Fannie Opens Oklahoma Partnership Office

Fannie Mae has announced the opening of a statewide affordable housing office in Oklahoma."The first function of the [Oklahoma] Partnership Office will be to work with our housing partners statewide to develop a comprehensive investment plan addressing Oklahomans' specific housing needs, from Tulsa's urban core to the Sooner State's rural communities," said Fannie Mae chairman and CEO James A. Johnson. "We'll come back in three months to announce the investment plan, which will be implemented by our Partnership Office here in Oklahoma City." The office will focus on expanding the availability of affordable mortgage products, introducing low-downpayment loans, investing in multifamily developments, supporting homebuyer education efforts, and educating consumers about specialized Fannie Mae products, the government-sponsored enterprise said. Ron McCord, chairman of Holliday American Mortgage Co. and past president of the Mortgage Bankers Association of America, was named chairman of the Oklahoma Partnership Office's soon-to-be-formed advisory council. Mr. McCord said the council will emphasize "penetrating hard-to-reach markets that currently have limited access to mortgage finance resources and providing our partners with the resources they need to educate families on credit and mortgage issues." Fannie Mae's website address is http://www.fanniemae.com.