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GOLDEN STATE WARRIORS NBA TEAM, FANNIE MAE FORM PARTNERSHIP TO FOSTER NEIGHBORHOOD RENEWAL, HOMEOWNERSHIP IN OAKLAND

 OAKLAND, Calif., Sept. 22 /PRNewswire/ -- The Golden State Warriors National Basketball Association team today joined the nation's largest provider of home mortgage funds in a new partnership to foster neighborhood revitalization and increase homeownership in Oakland.
 The partnership between the Warriors and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) was announced at an East Bay Habitat for Humanity construction site in the city's Elmhurst neighborhood. There, Fannie Mae and the Warriors are sponsoring their first joint project, building two new homes for low- and very low-income families.
 At the announcement, Fannie Mae also unveiled plans to launch its "Opening Doors" consumer education campaign in the Oakland-San Francisco-San Jose market, beginning Oct. 18. The campaign will use newspaper, television and radio advertisements to offer a free guide to home ownership and lists of local lenders and home ownership counseling agencies.
 "First-time home buyers in northern California who respond to 'Opening Doors' will receive materials, available in Spanish and English, that will answer their questions about whether they can afford a home, how to deal with credit problems and where to receive individual consumer counseling if they need it," said Lawrence M. Small, Fannie Mae's president and chief operating officer.
 "The Warriors and Fannie Mae are committed to addressing the city of Oakland's housing needs. By joining forces, we have created a new 'dream team' that will contribute to neighborhood renewal and home ownership opportunities for low- and moderate-income families in Oakland," Small said.
 "The Warriors' partnership with Fannie Mae is an exciting and creative way to help the community to achieve something very special -- the opportunity for home ownership," said Dan Finnane, president of the Warriors. "Working to improve the quality of Oakland's housing and neighborhoods is one of the Warriors' highest priorities and with the nation's largest funder of mortgages as a sponsor and partner, our commitment can be very positive."
 Small said that the joint Fannie Mae-Warrior efforts would include a variety of ongoing and consumer education efforts to increase home ownership opportunities, and construction and rehabilitation of homes.
 Oakland Mayor Elihu M. Harris said: "Today's announcement means that we can count on the Warriors to play a role in meeting the commitment announced recently by the city and Fannie Mae to finance $1 billion in affordable housing here over the next five years."
 In July, Harris and Fannie Mae Chairman and Chief Executive Officer James A. Johnson announced HouseOakland, a $1 billion comprehensive investment strategy. It is the pilot for a broader effort for central city lending that Fannie Mae plans to carry out in U.S. cities over the next few years.
 A grant from the Fannie Mae Foundation will fund the first joint Fannie Mae/Warriors project, construction of two homes near the Warriors' Arena. The homes are part of a 40-unit development sponsored by East Bay Habitat for Humanity. Habitat for Humanity is an international nonprofit organization that builds affordable housing for home ownership in partnership with lower income families.
 On Oct. 7, Warriors players and employees, along with employees from Fannie Mae's Western Regional Office in Pasadena, will participate in the framing up of the two homes, which will be built by volunteers, including the potential homeowners.
 The "Opening Doors" consumer education campaign starting in the Oakland-San Francisco-San Jose market on Oct. 18 seeks to increase the levels of home ownership in these markets.
 Fannie Mae's 1993 National Housing Survey indicated that a major barrier to home ownership is the lack of information about the process of purchasing a home as well as fear of the process itself.
 In addition to the free home ownership guide, "Opening Doors To a Home of Your Own," consumers who call a toll-free number will receive a list of 33 mortgage lenders in the San Francisco-San Jose-Oakland area who are working in partnership with Fannie Mae on the outreach campaign.
 Consumers in the three-city area should call Fannie Mae's special number, 800-688-HOME. Spanish-speaking consumers may call 800-782-2729.
 The campaign is designed for people earning less than the areas' median income, which is $52,400 in the Oakland area; $54,300 in the San Francisco area and $59,300 for the San Jose area.
 Small also announced that in April 1994 Fannie Mae and the Warriors plan to co-host a free home buying fair designed for lower income, minority and first-time home buyers living in the Oakland area.
 The fair, details of which will be announced at a later date, is intended to start participants on a path to home ownership and will offer information on qualifying for a home mortgage, finding affordable loans, counseling programs, understanding credit issues and other related topics.
 The primary goal of the Fannie Mae Foundation is to support national and local nonprofit organizations working to provide decent and affordable housing in communities throughout the United States. In 1993, the Foundation will distribute $8.5 million in grants.
 The foundation's sole source of support is Fannie Mae, which is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds.
 -0- 9/22/93
 /EDITOR'S NOTE: A list of lenders participating in the "Opening Doors" campaign follows
 OPENING DOOR CAMPAIGN
 PARTICIPATING MORTGAGE LENDERS
 Allied Savings Bank
 All Pacific Mortgage Company
 American Residential Mortgage Corporation
 American Savings Bank
 ARCS Mortgage, Inc.
 Bank of America
 BayView Federal Bank
 California Federal Bank
 The Cal-Bay Mortgage Group
 Coast Federal Bank, FSB
 Colonial Bancorp
 ComUnity Lending, Inc.
 Continental Saving of America
 Countrywide Funding
 Cypress Financial Corporations
 Directors Mortgage Loan Corporation
 First California Mortgage Company
 First Franklin Financial Corporation
 First Nationwide Bank
 Glendale Federal Bank
 GMAC Mortgage Corporation
 Headlands Mortgage Company
 Home Federal Savings of San Francisco
 Home Savings of America
 Medallion Mortgage
 North American Mortgage Company
 Roseville 1st National Bank
 San Francisco Federal
 Summit Savings, a Federal Savings Bank
 The Mechanics Bank
 Tracy Federal Bank
 Weyerhaeuser Mortgage Company
 World Savings and Loan Association/
 /CONTACT: Gene Eisman of Fannie Mae, 202-752-6673, or Julie Marvel of the Golden State Warriors, 510-638-6300/
 (FNM)


CO: Federal National Mortgage Association; Golden State Warriors
 National Basketball Association team ST: District of Columbia, California IN: FIN SU:


DT-DC -- DC018 -- 4692 09/22/93 12:47 EDT
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Date:Sep 22, 1993
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