Finance Agency to Issue $178 Million in Housing Bonds

Article excerpt

At least $178 million of the $195 million in the 1984A single family bond program will be granted to qualified borrowers before the program ends Nov. 14, according to Gary Longacker, executive director of the Oklahoma Housing Finance Agency.

It appears the 1984 bond program will probably be one of the most successful in the financing agency's history, he said.

Marge Mathis, vice president and trust officer at Bank of Oklahoma, Oklahoma City, N.A., said Wednesday at a meeting of the agency, some $166 million in bond money had been approved up to Oct. 1.

In addition, Tim Martin, finance agency comptroller, said he had been informed by General Electric Insurance Mortgage Co. (GEMICO), the firm insuring the mortgages for the bond program, there was another $16 million in mortgage applications "in the pipeline" for approval at this time.

"This is a conservative estimate, but I feel that at least $178 million in bond money will go out before the program ends," Longacker said.

Longacker added, however, that he was confident that as much as $185 million of bonds will be granted to qualified borrowers before the deadline.

Because many of the participating lenders in the program have dropped their origination points from four to three and also because the deadline for application for the mortgage money was recently moved from Oct. …


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