Tuesday, July 1, 2008

Freddie Mac, CitiMortgage Bring Get The Facts! Homeownership Campaign to 14 Norwalk Churches

NORWALK, Conn., July 1 /PRNewswire/ -- Freddie Mac, (NYSE: FRE),
CitiMortgage and the City of Norwalk announce a first-time homebuyer
campaign in conjunction with M.C. Vision Ministries and 14 local churches
comprised of 8,000 African American and Hispanic congregants in the Norwalk
area. The educational initiative involves community outreach, homebuying
tips, and free Get the Facts! homebuyer workshops in English and Spanish
designed to break down barriers of misinformation that keep many
individuals from pursuing homeownership.

Sixteen Get the Facts! workshops will be held throughout the year at
participating churches: Bethel AME Church of Norwalk, Calvary Baptist
Church, Canaan Institutional Baptist Church, Community Baptist Church, Good
News Missionary Baptist Church, Grace Baptist Church, Holy Temple COGIC,
Macedonia Church, Miracle Temple COGIC, Mount Zion Baptist Church, New
Jerusalem Baptist Church, New Light Missionary Baptist Church, Norwalk
United Methodist Church and Saint James Missionary Baptist Church. In
addition, the Connecticut State Missionary Baptist Convention and the
Interdenominational Ministerial Fellowship of Norwalk also are
participating in the initiative.

"By taking advantage of homebuyer education and utilizing responsible
mortgage products, new borrowers will be better prepared to thrive as
successful homeowners and avoid foreclosure," said Lynn Alley, Freddie Mac
director. "The workshops are a great opportunity for families to learn the
financial facts of homeownership from an organization they trust -- their
church."

Through the Freddie Mac-created Get the Facts! workshops, participants
are provided with straightforward information and advice about all aspects
of homeownership, including costs associated with homebuying and credit
history requirements. Participants are encouraged to ask questions as
workshop facilitators help them separate fact from fiction. By the end of
each workshop, it is hoped that participants will feel empowered, with a
sense that they might be able to achieve the dream of homeownership.
Representatives from CitiMortgage will participate in the workshops,
explain how to qualify for a mortgage, take mortgage loan applications for
families who are ready to purchase a home, and issue pre-approval letters
to qualified participants.

CitiMortgage offers flexible mortgage financing for eligible borrowers
who have completed the workshop, and Freddie Mac will then buy eligible
loans from CitiMortgage.

"Citi has been an industry leader in providing financing for affordable
housing across the country," said Terri J. Fowlkes, Director of Strategic
Markets, CitiMortgage. "We're looking forward to working with these
outstanding faith-based organizations to help consumers understand how and
why to purchase a home. Our loan consultants are experts in this field, and
they are excited about being in this homeownership initiative."

Norwalk Mayor Richard Moccia adds, "I would like to thank CitiMortgage,
Freddie Mac and M.C. Vision Ministries and our local churches for
sponsoring this program. Homeownership is a goal that all our citizens
strive for and this education forum will assist them in reaching that goal,
As the Chinese philosopher Confucius stated 'The strength of a nation is
derived from the integrity of its homes.'"

For more information about attending a Get the Facts! workshop, contact
M.C. Vision Ministries and the Connecticut H.O.M.E. Partnership at
203-502-7632. The next workshops are Thurs., July 10 at 6:30 p.m. at
Norwalk United Methodist Church; and Sat., July 19 at 9:30 a.m. at Calvary
Baptist Church in Norwalk.

Additional Quotes

Pastor Carl McCluster, M.C. Vision Ministries: "Given the singular
importance of homeownership as a wealth building tool for most Americans,
Get the Facts! stands alone amongst efforts to provide meaningful vehicles
for attaining the means to experience God's fruitfulness and provide
inheritance for our children and our children's children. This initiative
between faith- based organizations, Freddie Mac, CitiMortgage and the
community is a model of public, private and non-profit collaboration that
is truly worthy of emulation throughout the state, region and nation."

Reverend Boise Kimber, President Connecticut State Missionary Baptist
Convention: "Get The Facts! Norwalk is a program that enables faith-based
organizations, clergy, and churches to effectively intervene and support
those in the community and our congregations who are in search of
affordable lending and financial literacy, as well as those who have been
affected by this foreclosure crisis. We want to keep families in their
homes and provide a way for them to be educated in the process of
homeownership. Let's work together to get the job done. By Faith all things
are possible!"

Reverend Roosevelt Ewell, President Interdenominational Ministerial
Fellowship: "Churches, their leaders and volunteers fight in the trenches
daily seeking deliverance and impairment for our communities. Get the
Facts! Norwalk brings out the best in all of us -- the ability to work
together to achieve measurable results in peoples lives."

Freddie Mac is a stockholder-owned corporation established by Congress
in 1970 to support homeownership and rental housing. Freddie Mac purchases
single-family and multifamily residential mortgages and mortgage-related
securities, which it finances primarily by issuing mortgage-related
securities and debt instruments in the capital markets. Over the years,
Freddie Mac has made home possible more than 50 million times, ensuring
financing for one in six homebuyers and more than four million renters. For
additional information about Freddie Mac, visit: http://www.FreddieMac.com.



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[Via Real Estate Newswire]

Опубліковано prolink о 8:22 AM

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