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Real Estate Blog & Resources

Citibank Plans to spend bulk of TARP money on boosting the housing market

Citibank announced this morning how they plan to spend $36.5 billion of the TARP money the received to aid the economy. The good news for the housing market is that the bulk of that $36.5 billion is earmarked for the housing industry! They have set aside $27.5 billion to aid the residential housing market, with $8.2 billion going directly to issue mortgages to aspiring homeowners and the rest going to buy securities backed by mortgages and to buy mortgages in the secondary market. Other large banks also received TARP money to aid the economy are Wells Fargo Bank and Bank of America and have not yet released reports on planned spending, but their spending should also benefit the housing industry.