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FANNIE MAE LAUNCHES INTENSIVE PILOT EDUCATION PROGRAM TO INCREASE HOMEOWNERSHIP FOR DALLAS-FORT WORTH FAMILIES

 DALLAS-FORT WORTH, Jan. 22 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that the Dallas-Fort Worth metroplex will be the initial market for the company's first, bi-lingual consumer education campaign designed to raise homeownership. According to the company's research, a critical barrier to owning a home for young, minority, or lower-income families is a lack of information and fear of the mortgage process.
 Through Fannie Mae's campaign, called "Opening Doors," consumers will learn about the home-buying process, find out whether they are ready to buy a home and how to get prepared if they are not, and receive the names of 15 lenders and 7 counseling groups who are taking special steps to help first-time home buyers.
 "By providing this information we can begin to make the dream of homeownership possible for many more people in the metroplex," said Judy Dedmon, senior vice president of Fannie Mae's Southwestern Regional office based in Dallas. "Opening Doors will give potential home buyers the tools they need to start the home-buying process."
 "If consumers aren't sure they can afford a home or have had credit problems, the materials Fannie Mae will provide can help identify what steps need to be taken in order to become a home buyer. If home buyers need one-on-one counseling, they will get references to local groups trained in preparing people for the mortgage process. Potential home buyers may also attend a group home buyers' class in either English or Spanish to be offered in April in Dallas and Fort Worth," said Dedmon.
 Consumers interested in participating in Opening Doors and receiving free literature should call Fannie Mae's special number, 800-688-HOME. Spanish language consumers may call 800-782-2729. Both numbers will be advertised in local general and minority television, radio, and print media.
 Fannie Mae is working with 15 mortgage lenders active in the area and a network of local counseling agencies, real estate professionals and mortgage insurers. This effort is an outgrowth of Fannie Mae's 1992 National Housing Survey, which showed that a lack of information is one of the key barriers to buying homes.
 According to Census Bureau data, the Dallas-Fort Worth level of homeownership is more than 6.5 percent lower than the national average. Minority and younger families living in the metroplex are even less likely to own homes than similar households nationwide. The homeownership rate in the metroplex was 57.4 percent in 1991, compared with a national average of 64.1 percent. In the 1990 Census, the rate of homeownership for Hispanics and for African- Americans in the metroplex was 40.4 percent and 39.5 percent respectively, compared with 42.4 percent and 43.4 percent nationally. Dedmon said Fannie Mae's campaign in Dallas-Fort Worth was meant to address the level of homeownership here.
 "We believe an intensive education effort aimed at potential home buyers can have a positive impact. We also know from working with Dallas-Fort Worth area lenders and counselors that this community has a committed home finance network," Dedmon said.
 The program is designed for people earning less than the area's median income, which in Dallas is $45,000 and in Fort Worth is $39,500. However, Dedmon noted that the information provided should be valuable to all potential home buyers.
 The advertising campaign will run on local media from Jan. 27 through the end of March. Group classes for home buyers that deal with the basic mortgage process and credit issues will be offered in English and Spanish in Dallas and Fort Worth on dates to be announced in February.
 Dedmon said that Fannie Mae intends to replicate the home buyer education campaign in other major cities across America.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages. Fannie Mae does not make home loans directly to consumers; instead, the company makes sure mortgage lenders have money to lend for homes.
 -0- 1/22/93
 /EDITOR'S NOTE: A list of lenders and counseling organizations participating in the Opening Doors Campaign follows:
 Opening Doors Campaign
 Participating Mortgage Lenders
 BancOne Mortgage Corporation
 Bank of America
 Commonwealth United Mortgage
 Countrywide Mortgage
 CTX Mortgage
 Fort Worth Mortgage
 GMAC Mortgage Corporation
 ICM Mortgage Corporation
 Jefferson Mortgage Services
 Knutson Mortgage
 NationsBanc Mortgage Corporation
 New America Financial
 North American Mortgage Company
 Sears Mortgage Corporation
 Texas Residential Mortgage Corporation
 Opening Doors Campaign
 Participating Consumer Counseling Organizations
 (ACORN HOUSING) Association of Community Organizations for
 Reform Now
 Consumer Credit Counseling Services of Dallas
 Consumer Credit Counseling Services of Fort Worth
 Dallas City Homes
 Dallas County Home Loan Counseling Center
 Dallas Urban League
 (HOPE) Housing Opportunities Incorporated of Fort Worth/
 /CONTACT: Bonnie O'Dell of Fannie Mae, 202-752-7111/
 (FNM)


CO: Fannie Mae ST: Texas IN: FIN SU: PDT

TW -- DC014 -- 7907 01/22/93 12:28 EST
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