To start things off, Freddie Mac will acquire $10 million in new loans secured by such properties that have USDA Rural Development Section 515 housing mortgages on them. The initiative will begin small, with just a few states, but is expected to ultimately cover rural areas across the US.
"Working with the RHS and our correspondent lender network, we will significantly increase the lifespan of this housing stock and enable more people to live comfortably and within their means," Freddie Mac senior vice president Adrian Corbiere says.
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