Updated January 26 at 10:26am

Patrick announces mortgage compact

BOSTON – Gov. Deval L. Patrick last week announced a new housing compact that creates a goal of providing 10,000 mortgage loans to first-time homebuyers over the next five years. More

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Patrick announces mortgage compact

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BOSTON – Gov. Deval L. Patrick last week announced a new housing compact that creates a goal of providing 10,000 mortgage loans to first-time homebuyers over the next five years.

The Home Ownership Compact includes a commitment among lenders to originate a specific number of mortgage loans to first-time homebuyers with household incomes below the median income for the area through the MassHousing and the Massachusetts Housing Partnership programs.

National, regional and local banks that already support the compact include Citizens Bank, Sovereign Bank, Eastern Bank, Rockland Bank and Trust, Enterprise Banks and Blue Hills Bank.

In a statement, Patrick said the Massachusetts Homeownership compact will help accelerate economic recovery and neighborhood-stabilization initiatives in the commonwealth and retain and attract a “competitive workforce.” •

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