Huntsman budget contains mortgage relief

Huntsman budget contains mortgage relief

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SALT LAKE CITY (AP) -- Gov. Jon Huntsman's new budget proposes the government purchase of mortgaged-backed securities held by Utah lenders.

Utah Housing Corp. President Bill Erickson says the plan will help find buyers for some of the 4,000 unsold new houses on the market in Utah, by making more mortgage funding available.

Huntsman last month offered a state budget for the next fiscal year that the Deseret News says would have the Utah Housing Corp. issue government bonds to raise $400 million to acquire mortgage securities.

Veteran Salt Lake-area real estate agent Dave Seiler with ReMax Associates says anything that can help the distressed market is good, but that many qualified buyers are holding back, afraid of economic uncertainty.

Information from: Deseret News

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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