The CEO of Freddie Mac, Donald Layton, said that a new mortgage that allows borrowers to put just three percent down is a “good start,” in helping buyers enter the market, according to MarketWatch.
The company reported a $4.2 billion second-quarter profit but hasn’t specified numbers about the mortgage product.
The government, which brought Freddie Mac under conservatorship after the housing crisis, has been a little wary of the three percent mortgage. Congress criticized the idea because it could lead to losses at the company.
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