse and they gave you -- mortgage back in the day so.
Here we are again trying to get people back in homes are we creating you know bubble number two.
And that's the difference and that's with the administration has recognized in working with housing finance agencies.
We never dead those types of -- -- you're talking about we didn't do sub prime loans.
We did -- -- entry is fixed rate.
Thirty year mortgage we made sure that people had the where were -- to repay those mortgages.
We make sure they understood to have home -- education what they were undertaking.
So the type of -- we do it's not the type -- lending that got us in trouble.
That over the last year -- OK Susan thanks for all the time I hope we are nice Nokia.
I'm just -- Gregory didn't.
I'm very -- hey --
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