Home News Local news V.I. GETTING $70M IN FANNIE MAE MORTGAGE FUNDS

V.I. GETTING $70M IN FANNIE MAE MORTGAGE FUNDS

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Feb. 21, 2002 – Buying a home in the Virgin Islands will soon be a lot easier for hundreds of working- and middle-class residents.
According to the top executive at Banco Popular in the territory, $70 million in federally guaranteed mortgage loans is being made available by the Fannie Mae Corp. to local homebuyers. "Banco Popular and Fannie Mae are working together to help residents of the U.S. Virgin Islands build real wealth by becoming homeowners," Valentino McBean, bank senior vice president, said.
The announcement came during a Thursday morning press conference at Palms Court Harborview Hotel, where McBean was joined by James Ridge, Fannie Mae public affairs director, and Delegate Donna Christian Christensen.
"Our relationship with Banco Popular extends over more than 10 years, and we look forward to many more opportunities to expand homeownership in the islands," Ridge said.
Fannie Mae is the largest non-bank financial services company in the world and is traded on the New York Stock Exchange. The $70 million in mortgage funding is part of Fannie Mae's American Dream Commitment, to which the corporation has pledged $2 trillion in assistance for 18 million families nationwide by the year 2010.
Funds made available in the territory are expected to benefit more than 600 families, according to a statement released by the lender's corporate office in Washington, D.C.
The need for more affordable housing in the Virgin Islands was the subject of a task force formed by Christensen last year. She congratulated Banco Popular for completing the transaction for the largest mortgage program ever instituted in the territory. "We have much work to do to increase affordable housing," she said, but the new opportunity for loans is a sign of progress.

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