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FANNIE MAE LAUNCHES INTENSIVE PILOT EDUCATION PROGRAM TO INCREASE HOMEOWNERSHIP FOR SACRAMENTO FAMILIES

 SACRAMENTO, Calif., Feb. 8 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that Sacramento will be a test market for the company's first bilingual consumer education campaign designed to increase 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 learn how to get prepared if they are not. Consumers also will receive the names of 24 area mortgage lenders that are taking special steps to help first-time home buyers. The Sacramento Home Loan Counseling Center also has agreed to support the effort by providing special counseling to those who want it.
 "By providing this information, we can begin to make the dream of homeownership possible for many more people in Sacramento," said John Fulford, senior vice president of Fannie Mae's Western Regional office based in Pasadena, Calif. "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," Fulford said. "If home buyers need one-on-one counseling, the Sacramento Home Loan Counseling Center will help prepare people for the mortgage process. Potential home buyers also may attend group home buyers' classes, in either English or Spanish, to be offered by lenders participating in the program."
 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.
 According to Census Bureau data, the level of homeownership in Sacramento is more than 8 percentage points lower than the national average. Minority and younger families living in Sacramento are even less likely to own homes than similar households nationwide. The homeownership rate in Sacramento was 56 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 area was 47.5 percent and 37.9 percent respectively, compared with 42.4 percent and 43.4 percent nationally. Fulford said Fannie Mae's campaign in Sacramento 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 Sacramento area lenders and counselors that this community has a committed home finance network," Fulford said.
 The program is designed for people earning less than the area's median income, which in Sacramento is $43,000; however, Fulford noted that the information provided should be valuable to all potential home buyers.
 The advertising campaign will run on local media for eight weeks beginning Feb. 8. Fulford said that 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. This effort is also being tested in Dallas-Fort Worth and eventually will be replicated 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- 2/8/93
 /NOTE: A list of lenders and the counseling network participating in the Opening Doors Campaign follows:
 Opening Doors Campaign
 Participating Mortgage Lenders
 All Pacific Mortgage Company
 American Savings Bank
 Arcs Mortgage
 Bank of America
 Citibank
 Commerce Security Bank
 Countrywide Funding Corporation
 Crossland Mortgage Corporation
 Directors Mortgage
 First Nationwide Bank
 Glendale Federal Bank
 GMAC Mortgage Corporation
 Home Savings of America
 North American Mortgage
 Sacramento Savings Bank
 San Francisco Federal Savings and Loan
 Sanwa Bank
 Sunrise Bank
 Wells Fargo Bank
 Western Bank Mortgage Company
 Western Federal Savings
 Western Financial Savings Bank
 Western Sunrise Mortgage
 World Savings and Loan Association
 Participating Counseling Agency
 Sacramento Home Loan Counseling Center/
 /CONTACT: Bonnie O'Dell of Fannie Mae, 202-752-7111/
 (FNM)


CO: Fannie Mae ST: California IN: FIN SU:

TW -- DC019 -- 4148 02/08/93 13:27 EST
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