Organizations Use Spanish Language Telenovela in Outreach Efforts
October 17,
2007
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corprel@freddiemac.com
or (703) 903-3933
Soap Opera Combines Entertainment with Financial Facts
Cleveland, OH – Jealousy and romance aren't the typical words used in homebuyer education, but they aptly describe an educational and entertaining telenovela that is currently used in Cleveland to teach individuals about buying a home. Several local organizations are using DVDs of the Spanish-language TV mini series, Nuestro Barrio, which was funded by Freddie Mac (NYSE: FRE). The show is about Hispanic life in the United States. The organizations are hosting a kick-off event for Nuestro Barrio Nuestro Hogar on the evening of October 17 at House of Blues at 308 Euclid Avenue in Cleveland.
This new take on making homebuyer education classes entertaining as well as educational is being utilized by Huntington and Spanish American Committee. These groups are using DVDs of the series as part of their community outreach efforts.
The 13-episode series, where hot storylines are combined with meaningful messages, subtly educates viewers on important financial issues including money management, credit, homeownership, predatory lending and foreclosure prevention. These storylines are played out against the traditional novela (soap opera) themes of romance, jealousy, greed and conflict.
Freddie Mac, one of the nation's largest investors in residential mortgages, funded the production of Nuestro Barrio. The Community Reinvestment Association of North Carolina (CRA-NC) produced Nuestro Barrio. CRA-NC is a non-profit consumer advocacy organization that also produces original programming for radio and television.
"We are excited to partner with the Spanish American Committee and Freddie Mac to present much needed homebuyer education to the Hispanic community in an entertaining manner," said Dana Capers, vice president, director of Hometown Bank Initiatives, Huntington.
"To be able to provide culturally specific education in relation towards Homeownership and financial literacy is one step closer toward removing the barriers that consistently plague Hispanics from becoming homeowners," said Rose Rodriguez-Bardwell, executive director of Spanish American Committee.
"As the housing market changes, the mortgage industry looks for new and creative ways to reach potential homebuyers," said Craig Nickerson, vice president of Expanding Markets at Freddie Mac. "Educational telenovelas are a unique way to reach the growing Hispanic marketplace with accurate information and to help close the homeownership gap."
For more information about attending a homebuyer's education class, contact Francis Cintron, housing program coordinator 216.961.2100 ext. 235.
The Nuestro Barrio Storyline
Filmed entirely in Durham, N.C. by CRA-NC, the show is in Spanish with English subtitles. The series subtly introduces valuable lessons on numerous topics including banking, credit and homeownership. The characters learn how to achieve their dream of homeownership, as well as how to recognize and avoid predatory lending practices.
The two major locations in the series are a family-owned restaurant and a nightclub. The owners of the restaurant, Manuel and Marisol, have lived in the U.S. for many years and have seen their restaurant become a gathering place for the community. They help their family and friends navigate life in the U.S. by sharing their experiences, offering guidance and connecting them to community resources.
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.
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