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NCLR AND FANNIE MAE ANNOUNCE PARTNERSHIP; $20 MILLION PILOT PLAN TO INCREASE HOMEOWNERSHIP FOR HISPANIC FAMILIES

NCLR AND FANNIE MAE ANNOUNCE PARTNERSHIP; $20 MILLION PILOT PLAN
 TO INCREASE HOMEOWNERSHIP FOR HISPANIC FAMILIES
 LOS ANGELES, July 21 /PRNewswire/ -- The National Council of La Raza (NCLR), a major non-profit voice for Hispanic Americans, and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM), the nation's largest investor in home mortgages, today announced a new partnership that will help create greater homeownership opportunities for Hispanic families.
 The first initiative of the partnership will be a $20 million pilot plan that, through a variety of flexible loan requirements, will make mortgage funds more available to Hispanic families in four cities, including Los Angeles and Phoenix.
 In announcing the initiative at NCLR's Annual Conference, NCLR President Raul Yzaguirre said, "Hispanics are the least likely group to own homes in America, and our percentage of homeowners has steadily decreased over the decade. All too often, the problem is not just a matter of low income but also unnecessarily rigid criteria that deny mortgages to otherwise credit worthy, working Hispanic families. Rather than simply decrying the problem, we intend, with Fannie Mae's help, to do something about it."
 Local banks and other lending institutions in each city will make the mortgage loans. Local NCLR affiliate community groups will be trained to offer required home buyer counseling, work with lending institutions to apply flexible loan standard that meet community needs, and in some cases provide downpayment assistance to home buyers. Participating banks and community groups in the plan will be identified over the next six months by NCLR's headquarters in Washington. Mortgage loans for single-family homes are expected to be available within the next six months.
 Fannie Mae, which invests in one of every seven mortgages in the country, will buy the loans from the lenders who are active in the plan. The initiative will explore how to better promote homeownership to underserved communities.
 Martin D. Levine, Fannie Mae senior vice president for low- and moderate-income housing, said, "Fannie Mae is delighted with this new partnership with NCLR and the Hispanic community. The steps we are announcing today will continue our efforts to expand homeownership opportunities to more Americans of all backgrounds and varied incomes."
 Cities other than Los Angeles and Phoenix that will participate in the plan will be chosen by NCLR on the basis of the capacity of local NCLR affiliates in managing housing programs and the availability of willing lenders.
 The on-going NCLR/Fannie Mae partnership also will:
 -- Develop strong commitments from lending institutions to meet the Hispanic community's housing needs;
 -- Aggressively market mortgage plans and other housing opportunities to the Hispanic community;
 -- Make available Spanish-language publications designed to help encourage homeownership;
 -- Develop training programs to help NCLR affiliates expand their local housing development capacity;
 -- NCLR serving on Fannie Mae's Housing Impact Advisory Council, which will advise the company on products and services designed to meet special housing needs.
 The National Council of La Raza is the nation's principal Hispanic organization, serving more than 2 million Hispanics annually through its network of community-based organizations in 37 states, Puerto Rico, and the District of Columbia.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company, and the nation's largest investor in home mortgages.
 -0- 7/21/92
 /CONTACT: Lisa Navarrete of the National Council of La Raza, 310-410-4000 or, after July 25, 202-289-1380; or Tom Marder of Fannie Mae, 202-752-7608/
 (FNM) CO: Federal National Mortgage Association; National Council of
 La Raza ST: California, District of Columbia IN: FIN SU: PDT


MH -- DC022 -- 1365 07/21/92 12:57 EDT
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Date:Jul 21, 1992
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