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Fannie Mae here has agreed to purchase $5 billion in affordable mortgage loans over five years from Dallas-based CTX Mortgage Co. in a joint initiative between the two companies. CTX said it will increase its affordable mortgage lending to more than 55,000 underserved families as part of the agreement.
U.S. Representative Martin Frost, D-Tex., said the partnership would "go a long way to reaching out to those borrowers who have been traditionally underserved by the mortgage markets."
The companies said they will offer new and expanded flexible mortgage products designed to...