Habitat For Humanity Sells Mortgages To Buy Land
11 Loans Sold To M&I Bank
Posted: 9:33 pm CST November 25,2008
MADISON, Wis. -- For the first time, Habitat for Humanity of Dane County is selling some of its mortgages.
VIDEO: Watch The ReportThe group is selling 11 loans that equal more than $500,000.Habitat for Humanity will use the money to buy land on Madison's north side, Mazomanie and Stoughton.The goal for Habitat for Humanity is to build 20 to 25 houses per year within the next five years."Because of the decline in real estate values, we thought this was an excellent opportunity to take advantage of being able to buy land in bulk today, sit on it, or land bank it for a couple years, and then be able to build on it as the market starts to turn," said Perry Ecton, CEO of Habitat for Humanity of Dane County.The 11 families whose mortgages were sold to M&I Bank will see no change in their loan terms. Payments will still go to Habitat for Humanity, WISC-TV reported.
VIDEO: Watch The ReportThe group is selling 11 loans that equal more than $500,000.Habitat for Humanity will use the money to buy land on Madison's north side, Mazomanie and Stoughton.The goal for Habitat for Humanity is to build 20 to 25 houses per year within the next five years."Because of the decline in real estate values, we thought this was an excellent opportunity to take advantage of being able to buy land in bulk today, sit on it, or land bank it for a couple years, and then be able to build on it as the market starts to turn," said Perry Ecton, CEO of Habitat for Humanity of Dane County.The 11 families whose mortgages were sold to M&I Bank will see no change in their loan terms. Payments will still go to Habitat for Humanity, WISC-TV reported. Copyright 2008 by Channel 3000. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
