Now Reading
The National Urban League, Chase Manhattan Mortgage Corporation and Fannie Mae Commit to Help Minority Families Buy Homes
The National Urban League, Chase Manhattan Mortgage Corporation and Fannie Mae Commit to Help Minority Families Buy Homes
Published 07-31-01
Submitted by Fannie Mae
In partnership with the National Urban League (NUL), Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, plans to purchase up to $50 million in mortgage financing from Chase Manhattan Mortgage Corporation (CMMC), the nation's number one mortgage originator, and other lenders. Fannie Mae, the NUL, and CMMC also have committed to support targeted outreach assistance to help minority and other underserved families buy homes in six pilot cities. The cities are Houston, TX; Rochester, NY; San Diego, CA; Seattle, WA; Stamford, CT; and Tucson, AZ. More than 100 families have already realized their dreams of owning their own home through this partnership. The announcement was made in connection with the 2001 National Urban League conference held in Washington, DC.
In addition, Fannie Mae and CMMC are providing NUL affiliates in each of the six pilot cities, with the product training, home-buyer education materials and technology support needed to help the affiliates provide comprehensive home buying services to their clients. As a part of the initiative, CMMC is offering a number of mortgage products including Chase 97 and the DreaMaker series of products and a 100 percent LTV product, as well as Fannie Mae's Flexible 97® and Community 100 products. Additionally, CMMC is accepting flexible income and credit histories from borrowers working through the NUL affiliates.
"By working with Fannie Mae and Chase Manhattan Mortgage Corporation, we look forward to helping hundreds more minority and other underserved families achieve the dream of homeownership," said Hugh Price, president of the National Urban League. "This partnership will help minority borrowers overcome barriers to homeownership through educational workshops, credit counseling, and down payment and closing cost assistance."
"This partnership with Fannie Mae and the National Urban League is one of many coordinated efforts Chase is making to reach out and help more minorities buy homes of their own," said Steve Rotella, president and CEO of Chase Manhattan Mortgage Corporation. "We look forward to making millions of dollars of mortgage financing available to National Urban League borrowers."
The initiative with the NUL and CMMC is part of Fannie Mae's American Dream CommitmentSM, a pledge to help shrink the nation's "homeownership gaps" through a new 10-year, $2 trillion initiative to increase homeownership rates and serve 18 million targeted American families by the end of the decade. The American Dream Commitment places special emphasis on increasing homeownership among minorities, young families, women-headed households, new immigrants, and others whose homeownership rates lag the general population.
