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NORWEST MORTGAGE, FANNIE MAE TO PROVIDE $5 BILLION IN HOME MORTGAGE FINANCING, INCLUDING 20-YEAR FIXED-RATE PRODUCT

 NORWEST MORTGAGE, FANNIE MAE TO PROVIDE $5 BILLION


IN HOME MORTGAGE FINANCING, INCLUDING 20-YEAR FIXED-RATE PRODUCT
 CHICAGO, Aug. 10 /PRNewswire/ -- Norwest Mortgage, Inc., Des Moines, Iowa, and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced an agreement to provide financing for $5 billion in single-family residential mortgage financing in the 48 states served by Norwest Mortgage.
 The majority of the mortgages originated under the mandatory delivery agreement will be exchanged for Mortgage-Backed Securities (MBS) issued by Fannie Mae, and the remainder will be sold to Fannie Mae for cash. Norwest Mortgage will deliver all $5 billion in mortgages during the next 12 months.
 "Commitments like this allow us to continue providing financing to a wide range of home buyers all across the United States," said Norwest Mortgage Senior Vice President Mark Faris. "We are particularly pleased with Fannie Mae's support for development of a 20-year mortgage loan. This product gives thousands of Americans the opportunity to build home equity faster than a 30-year mortgage, but without the extreme payment differential of a 15-year mortgage."
 "With this commitment, Norwest affirms its position as one of the nation's leading mortgage banking companies," said John R. Hayes, senior vice president of Fannie Mae's Midwestern Regional Office. "Fannie Mae and Norwest have formed a solid partnership during the past two years, agreeing to do more than $10 billion in business together."
 In addition to the 20-year mortgage, loan types to be originated under the agreement, which was announced here by Hayes, include 15- and 30-year fixed-rate mortgages as well as adjustable-rate mortgages. Hayes noted that Norwest is a pioneer in the origination of the 20-year mortgage, a popular choice among homeowners wishing to retire their mortgages early.
 Norwest Mortgage is a wholly owned subsidiary of Norwest Corporation (NYSE: NOB), Minneapolis, a $40.6 billion diversified financial services organization, providing banking, insurance, investment, and other services in more than 1,725 offices in 49 states and internationally. Norwest Mortgage has more than 400 locations in 48 states.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 8/10/92
 /CONTACT: Gene Eisman of Fannie Mae, 202-752-6673/
 (FNM NOB) CO: Fannie Mae; Norwest Mortgage, Inc.; Norwest Corporation ST: Illinois IN: FIN SU:


DC -- DC009 -- 8475 08/10/92 11:17 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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