Freddie et al. Expand NO Homeowner Initiative

Freddie Mac has announced the expansion of a joint initiative with several financial institutions and a New Orleans foundation to help members of the New Orleans Police, Fire and Emergency Medical Services become homeowners.The participating institutions are Chase, Standard Mortgage Corp., Wells Fargo Home Mortgage, and the New Orleans Police and Justice Foundation. The foundation's mortgage subsidy program offers subsidies of up to $8,000 to be used for downpayment and closing costs. It has already helped 245 families become New Orleans homeowners, Freddie Mac said. The expansion of the program will make homeownership available to another 500 families, which includes 200 first responders who served during Hurricane Katrina now on the foundation's waiting list. Freddie Mac, Chase, Standard Mortgage, and Wells Fargo are adding access to flexible mortgage products such as Freddie's HomePossible affordable housing options. Freddie Mac can be found online at http://www.freddiemac.com.