Flagstar Bank and Fannie Mae have announced a five-year $100 billion affordable housing initiative that will benefit underserved and multicultural borrowers nationwide.Announced in Pontiac, Mich., the alliance is part of Fannie's "American Dream Commitment" for Michigan, a seven-year, $50 billion investment aimed at helping finance affordable housing for 500,000 families across the state, as well as part of Fannie's nationwide commitment to tackle the toughest housing problems in America, including efforts to raise the national minority homeownership rate to 55% by 2010. Flagstar will offer mortgage loans for single-family homes, including two- to four-unit properties. Besides agreeing to purchase these loans, Fannie said it will assist Flagstar to identify business partners, develop outreach efforts, and provide various emerging-market products. Flagstar, based in Troy, Mich., can be found online at http://www.flagstar.com, and Fannie Mae can be found at http://www.fanniemae.com.
