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Sunday, April 22, 2007

Homeownership for minorities

Fannie Mae's American Dream Commitment.

The fastest growing groups of buyers are minorities

Over the last decade, Fannie Mae has made available, through its lender and community partners, funding for minority and underserved Americans to own or rent a home as part of the company's American Dream Commitment.

Through Fannie Mae's continuing dedication to increasing homeownership opportunities for minority home buyers, minorities can live the American Dream.

The American Home Buyer
The fastest growing groups of home buyers are minorities, families of modest means, new Americans, and other underserved individuals and families -- many with very little wealth and complicated job and financial histories. According to Fannie Mae's 2003 National Homeownership Survey, these groups face challenges when it comes to having access to accurate information about the home-buying process.

Everyday Fannie Mae and its housing partners strive to expand homeownership opportunities for millions of Americans. Helping minorities turn their hopes and dreams into the reality of owning a home is at the heart of Fannie Mae's mission.

Fannie Mae's American Dream Commitment
Fannie Mae has a long and proud history of taking on big housing challenges. The American Dream Commitment follows on a Fannie Mae tradition of establishing big public goals consistent with the company's mission to "tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans."

Fannie Mae pledged to help 6 million families -- including 1.8 million minority families -- become first-time homeowners over the next decade. Fannie Mae's commitment to first-time home buyers is part of the next stage of the company's American Dream Commitment, a plan announced in 2000 to provide $2 trillion in private capital for 18 million minority and underserved Americans to have access to mortgage loans and own or rent a home by the end of the decade.

The pledge boosts the company's commitment to President George W. Bush's Minority Homeownership plan and will help raise the minority homeownership rate from 51 percent currently to 55 percent, with the ultimate goal of closing the gaps between minority homeownership rates and non-minority homeownership rates entirely.

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