California Housing Finance Agency Mortgage Insurance Selects GE as Insurance Partner.Business Editors/Real Estate Writers SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--April 28, 2003 The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Housing Finance Agency (CalHFA) today announced a partnership with GE Mortgage Insurance in which GE will insure Insure can mean:
The agreement covers the $1.2 billion insurance-in-force written by the Agency as well as all new mortgage insurance to be written on conventional loans. One of the Agency's major goals is to finance and insure loans in California to increase homeownership opportunities for low to moderate first-time homebuyers First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a . In addition to insurance protection, GE will provide various administrative services related to the reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. of the loans. "This agreement with GE will maximize our use of capital through insurance, allowing us to provide more homeownership opportunities for Californians," said Theresa Parker, CalHFA's Executive Director. "It will also provide us access to state of the art technology and operations as a result of GE's leadership position in this area, resulting in both cost and productivity savings." For over 26 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time California Housing Finance Agency has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals and families within specified income ranges. Making its first home loan in 1977, CalHFA is chartered as the State's affordable housing bank, offering below market-rate loans through the sale of tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. and providing affordable mortgage insurance. Since its inception, CalHFA has provided over 145,000 single family loans, totaling nearly $12 billion. In addition, the Mortgage Insurance Program has insured over 25,000 loans for almost $5 billion. "We're excited about working with CalHFA to make homeownership a reality for more low and moderate income borrowers in California," said Mark Goldhaber, Vice President, Affordable Housing & Government Business Development of GE Mortgage Insurance. "CalHFA is an innovative lender and insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. in affordable housing, and we're looking forward to working with them to expand their leadership role in providing affordable housing opportunities throughout California." A completely self-supporting State Agency, CalHFA's operations are funded by revenues generated through mortgage loans and insurance premiums, and not taxpayer dollars. For further information, go to www.calhfa.ca.gov. |
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