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For Immediate Release March
23,
2007
NBA HALL OF FAME PLAYER DOMINIQUE WILKINS, FREDDIE MAC, TAYLOR, BEAN & WHITAKER BRING HOMEOWNERSHIP INSPIRATION, WORKSHOPS TO ATLANTA AREAMisconceptions Keep Many Individuals From Pursuing HomeownershipAtlanta, GA – Freddie Mac (NYSE: FRE), Taylor, Bean & Whitaker Mortgage Corp. and Exclusive Metro Mortgage, in collaboration with local community-based organizations, are spreading the message that with the right coaching and support, many individuals can get on the path to homeownership. The collaborating organizations are addressing the homeownership barriers in the metro Atlanta area through a public education campaign called 21 Steps to Homeownership. The campaign, which features Hall of Fame basketball player Dominique Wilkins in radio and television advertisements, also includes a website – 21stepshome.com, and a series of informative workshops and homebuyer counseling. The campaign is designed to break down barriers of misinformation that keep many individuals from considering homeownership. As a special incentive to workshop participants, Wilkins or one of his celebrity friends will visit one family each month selected from the names of the families who bought a home through this initiative. "Almost every day I talk to individuals who are trying to realize the dream of homeownership and understand the process," said Dominique Wilkins, NBA Hall of Fame basketball player. "I tell people that you might be able to have it by first learning about the process and getting your finances in order." Wilkins added, "I'm proud to be part of this collaborative effort to inspire individuals to seek more information about homeownership and to build the nest egg that homeownership could provide." "Homeownership is at the heart of the American dream," said Rep. John Lewis. "And it takes planning, it takes knowledge, and a system of saving to buy a house. I am glad that Freddie Mac is helping to educate hopeful homebuyers, so that they can find a way to purchase homes they can afford and raise their families in. Empowered with knowledge, they can avoid having their dreams shattered, like so many people today who have been victimized by unscrupulous lenders or exotic mortgage agreements." In addition to Taylor, Bean & Whitaker Mortgage Corp., campaign participants include Community Alliance Metropolitan Parkway, Inc (CAMP), Economic Empowerment Initiative (EEI), Homeownership Training Center (HOTC), Reynoldstown CDC, The D&E Group, Inc, Freddie Mac and Exclusive Metro Mortgage. "TB&W has a long history and a strong presence in Georgia which makes it a natural fit for us to collaborate with Freddie Mac on this initiative," said Lee Farkas, chairman of Taylor, Bean & Whitaker Mortgage Corp. "Our focus since the beginning has been to leverage the community and community banks to reach potential homebuyers. An educational campaign straight to the community is an excellent idea and we are proud to add support" One component of the campaign is the Freddie Mac-created Get the Facts! workshops designed to provide straightforward information and advice about all aspects of homeownership, including costs associated with homebuying and credit history requirements. Freddie Mac research has indicated that many families incorrectly think that large down payments or perfect credit are required in order to obtain a mortgage. "The strength of this educational campaign is the many public and private organizations working together in the community to address the barriers faced by homebuyers," said Vaughn Irons, senior director of Freddie Mac. "Freddie Mac is pleased to be working with Taylor, Bean & Whitaker and all the participants to reach people who may be facing obstacles to buying a home." The advertisements and Get the Facts! workshops began last month. The workshops and homebuyer counseling are conducted by CAMP; HOTC; Reynoldstown CDC; The D&E Group, Inc; and EEI. For more information about becoming a homeowner, call 877-21STEPS (877-217-8377.) Freddie Mac created the Get the Facts! workshops based on research it conducted in 2003, which suggested that reliable, accurate information about homebuying may not be reaching minority communities. The research uncovered several common misconceptions about homebuying among African Americans and Latinos. For example, about 40 percent of African Americans and Latinos believe that they need a 20 percent down payment to buy a home, and more than half believe that they need almost perfect credit to get a loan. In addition, more than half of African Americans and Latinos believe that they must have the same job for at least three years to get a loan. Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing 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 for one in six homebuyers and more than four million renters in America. Quote Sheet for 21 Steps to Homeownership Initiative "Motivation, education and guidance are what the 21 Steps initiative offers to anyone who has ever dreamed of owning a home. It doesn't get any simpler than that." "EEI, Inc. is proud to partner with the 21 Steps to Homeownership initiative. This initiative provides valuable informational seminars that dispel myths about the homeownership process and helps ensure that everyone has a fair opportunity to purchase a home, regardless of past financial situations. It is our sincere hope that each program participant can make their dream of homeownership a reality." "Education is the key to making an informed decision on buying your first home. The 21 Steps initiative is an innovative and interactive step by step process to provide the first-time homebuyer with the steps to achieving homeownership." "The 21 Steps to Homeownership initiative models the type of public and private non-profit partnership that is rare. The opportunities for financial literacy that this program creates will open doors for financial health and homeownership in a segment of our society that is too often overlooked. We are pleased to participate in the program, and feel blessed to have the opportunity to serve our community through it." "Because the way our communities handle their money really does matter, for more than a decade D&E has been committed to preparing people and yielding results by delivering comprehensive homebuyer education training programs." ###
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