Press Release

BI-LINGUAL MILITARY PERSONNEL RECRUITED FOR LATINO HOMEOWNERSHIP PUSH BY U.S. DEFENSE DEPARTMENT, FREDDIE MAC, MORTGAGE BANKERS ASSOCIATION, NATIONAL PUERTO RICAN COALITION. WELCOME HOME Gives Free Professional Training, Pursuit of Mortgage Industry Job Options.

Washington, D.C. - September 15, 2004 - A new effort to expand Latino homeownership opportunities by helping America's bi-lingual military service members enter the mortgage finance industry was announced today by the United States Department of Defense Reserve Forces Policy Board, the Mortgage Bankers Association, National Association of Hispanic Real Estate Professionals, National Puerto Rican Coalition, Univision, and Freddie Mac, one of the nation's largest residential mortgage investors. Also participating in this exciting new initiative are four prominent lenders: Branch Banking & Trust (BB&T), CitiMortgage, LOAN Spart, and U.S. Bank Home Mortgage.

WELCOME HOME provides a tuition free Internet based training program designed by the Mortgage Bankers Association to prepare past and present Spanish-speaking members of the armed forces for post-service careers in all phases of the residential and commercial lending industry. The effort seeks to provide an estimated 1,000 new graduates a year for potential careers in mortgage sales, origination, underwriting, servicing, collections, and commercial and multifamily lending.

"Welcome Home is a shining example of MBA's commitment to increasing minority homeownership in the United States and bringing more diversity into the mortgage banking industry," said Jonathan L. Kempner, MBA's President and CEO. "We are proud of the men and women who have served this country and are pleased to offer them an opportunity to work in this dynamic industry. MBA salutes the Department of Defense and our other partners for their extraordinary efforts in helping more American families realize the dream of homeownership."

"WELCOME HOME is a groundbreaking solution to two important challenges: helping our military's brave men and women pursue rewarding new careers after they retire from active service and helping the mortgage industry bring a new level of opportunity to America's fast-growing Latino community," said Freddie Mac vice president of expanding markets Craig Nickerson. "We are delighted to join forces with the Defense Department and the other members of this terrific new alliance to lay the groundwork that will facilitate homeownership for more Latino families."

A lack of bi-lingual information about homebuying and mortgage finance may be stopping thousands of Latino families from seriously considering homeownership, according to numerous studies. Eighty-four percent of Mexican-American renters have a strong desire to buy homes, according to a recent survey from the Tomas Rivera Policy Institute at the University of Southern California, but 51 percent are uncomfortable with English and 60 percent say it's hard to find an advisor they can trust and understand.

Freddie Mac, the Puerto Rican Telephone Company, Univision, the Hispanic War Veterans, and the National Puerto Rican Coalition are supporting the tuition-free WELCOME HOME program in ways ranging from direct financial support to promotion. Lender participants, including BB&T, CitiMortgage, LOAN Spart, and U.S. Bank Home Mortgage, will meet with eligible students to discuss potential job options.

"This is a program that addresses the needs of a key segment of the community, those who serve in our nation's military and their families who share the commitments of military duty," said National Puerto Rican Coalition president Manuel Mirabal. "We believe this will advance many bilingual service men and women into careers in the banking industry, helping to improve their economic mobility, increasing Hispanic diversity in the banking industry, and fostering improved banking services to Hispanic borrowers."

How WELCOME HOME Works
WELCOME HOME is open to all bilingual (English/Spanish) active duty personnel, Reserve and National Guard personnel, and veterans who have received an honorable discharge. To make the new initiative as accessible as possible to qualified personnel, the Mortgage Bankers Association maintains a special website, http://www.welcomehomegi.com, to provide convenient on-line course delivery 24/7.

After completing the required coursework and receiving a professional certificate, students will be asked to complete an on-line form to identify the type of job they are seeking, as well as geographical preferences. BB&T, CitiMortgage, LOAN Spart, and U.S. Bank Home Mortgage and other interested lenders will receive the students' Personal Information Forms and make contact to discuss potential employment options with the graduates.

The Department of Defense Reserve Forces Policy Board will promote WELCOME HOME to personnel.

For more information about WELCOME HOME, visit http://www.welcomehomegi.com.

Praise for WELCOME HOME
"We are tremendously grateful to the men and women who have invested so much for the cause of defending our freedom. The Welcome Home program that Freddie Mac and the Mortgage Bankers Association have developed is truly ingenious and we are honored to participate in giving back to the men and women who have given so much to our country."
Dan Arrigoni, president of U.S. Bank Home Mortgage

"Our nation owes its heartfelt gratitude and appreciation to the honorable men and women who defend our nation's freedoms, and the freedoms of people around the world. At BB&T, we have a commitment to helping Americans realize their dreams of homeownership, and that commitment extends to our servicemen and women. The Welcome Home program is truly innovative for many reasons. It provides training to military personnel for new lives after their service careers, while also creating a means for Hispanic borrowers to overcome the language and cultural barriers of homeownership. This program offers a rare win-win opportunity for all, and enhances BB&T's ongoing efforts to meet the unique financial needs of the Hispanic population. BB&T is honored to be a partner in this initiative."
Tim Dale, executive vice president and mortgage lending manager of BB&T

"LOAN Spart is committed to increasing homeownership among Latinos. Hiring LOAN officers that can understand and interact with the Latino community in Spanish is vital to our business and our ability to clearly connect with this market. This initiative directly impacts our goals and growth strategy for the coming years."
Ennio Garcia Miera, vice president, New Markets group, LOAN Spart

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has made home possible for one in six homebuyers in America and two million renters.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 400,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership prospects through increased affordability; and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications. Its membership of approximately 2,700 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: http://www.mortgagebankers.org.

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