Fannie Touts Pact With NAHREP

Fannie Mae has announced a three-year agreement under which it will purchase at least 25,000 mortgage loans to first-time homebuyers generated by brokers with the National Association of Hispanic Real Estate Professionals.Fannie Mae said the pact strengthens its partnership with NAHREP and focuses on increasing first-time homeownership in underserved, minority, and immigrant communities. The arrangement is part of Fannie Mae's American Dream Commitment, under which it has pledged to create 6 million first-time homebuyers (including 1.8 million from minority families) by 2014.