Real Estate Central

BRIDGEPORT, Conn., May 15 /PRNewswire/ — The Bridgeport Public School
District joins with Freddie Mac (NYSE: FRE), Chase and the Urban League of
Southern Connecticut to announce an innovative homeownership initiative
designed to help the 27,500 district-wide employees of Bridgeport Public
Schools become residents in the communities they serve, shorten their
commutes, increase their financial savvy through homebuyer education
workshops, and help with recruiting efforts.

The initiative is designed to help employees overcome challenges when
seeking homeownership and obtaining affordable housing. Many tools are
available through Workforce Home Benefit, Freddie Mac’s signature
employer-assisted housing resource. Workforce Home Benefit initiatives
connect employers with local groups to provide their employees with a
variety of home buying resources, including flexible mortgages, local down
payment and closing cost resources, and homebuyer education classes. For
the Bridgeport Public Schools initiative, the Urban League will hold a
series of housing fairs and Freddie Mac Get the Facts! workshops at several
schools throughout the year.

“This partnership is truly a win-win for the Bridgeport community as
well as our school system. Making the dream of homeownership a reality for
our employees by offering special incentives and educational workshops will
rebuild our communities, strengthen our schools and help us to collectively
take a proactive approach to addressing the housing issue,” commented Dr.
John J. Ramos, Superintendent of Bridgeport Public Schools.

“We look forward to helping Bridgeport school employees learn more
about what it takes to get a mortgage and what it takes to own a home,”
said Michael Dubois, Chase’s national manager for the Emerging Markets and
Affordable Lending group. “Our mortgages, including first-time homebuyer
loans, help consumers achieve and sustain homeownership.”

Craig Nickerson, vice president of Expanding Markets for Freddie Mac,
added, “Employer participation in Workforce Home Benefit initiatives is one
solution that addresses the growing problem of long commutes while at the
same time provides employees with information on how to better manage their
finances and understand the responsibilities of homeownership. We are
pleased to be part of this effort with Chase and Bridgeport Public Schools
to help more individuals become homeowners and to add important momentum to
the rebuilding and strengthening of neighborhoods throughout Bridgeport.”

The Get the Facts! workshops, offered to employees by the Urban League
of Southern Connecticut, will provide a complete spectrum of homeownership
information, including an overview of homeownership responsibilities, tips
about selecting real estate professionals, improving one’s credit position,
obtaining mortgage financing, budgeting, saving for down payment and how to
access local down payment assistance programs. Representatives from Chase
will participate in the workshops and explain how to qualify for a
mortgage. Freddie Mac will then buy eligible loans from Chase. In addition,
the Urban League can provide employees with additional help to improve
their credit and assist in foreclosure prevention if they need it.

“The Urban League of Southern Connecticut is excited to be working with
Freddie Mac, Chase and the Bridgeport Public Schools to provide the
necessary tools to empower communities and change lives,” said Valarie
Shultz-Wilson, president & CEO of the Urban League of Southern Connecticut.
“We firmly believe that collaborations such as this further the Urban
League’s ability to provide pre- and post-purchase education and
counseling, having served over 800 first-time homeowners in Connecticut
with a zero foreclosure rate.”

Freddie Mac is a stockholder-owned corporation established by Congress
in 1970 to support homeownership and rental housing. Freddie Mac purchases
single-family and multifamily 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 more than 50 million times, ensuring
financing for one in six homebuyers and more than four million renters. For
additional information about Freddie Mac, visit: http://www.FreddieMac.com.



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Source: Real Estate Newswire