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Prudential Mortgage Earns Freddie Mac License to Offer Targeted Affordable Housing Loans.

Targeted Affordable Designation Expands Prudential's Products

NEWARK, N.J. -- Prudential Mortgage Capital Company today announced that Freddie Mac has given the company approval to originate targeted affordable multifamily loans nationally on its behalf. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The new license, granted to the Prudential Affordable Mortgage Company, rounds out the company's agency platform, which already includes capacity to sell and service loans for Fannie Mae and FHA. Prudential gained the Fannie Mae and FHA capabilities through the acquisition of the WMF Group in 2000.

"We're thrilled to obtain the ability to offer our borrowers one more tool to finance their projects," said David Twardock, president of Prudential Mortgage Capital Company. "We're also delighted that Freddie Mac has demonstrated confidence in the strength of our company and the depth of our affordable team."

Prudential is among a handful of lenders approved to sell and service targeted affordable housing loans nationwide. In addition to becoming a targeted affordable lender, Prudential has been delegated approval to underwrite and close qualifying transactions under Freddie Mac's Delegated Underwriting initiative.

Paige Warren, principal and head of Prudential's affordable housing activities, said, "We believe Freddie Mac's targeted affordable products are very competitive in the market and are very excited to be one of a handful of lenders that can offer them on a delegated basis to the affordable borrowing community."

In 2005, Prudential closed more than $500 million in affordable loans through its agency and proprietary affordable debt products. Prudential has an appetite to originate more than $700 million in affordable debt across all of its programs in 2006.

"We look forward to working with Prudential, who will be our most recent partner in our Delegated Underwriting initiative. Working with Prudential in this fashion will help Freddie Mac expand the availability of affordable housing. We remain committed to our mission of serving the low- and moderate-income market and see this as a means of doing just that," said Mike McRoberts, Freddie Mac's vice president of Multifamily Sourcing.

Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS[TM] financing and FHA-insured programs, the capital markets, Prudential's general account, and other institutional investors. The company, with $49.4 billion in assets under management and administration as of June 30, 2006, offers fixed and floating rate loans; mezzanine, structured financing and interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital.

Prudential Financial companies, with approximately $568 billion in total assets under management as of June 30, 2006, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, relocation services and, through a joint venture, retail securities brokerage services. For more information, visit www.prudential.com.
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Publication:Business Wire
Date:Oct 24, 2006
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