MARKET STREET MORTGAGE EXPANDS HOMEOWNERSHIP TO SERVE MINORITY AND IMMIGRANT MARKETS THROUGHOUT...

MARKET STREET MORTGAGE EXPANDS HOMEOWNERSHIP TO SERVE MINORITY AND IMMIGRANT MARKETS THROUGHOUT U.S.

Innovative ``Home Power'' Program and Other New Services Provide Loan Access for Low- to Moderate Income Families


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CLEARWATER, Fla.–(HISPANIC PR WIRE – BUSINESS WIRE)–November 14, 2002– Market Street Mortgage among the nation’s leading retail originators of residential mortgage loans, and Fannie Mae, (FNM/NYSE), the nation’s largest source of financing for home mortgages, outlined their vision for working with the country’s underserved housing markets Wednesday morning, providing an analysis of the market’s demographics to loan officers, realtors and non-profit housing organizations at an event in Tampa.

“We recognize a growing need within underserved markets, and we are committed to helping borrowers realize the American Dream of owning a home,” said Market Street Mortgage CEO and Chair man Randall C. Johnson, CMB. “Lenders and realtors should be aware of the opportunities to help people within these markets to purchase homes.”

On a national level, minorities accounted for nearly 40% of the growth in homeownership between 1994 and 1999, said Fannie Mae, and will account for nearly two-thirds of growth in number of households over the next decade. Homeownership by immigrants will increase by more than 50% by the year 2010.

Today, Market Street Mortgage announced its new mortgage program, “Home Power,” designed to ease the barriers to minority homeownership. Offered in 27 U.S. metro area markets, “Home Power” provides several options for affordable homeownership, including access to down Payment assistance programs and underwriting flexibility. Non-traditional credit is accepted, and 15 and 30 year fixed rates are available. Homebuyers must live in a qualifying zipcode.

Market Street Mortgage also announced its website in Spanish and plans to offer many of its application forms in Spanish. The website is http://www.marketstreetmortgage.com/spanish.

As the nation’s sixteenth largest originator of FHA loans, Market Street Mortgage currently serves homebuyers, homebuilders and realtors in 33 states with 42 offices. Founded in 1986, Market Street Mortgage became a subsidiary of NetBank in 2001 and is headquartered in Clearwater, Florida.

Fannie Mae is working to shrink the nation’s “homeownership gaps” through a $2 trillion “American Dream Commitment” to increase homeownership rates.

–30–bl/mi*

CONTACT:

Tucker Hall, Tampa, Fla.

Lisa Robbins, 813/228-0652

MARKET STREET MORTGAGE EXPANDS HOMEOWNERSHIP TO SERVE MINORITY AND IMMIGRANT MARKETS THROUGHOUT U.S.