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GREAT WESTERN BANK, FANNIE MAE TO PROVIDE $6 BILLION IN MORTGAGE FINANCING FOR HOME BUYERS IN 20 STATES

 GREAT WESTERN BANK, FANNIE MAE TO PROVIDE $6 BILLION
 IN MORTGAGE FINANCING FOR HOME BUYERS IN 20 STATES
 PASADENA, Calif., April 7 /PRNewswire/ -- Great Western Bank, Beverly Hills, Calif., and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced an agreement to provide financing for up to $6 billion of single-family residential mortgage financing in the 20 states served by the bank.
 All of the mortgages will be sold to Fannie Mae over the next year, the two companies said.
 "This infusion of $6 billion in mortgage financing shows the vital role housing will have in any economic recovery," said John H. Fulford, senior vice president in charge of Fannie Mae's Western Regional Office. "We are very pleased that Great Western has chosen to work with us in a partnership that will provide thousands of Americans with affordable home financing."
 Larry Byrne, Great Western's vice president for secondary marketing, said, "This agreement demonstrates Great Western's ability to operate simultaneously both as a mortgage banker and a portfolio lender, with the capacity to originate adjustable-rate mortgages for investment and fixed-rate products for sale to the secondary market.
 "Great Western is in business to help people buy their homes. This new agreement with Fannie Mae gives us the flexibility to help more people become homeowners."
 Mortgage types originated under the agreement, which was announced here by Fulford, will include 15- and 30-year fixed-rate mortgages and Fannie Mae's Two-Step mortgage.
 Great Western Financial Corporation is a nationwide financial services company. Its principal subsidiary is Great Western Bank, a home mortgage-oriented consumer bank. Great Western has assets of nearly $40 billion, primarily monthly adjustable-rate home mortgages.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 4/7/92
 /CONTACT: Gene Eisman of the Federal National Mortgage Association, 202-752-6673/
 (FNM) CO: Federal National Mortgage Association; Great Western Bank ST: California IN: FIN SU:


DC-SB -- DC013 -- 5756 04/07/92 10:29 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
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