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Banks also became more reluctant to provide mortgage loans.
But we had no legal authority to compel banks to provide mortgage relief.
What the president did not mention is that previous efforts to provide mortgage debt relief — by his administration and his predecessor's — have all come up short.
Frequently they sold these loans to a bank or to Fannie Mae or Freddie Mac, two government-chartered institutions created to buy up mortgages and provide mortgage lenders with more money to lend.
In "A Chance to Make Mortgage Shopping Easier" (Economic View, Aug. 19), Richard H. Thaler persuasively argued that lenders should be obliged to provide mortgage disclosures in machine-readable fashion.
But Mr. McCall said that the pension funds could purchase bonds issued by the state or the city and guaranteed by the federal government, could provide mortgage financing for office development or could invest directly in a project.
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And banks are more likely to provide mortgages if they foresee higher home prices.
Without access to those funds, it could no longer provide mortgages or loans to its customers.
Portuguese banks such as Banco Totta & Açores will provide mortgages with interest rates at just 1.5 to 3percentnt.
Such a program would provide mortgages at below-market rates, down-payment assistance, closing-cost subsidies and mortgage insurance to qualified buyers.
BUYING BASICS There are no restrictions on foreign buyers, but financing must be obtained at home, as Argentine banks generally don't provide mortgages.
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