CitiMortgage, The Hispanic Committee of Virginia, and Freddie Mac Team Up for...

CitiMortgage, The Hispanic Committee of Virginia, and Freddie Mac Team Up for Virginia Homebuyer Education and Lending Initiative



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Arlington, VA–(HISPANIC PR WIRE)–March 21, 2005–CitiMortgage, the Hispanic Committee of Virginia (HCV), the Fairfax County Department of Housing and Community Development (FCDHCD), and Freddie Mac have joined together to help make affordable housing a reality for local Latinos, it was announced this evening at an event that included representatives from the organizations as well as local elected officials.

“We are here to celebrate homeownership in the Latino community,” said Heather Battaglia, from CitiMortgage’s Emerging Markets Division. “We want to help put people into homes, but we also want to do more than that – we want to educate them on the process and help them understand the products available to achieve the dream of homeownership. These goals are all part of Citi’s Opportunities Within Neighborhoods program, which includes our $200 billion affordable housing commitment.”

“This is going to truly make a difference in our community,” said Jorge E. Figueredo, executive director of the HCV. “CitiMortgage and Freddie Mac have a record of making a difference in communities and this initiative will do just that by putting people in homes and thus starting a cycle of homeownership that will continue generation after generation. Sometimes all people need is some help to get started and that is exactly what this is.”

The goal of Freddie Mac, HCV and their partners is to expand homeownership, including referring our clients who are qualifying homebuyers, whenever it is their best available option, to a CitiMortgage loan product with a low-down-payment requirement,” Figueredo continued.“ Through our homeownership counseling we educate our clients about other products, services and programs available to them in the Northern Virginia and Washington DC metropolitan areas. The outcome we want to see is more members of our Latino community living the American dream of owning a home.”

“HCV has long been an outspoken advocate for Latinos living in the Commonwealth. I am excited about their joint venture with Freddie Mac, CitiMortgage and the Fairfax Department of Housing and Community Development. The importance of providing potential Latino homebuyers the necessary information to make home ownership a reality can not be understated,” said Congressman James P. Moran (VA-08).

The goals of the initiative include:

— Providing increased homeownership opportunities and access to mortgage financing for first-time, Latino borrowers in the community

— Education of potential homebuyers about the home-buying process, budget and credit skills and maintenance responsibilities through pre- and post-purchase homeownership education and counseling

— Providing a vehicle where residents can get good information about borrowing for a mortgage while understanding predatory lending issues

— Help potential homebuyers develop a good credit record

“We look forward to working with CitiMortgage, HCV and local housing agencies in Fairfax County and Arlington County to help more people become homeowners,” said Craig Nickerson, vice president of Expanding Markets for Freddie Mac, one of the largest companies headquartered in Northern Virginia. “Homeownership is the largest source of long-term wealth for many families and the path to owning a home begins with understanding the mortgage process.”

Potential homeowners will have access to a menu of products and services including:

— Assistance identifying sources of down payment and closing cost assistance

— Help in finding a home to purchase

— On-going home ownership counseling

Anyone in the public who is interested in this initiative should contact the HCV to sign up for a workshop, talk about credit readiness and/or see if they qualify for a mortgage. The number to call is 703-671-5666 ext. 137 or visit their website at http://www.hcva.org.

The Hispanic Committee of Virginia (HCV) is a community-based, non-profit organization working since 1967 in Northern Virginia to enable Hispanic immigrants to more fully participate in and contribute to American society. The Hispanic Committee of Virginia helps clients overcome barriers of language, culture, isolation, and poverty by linking them to community services and empowering them with new skills in addition to providing other means of assistance such as case management, job matching, and immigration consultations. HCV has a bilingual, bicultural staff of 27, representing over 14 Spanish-speaking countries throughout Latin America and the US, and counts on the help of a diverse group of volunteers in running the many programs.

The mission of the FCRHA is to initiate and provide opportunities for Fairfax County residents to live in safe, affordable housing and to help develop, preserve, and revitalize communities through fiscally responsible and open processes.

In September 2003, CitiMortgage announced a $200 billion affordable housing commitment through the end of the decade. The goal was to increase homeownership by providing mortgages to low- and moderate-income, minority and underserved borrowers thus building sustainable communities and providing wealth-building opportunities for individuals, their families and future generations.

CitiMortgage, a member of Citigroup, specializes in the nationwide lending of residential mortgages through Retail, Wholesale, and Correspondent loan origination channels. Headquartered in St. Louis, CitiMortgage and its affiliates are in the top tier of mortgage originators and servicers nationwide. Additional information may be found at http://www.citimortgage.com.

Over the past five years, Freddie Mac has purchased $69 billion worth of mortgages and made home ownership possible for more than 394,000 families in the metropolitan Washington area. Through this initiative, Freddie Mac will build upon its ongoing efforts to expand homeownership opportunities in this community.

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 ownership possible for one in six homebuyers and two million renters in America. For more information, visit, http://www.freddiemac.com.

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CONTACT:

CitiMortgage

Kelly Malone

314-392-8181

or

Freddie Mac

Patti Borger

703-903-2445

or

HCV

Jorge E. Figueredo

703-671-5666 x117

CitiMortgage, The Hispanic Committee of Virginia, and Freddie Mac Team Up for Virginia Homebuyer Education and Lending Initiative