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CHURCHES CREATE CROSS-DENOMINATIONAL ALLIANCE WITH FREDDIE MAC, MORTGAGE LENDERS, CITY OF OAKLAND TO INCREASE HOMEOWNERSHIP
Rep. Lee and Mayor Applaud Initiative
Oakland, CA – Congresswoman Barbara Lee (D-Oakland) and Oakland Mayor Jerry Brown joined officials from Freddie Mac (NYSE: FRE), the City of Oakland, River of Life Christian Fellowship, East Bay Church of Religious Sciences and Community Christian Church for Christ to announce a comprehensive faith-based homeownership alliance. The three African-American churches, representing 3,500 congregants, will work together to prepare and educate more families for homeownership through free counseling and access to low downpayment mortgages.
The East Bay Faith-Based Homeownership Alliance has created a one-stop homeownership assistance program that features a workshop on managing your finances, understanding credit, getting a mortgage loan and shopping for a home; trained counselors who offer pre-and post-purchase comprehensive homebuyer counseling; and mortgage lenders Chase Home Finance and Wells Fargo Home Mortgage that will offer a wide range of low downpayment mortgages. In addition, Freddie Mac will purchase eligible mortgages from lenders.
The goal is to enable more families to overcome many of the key barriers to homeownership such as impaired credit and inadequate resources for downpayment and lack of information about the homebuying process. The homeownership rate within the San Francisco-Oakland area minority community is 48 percent, compared to 63 percent for non-minorities.
According to Freddie Mac research, significant numbers of African Americans and Latinos lack accurate, reliable information about the homebuying process. Freddie Mac, lenders and other organizations have recognized and understand the need for prospective homebuyers to work with trusted emissaries – the faith community – to help them learn about the benefits of homeownership.
"I congratulate Freddie Mac for its efforts in working with recognized leaders in Oakland’s faith-based community to expand homeownership opportunities for more hard-working minority families," said Rep. Lee. "I am confident that this innovative homeownership assistance program will increase opportunities to many more low- to moderate-income minority families in the East Bay Faith-Based communities. As trusted advisors, leaders in the church can help individuals overcome barriers that prevent them from achieving the American dream of homeownership"
"The cornerstone of this unique initiative is the network of churches who are working in concert to address the barriers faced by minority homebuyers," said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. "The role of church leaders in the community gives them a unique ability to reach people who may be facing obstacles to buying a home. Freddie Mac is delighted to be working with Chase Home Finance, Wells Fargo and the faith community in our efforts to expand homeownership opportunities in minority communities."
The Alliance is spreading the word about homeownership in their member churches and in the community through its website – www.ebfbha.org, ads in movie theaters, radio and TV public service announcements, community flyers and events throughout Alameda, Contra Costa and Solano counties. The Alliance is also working with the City of Oakland for a homeownership T-Shirt drawing contest with local schools. The winning students will receive prizes and be recognized at City of Oakland’s Homeownership Fair during National Homeownership Month in June.
Today’s launch builds on Freddie Mac’s efforts to expand affordable homeownership in the Oakland and East Bay area. Over the last five years, Freddie Mac has invested more than $36 billion in mortgages in the Oakland area, making home ownership possible for more than 184,000 families.
For more information about how to participate in the East Bay Faith-Based Homeownership Alliance or to attend a homebuyer workshop, call 510-247-2448 or visit the website at www.ebfbha.org.
Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and two million renters in America.
Quotes from East Bay Faith Based Participants
Reverend Elouise Oliver, East Bay Church of Religious Sciences
"Basically African American people trust the church. Important information was disseminated from the church, so having the home ownership program at the church has encouraged people to put forth the effort to do something which they never dreamed possible. Specifically owning their own home."
Dr. Cindy and Pastor Chris Christovale, Life Development Corp.
"The homebuyer program was made possible through the support of Freddie Mac and our partnership with Chase Home Finance and Wells Fargo Home Mortgage. We are providing safe, affordable and attractive housing options for moderate to low-income families located in Oakland and surrounding communities by providing education on how to buy a home, credit counseling and referral services. Thereby stimulating the local economy and making dramatic and visible improvement in our neighborhoods."
James Wright, Regional Emerging Markets Manager for Wells Fargo Home Mortgage
"Homeownership is about security, comfort and fulfilling the American dream. Wells Fargo is proud to be a partner of this important alliance to increase the number of homeowners in the East Bay. Wells Fargo is supporting this partnership by offering a wide range of low downpayment mortgages."
Jean Dunn, Vice President of Emerging Markets for Chase Home Finance
"This [the East Bay Faith-Based Homeownership Initiative] is exactly the kind of program that makes my work as the Chase Loan Officer so fulfilling and worthwhile. It was very exciting for me to be part of the first loan to close through this initiative. We were able to offer a 23-year old aspiring homeowner a great interest rate, flexible mortgage terms, and downpayment and closing cost assistance. The homeowner was so pleased with the program, that he encouraged his mother to get involved. Today, they both own homes in Oakland! These homeowners are like so many others who thought that they couldn't afford to own homes. But through programs like this, we are able to offer suitable home financing solutions and help families build financial security, family stability, and ultimately strong communities." |
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