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Brain -> Manhattan Luxury Condos Seek FHA Backing to Boost Sales (8/14/2010 7:57:54 PM)
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I'm hardly a real estate expert so not sure how I feel about this but at first glance I'm reluctant to have the government involved any further than it already is in the economy. One would think the banks have been helped more than enough by now.
Manhattan Luxury Condos Try FHA Backing in `Game Changer'
The FHA, created in 1934 to make homeownership attainable for low- to moderate-income Americans, is now providing a lifeline to new Manhattan luxury condominiums after sales stalled. Buildings featuring pet spas, concierges and rooftop lounges are applying for agency backing to unlock bank financing for purchasers. The FHA guarantees that if a homebuyer defaults on his mortgage, the agency will pay it.
http://www.bloomberg.com/news/2010-08-13/manhattan-luxury-condos-embrace-federal-help-in-game-changer-for-sales.html
Manhattan Luxury Condos Seek FHA Backing to Boost Sales - VIDEO
Aug. 13 (Bloomberg) -- The Federal Housing Administration is providing a lifeline to new Manhattan luxury condominiums after sales stalled. Bloomberg's Monica Bertran reports. (Source: Bloomberg)
http://www.bloomberg.com/video/62192162/
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