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FANNIE MAE INVESTS $15.2 MILLION IN AFFORDABLE ATLANTA MORTGAGE CONSORTIUM LOANS; WILL ALLOW GRANTING OF ADDITIONAL LOW-INCOME MORTGAGES

 WASHINGTON, Oct. 12 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) has invested $15.2 million in a portfolio of mortgages from the Atlanta Mortgage Consortium (AMC), the company announced today.
 The loans were made as part of a continuing commitment from the AMC's nine-member institutions to provide affordable mortgage financing to lower-income residents of Atlanta. AMC will reinvest the proceeds from the transaction to provide additional mortgages to low-income households in Atlanta. The loans are underwritten and serviced by Atlanta-based Standard Mortgage Corporation of Georgia.
 "The Atlanta Mortgage Consortium's member institutions have provided needed mortgage financing to Atlanta's low-income residents," said Rep. John Lewis (D-Ga.). "Fannie Mae's investment in these loans ensures that low-cost mortgage financing remains available so that more families can pursue their dream of homeownership."
 "The Atlanta Mortgage Consortium and Standard Mortgage Corporation have created a partnership that meets the special financing needs of low- and moderate-income families in Atlanta," said Glenn T. Austin Jr., senior vice president of Fannie Mae's 12-state southeastern regional office in Atlanta. "Fannie Mae hopes our investment will encourage more lending to qualified lower-income families. "
 AMC is one of the largest single-family loan consortia, by loan volume, in the country. The nine lenders in the consortium have originated approximately $60 million in closed loans, providing homeownership to about 1,200 lower-income families. The average borrower is an African-American household headed by a single female with one to two children with a household income of $22,700.
 "The neighborhood stability created by these new homeowners has contributed significantly to community development efforts in many areas of Atlanta," said Charles F. Scheid III, executive director of the Atlanta Mortgage Consortium. "This new partnership with Fannie Mae will allow AMC lenders to make many more loans."
 The current members of the AMC are: Bank South, First Union Bank, Georgia Federal Bank, The Merchant Bank, NationsBank, The Prudential Banks, SouthTrust Bank, Trust Company Bank and Wachovia Bank.
 The mission of the AMC is to provide single-family loans for households with incomes of less than 80 percent of the median, or less than $37,200 in Atlanta. The AMC was chartered in April 1988.
 Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source of funds for home mortgages.
 -0- 10/12/93
 /CONTACT: Alfred King of Fannie Mae, 404-398-6586/
 (FNM)


CO: Federal National Mortgage Association; Atlanta Mortgage Consortium ST: Georgia IN: FIN SU:

MH-DC -- DC011 -- 1167 10/12/93 14:05 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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