BATON ROUGE, La. - (10/12/05) -- Freddie Mac will announce anemergency program here Wednesday with members of the state'scongressional delegation to help finance low-interest loans forvictims of hurricanes Katrina and Rita. The secondary mortgagemarket giant will announce it is buying $1 billion worth oftax-exempt mortgage revenue bonds issued by state and local housingagencies to provide financing for emergency loans to as many as10,000 storm victims. The proceeds from the bonds will help theagencies provide the below-market rate loans to finance homerepairs and new construction.
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