Affordable-Housing Lending Agency To Halt Issuing Mortgages
WHEDA Will Temporarily Stop Issuing Mortgages
Updated: 8:14 pm CDT October 2, 2008
MADISON, Wis. -- A Wisconsin agency offering affordable-housing announced that it has temporarily stopping issuing mortgages because it is having trouble raising money to make the loans.Wisconsin Housing and Economic Development spokeswoman Kate Venne said they are still in strong financial position right now, in part because the people that take the loans have a much lower delinquent rate than other lenders.She said people can still come and get pre-approved loans but until the capital markets relax, WHEDA won't be able to issue any loans.Venne believes they have 5 to 6 percent of the home loan market in Wisconsin.According to the Milwaukee Journal Sentinel's Web site, WHEDA issues $522 million in loans last year and is a lender of choice for many first-time home buyers.
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