Home Mortgage Financing Package: A St. Louis...
From Times Staff and Wire Reports
Home Mortgage Financing Package: A St. Louis mortgage firm and the Federal National Mortgage Assn., or Fannie Mae, said they will provide financing for $2 billion of new home mortgages nationwide during the next 12 months. Based on the average mortgage of $83,000 purchased last year by Fannie Mae, $2 billion would provide mortgages for about 24,100 families. Prudential Home Mortgage will originate a variety of fixed- and adjustable-rate mortgages to be sold to Fannie Mae for cash or exchanged for mortgage-backed securities issued by Fannie Mae.
