Fannie Mae Financing of Housing in Indian Country on Pace to Eclipse Record $81 Million Financed Last Year.
SAN DIEGO--(BUSINESS WIRE)--June 17, 2002
Company Announces Internal Native American Business Council to
Simplify Lending on Trust Lands
Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, today said that in the first five months of 2002 it had financed over $54 million in housing on reservations or trust lands, for more than 625 families.
This activity exceeds the pace of investment that led to Fannie Mae's record $81 million in investments in 2001, which supported over 950 families on reservations or tribal land. Today's announcement was made during the 28th Annual Convention of the National American Indian Housing Council (NAIHC) in San Diego.
In addition, Fannie Mae announced the formation of an internal Native American Business Council, comprised of 20 staffers from across the organization, that will support the company's efforts to simplify lending on trust lands. Bob Simpson, director of Fannie Mae's South Dakota Partnership Office, will chair the Council.
During the first five months of 2002, Fannie Mae's financings have involved lending on tribal land for 48 tribes in 18 states (see attached list), with deliveries from 60 lender partners. Tribes and tribal housing authorities have provided home-buyer counseling, down payment assistance and post closing support to tribal members.
"Fannie Mae has worked with tribes, tribal housing authorities and lenders across the country to improve the affordability and accessibility of mortgage lending in every market," said Simpson. "This new council will focus on expanding and maintaining the relationships that we've established with 113 tribes, as well as work toward increasing the number of tribes who have adopted the legal infrastructure for making mortgage loans on land held in trust by the Federal government," he said.
"We're proud to be partners with Fannie Mae in breaking new ground to expand homeownership opportunities for Native Americans," said Walter C. Klein, Jr., president & chief executive officer of FNMC/Cal Fed Lending.
"The Yerington Paiute tribe is proud to be a partner with Fannie Mae and First Nationwide Mortgage Corporation to bring conventional mortgage finance programs to our members on tribal trust land. Having access to private mortgage capital is a powerful tool that will enable us to accelerate our housing programs and continue the process of building new homes at a faster rate than ever before," said Elwood Emm, chairman of the Yerington Paiute Tribe.
"Fannie Mae's investment of $3.9 million in low-income housing tax credits has been instrumental in helping us rehabilitate 62 units of housing. Our partnership with Fannie Mae continues to be very important in meeting Red Lake's housing needs," said Jane L. Barrett, executive director of the Red Lake Housing Authority, in Minnesota.
Earlier this year, Fannie Mae streamlined and simplified its legal documents for trust land lending to clarify its acceptance of tribal court jurisdiction, and to eliminate the references to limited waivers of sovereign immunity from the documents.
According to Simpson, the Native American Business Council will work with the tribes and lender partners to promote and implement these changes with the goal of expanding lending on trust lands.
Other members of the council will come from the company's National Community Lending Center in Washington, DC; the regional offices in Atlanta GA; Chicago, IL; Dallas, TX; Pasadena, CA and Philadelphia, PA and the local partnership offices in Oklahoma, Michigan, Minnesota, Montana, Nevada, New Mexico, North Carolina, North Dakota, Wisconsin and Wyoming.
Through its lender partners and its Native American Conventional Lending Initiative, Fannie Mae offers a comprehensive menu of mortgage products for Native Americans living on trust lands. Fannie Mae works with mortgage lenders, Native American tribes, the Bureau of Indian Affairs, and other housing leaders to increase mortgage financing opportunities for Native Americans.
Fannie Mae has committed to invest $350 million to 4,600 Native American families through the end of the decade. To date, the company has served more than 2,000 Native American families living on reservations and trust land, providing more than $176 million in mortgage financing.
Fannie Mae's Native American Conventional Lending Initiative is part of the company's ten-year, $2 trillion American Dream Commitment(SM) to increase homeownership nationwide among Native Americans, minorities, young families, women-headed families, and others whose homeownership rates lag the general population.
Fannie Mae's 2001 Native American Progress Report has been released as is available by calling the media hotline at 888/326-6694.
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.
Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided more than $3.8 trillion of mortgage financing for over 44 million families.
More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.
The American Dream Commitment is a service mark of Fannie Mae. Unauthorized use of this mark is prohibited.
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 the company exclusively as "Fannie Mae."
Tribes Sorted by State Arizona California Fort McDowell Reservation Agua Caliente Reservation Navajo Reservation Yurok Reservation Colorado Idaho Southern Ute Reservation Fort Hall Reservation Kansas Louisiana Unnamed Reservation Apache Choctaw TDSA (State) Jena Band of Choctaw TDSA (State) United Houma Nation TDSA (State) Mississippi Montana Isabella Reservation Crow Reservation L'Anse Reservation Flathead Reservation North Carolina North Dakota Coharie TDSA (State) Standing Rock Reservation Lumbee TDSA (State) Turtle Mountain Reservation New Mexico Oklahoma Nambe Pueblo Absentee Shawnee - Citizens Band of Potawa Caddo-Wichita-Delaware TJSA Oregon Cherokee TJSA Coos; Lower Umpqua; Cheyenne-Arapaho TJSA and Siuslaw Reservation Chickasaw TJSA Coquille Indian TDSA Choctaw TJSA Klamath TDSA Creek TJSA Umatilla Reservation Kiowa-Comanche-Apache-Fort Sill Apache T Osage Reservation Rhode Island Otoe-Missouria TJSA Narragansett Reservation Pawnee TJSA Sac and Fox TJSA Utah Tonkawa TJSA Uintah and Ouray Reservation Washington Wisconsin Lummi Reservation Lac Du Flambeau Reservation Muckleshoot Reservation Menominee Reservation Port Madison Reservation Oneida (West) Reservation Puyallup Reservation Swinomish Reservation Wyoming Tulalip Reservation Wind River Reservation
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|Date:||Jun 17, 2002|
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