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GLENDALE FEDERAL BANK AND FANNIE MAE SIGN $1 BILLION AGREEMENT

GLENDALE FEDERAL BANK AND FANNIE MAE SIGN $1 BILLION AGREEMENT
 GLENDALE, Calif., Dec. 3 /PRNewswire/ -- Glendale Federal Bank, the nation's fourth largest savings bank, and Fannie Mae today announced that they have signed an agreement under which the Bank will lend, and Fannie Mae will securitize, $1 billion over the next three years in low-to-moderate-income and minority neighborhoods in California and Florida. The new program, which will provide fixed-rate mortgages for single-family homes, will be implemented January 15, 1992, and will be offered through Glendale Federal's 192 banking offices and six loan centers in California and Florida.
 The bank's program is offered in conjunction with Fannie Mae's community lending programs, which provide flexible underwriting criteria, including loans at 95 percent of the home's value, with a provision for a 3 percent down payment by the borrower and a 2 percent contribution from gifts or other assistance programs. Payment reserve requirements will also be waived, and closing costs may be covered by gifts or grants.
 "As a community savings bank, Glendale Federal is pleased to offer this new, specialized single-family lending program which provides an opportunity for a wider range of individuals within our banking communities to pursue their dream of owning their own home," commented Stephen J. Trafton, president and chief operating officer of Glendale Federal Bank.
 "The nation faces a growing need for affordable housing, particularly for working and young families," said Larry H. Dale, executive director of Fannie Mae's National Housing Impact Division. "Fannie Mae is proud to join Glendale Federal Bank in this commitment to provide $1 billion in affordable housing to low- and moderate- income residents of California and Florida. We will continue to work with leaders of the lending community, such as Glendale Federal Bank, to develop ways to target more housing resources for the communities with greatest need."
 Prospective borrowers wishing to participate in the new Glendale Federal Bank/Fannie Mae program will receive training on credit management and home ownership. This training will be provided by Glendale Federal Bank's loan officers and Bank office managers in the communities served by the Bank.
 Further information regarding this new single-family lending program will be available to the public at the bank's California and Florida offices, after Jan. 15. Glendale Federal Bank is the principal subsidiary of GLENFED Inc. (NYSE: GLN).
 Fannie Mae (Federal National Mortgage Association) (NYSE: FNM), the U.S.A.'s Housing Partner, is a congressionally chartered, shareholder-owned company, and is the nation's largest investor in home mortgages.
 -0- 12/3/91
 /CONTACT: Judy Cunningham, 818-500-2274, or Rosanne O'Brien, 818-500-2824, both of GLENFED; or Tom Marder of Fannie Mae, 202-752-7608/
 (GLN FNM) CO: GLENFED Inc.; Fannie Mae ST: California IN: FIN SU:


CH-EH -- LA002 -- 8648 12/03/91 10:02 EST
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Publication:PR Newswire
Date:Dec 3, 1991
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