TV News LIES

Monday, Jul 16th

Last update05:20:13 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...


Trade war: Trump again threatens China with $200B in new tariffs

Trump threatens new tariffs on ChinaLast week, the United States formally imposed $34 billion in tariffs on Chinese products and Beijing...

Harley-Davidson to move some motorcycle production out of U.S. after EU tariffs

Harley Davidson to move some plants out of US Harley-Davidson plans to shift a portion of its U.S. motorcycle manufacturing capacity to foreign markets after...

Donald Trump raises stakes as US-China trade war begins

Donald Trump starts trade war with China Donald Trump has threatened to impose tariffs worth hundreds of billions of dollars on Chinese imports...

Allies line up to impose retaliatory trade tariffs on US

Allies retaliate tariffs Turkey and India announced on Thursday retaliatory tariffs worth hundreds of millions of dollars on goods...
 
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!