New plan to help home buyers
December 05, 2008 8:23 AM
(NEWSCHANNEL 3) - The U.S. Treasury Department is considering a new plan to help people buy a home.
It would encourage banks to approve mortgages at low rates to help revive the housing market.
Under the current plan the government would buy mortgage-backed securities from Fannie Mae and Freddie Mac to bring 30 year loan rates down to 4.5 percent.
It's unclear how much the plan would cost. The new rates will apply only to new borrowers, not to people who are refinancing.
