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After the fire this summer, I thought it would be obvious that housing plays a key role in New Mexico’s economy. And while recent signs point to an improving national outlook, economists generally agree that a healthy and strong housing market is vital to sustaining the current economic recovery.
This is why the Obama administration is working to help our state and others that have been hit hard by the housing downturn.
Last month, Agriculture Secretary Tom Vilsack announced a pilot program here in New Mexico and 18 other states to help rural homeowners refinance their current loans to lower their monthly mortgage payments and get lower interest rates.
This initiative is part of President Obama’s ongoing efforts to help middle-class families, create jobs and strengthen the economy. It will save homeowners time and money and help ensure that hardworking, creditworthy borrowers protect their investment and remain in their homes.
Since I became USDA Rural Development State Director, I have worked hard to ensure rural residents in our state continue to be able to enjoy the many benefits of homeownership.
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