Allegheny County Chief Executive Jim Roddey, National City Bank of Pennsylvania, and Fannie Mae Announce New Mortgage That Helps Western Pennsylvania Home Buyers Build Equity More Quickly.
ALLEGHENY COUNTY, Pa.--(BUSINESS WIRE)--Feb. 28, 2000
Allegheny County Chief Executive Jim Roddey, National City Bank of Pennsylvania, and Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, today announced the availability of the Working Mortgage(SM) in western Pennsylvania.
National City Bank of Pennsylvania is selected as one of four lenders nationally to pilot this initiative.
The Working Mortgage allows borrowers to purchase a home with a lower down payment and helps home buyers build equity faster through weekly or bi-weekly payments automatically deducted from their checking or savings accounts.
Mortgage payment deductions coincide with the borrower's paycheck, so if an employee is paid once a week, each deduction will equal one-fourth the monthly mortgage payment. For those paid bi-weekly, the deduction equals one-half the mortgage.
For loans with two borrowers, the Working Mortgage can accommodate two different payment cycles, with a customer specified percentage deducted from each borrower. More frequent payments result in borrowers paying down the outstanding principal balance of the mortgage at a faster rate than through a traditional mortgage, leading to a faster accumulation of equity.
"Homeownership is an important goal for the many young, hard-working families who want to forge their futures here in Allegheny County," said Chief Executive Roddey. "I applaud Fannie Mae and National City Bank of Pennsylvania for this innovative mortgage product that will help grow our communities, and allow our families to build wealth."
"For most, the home is a family's biggest asset," said Howard Slaughter, director of Fannie Mae's Pittsburgh Partnership Office. "Accelerated home equity could help families finance college tuition, retirement, or other needs."
"At National City, we are not only committed to providing the highest quality products and services, we are also committed to improving the quality of life in the communities we serve," said Bobbie Passmore, specialty lending manager for National City Bank of Pennsylvania. "Fannie Mae is expanding the opportunities for young, working families to become homeowners. Initiatives such as this have been aided through the commitment of the Pittsburgh Community Reinvestment Group (PCRG) who provide value-added services to enhance the community development efforts of National City and Fannie Mae."
The Working Mortgage is available through the National City Bank of Pennsylvania. For more information, or to find out if you are eligible, please contact them at one of the numbers below:
Meadeville, PA - Tom Parulo 814/337-1918
Clarion, PA - Sue Solida 814/226-5521
Sharon, PA - Anita Primavera 724/982-1137
Greater Pittsburgh - Arthur Marizzaldi 412/442-3679
Monogahelia, PA - Leslie Zovko 724/258-0904
The Working Mortgage is made possible through Fannie Mae's House Pittsburgh investment plan, a five-year, $2 billion investment plan to finance affordable housing for 24,000 Pittsburgh families, which is a part of Fannie Mae's Trillion Dollar Commitment to help finance more than 10 million homes for families and communities most in need through the end of this year.
The Pittsburgh Partnership Office is one of six in the northeast and 44 nationwide.
For more information on House Pittsburgh, or other Fannie Mae affordable housing products, please call the Fannie Mae Consumer Resource Center at 1-800-7-FANNIE (1-800-732-6643) Monday through Friday, from 9:00 a.m. to 5:00 p.m., EDT.
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages.
Over the past 31 years, Fannie Mae has provided nearly $2.8 trillion of mortgage financing for over 34 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.
Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."
National City Bank of Pennsylvania, with over 220 branches in 20 western Pennsylvania counties, is a banking affiliate of National City Corporation (NYSE:NCC). National City Corporation is an $87 billion bank holding company based in Cleveland, Ohio.
The company offers a full range of financial services, ranging from investment banking and brokerage services to traditional banking services for individuals and businesses. National City has branch offices in the states of Ohio, Pennsylvania, Michigan, Indiana, Kentucky and Illinois. National City can be found on the World Wide Web at www.national-city.com.
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|Date:||Feb 28, 2000|
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