Freddie Joins Albuquerque AH Coalition

Freddie Mac has joined a statewide coalition of lenders and housing organizations from Albuquerque, N.M., in launching a $100 million Homes for the Holidays campaign designed to help about 600 local residents become homeowners by Christmas 2004.The campaign, consisting of three separate initiatives, is part of the Bush administration's national effort to add 5.5 million minority homeowners by the end of 2010. "The New Mexico Lease Purchase" $27 million initiative will be operated in cooperation with Region III Housing Authority, PMI Insurance Co., and First State Bank to assist minorities and borrowers who are credit-challenged or lack credit history in leasing a property before they become homeowners. Two other products for borrowers who lack financial education, downpayment savings, or do not have good credit will be rolled out in Santa Fe and Albuquerque. Freddie Mac can be found online at http://www.freddiemac.com.