TV News LIES

Thursday, Apr 24th

Last update02:25:33 AM GMT

You are here News Economy Well-to-do get mortgage help from Uncle Sam

Well-to-do get mortgage help from Uncle Sam

E-mail Print PDF

Wealthy get mortgage helpSilicon Valley, the birthplace of the microprocessor, the personal computer and the iPhone, is a model of private enterprise at work. But not when it comes to getting a mortgage.

In Santa Clara County, the center of the global tech industry and one of the wealthiest places in the United States, most home buyers get help from the government, an analysis of government lending data shows. The same is true in other wealthy enclaves such as Nassau County, outside New York, and Arlington County, outside Washington, the analysis of more than 50 million loans finds.

It is no secret that the U.S. government propped up the housing market after the financial crisis. What the analysis by Reuters makes clear is the extent to which government programs have helped some of the nation's most well-to-do communities.

Julie Wyss earns $330,000 a year selling real estate in Silicon Valley. When the time came to look for a new home for herself, Wyss settled on a four-bedroom, three-bathroom house in Los Gatos, California, an enclave of young technology entrepreneurs. It has about 2,400 square feet of floor space, four sets of French doors and a price tag of $1.45 million. When she bought the house in June, her main financing was a $625,500 mortgage from Wells Fargo guaranteed by government-backed Fannie Mae.

More...


Most Recent Related Stories...


U.S. insider trading cases face test at appeals court

Insider trading cases in jeopardyA U.S. appeals court is set hear a case whose outcome could make it harder for...

Judge says will accept SAC Capital guilty plea

SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the...

After foreclosure crisis, renters suffer under Wall Street landlords

wall street slumlordsThe poster child for the foreclosure crisis has been a middle-income suburban family. But low-income urban...

U.S. Obama signs executive order on equal pay for women

equal pay for equal workKeeping with his promise to champion women’s rights in the workplace, President Barack Obama signed an...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!