Freddie Plans to Unveil New AH Products

Freddie Mac is planning to roll out a new suite of affordable housing products, called "Home Possible," in the first quarter."This is no small pilot program," Freddie Mac chairman and chief executive Richard Syron said. "Home Possible will mean 'home sweet home' for hundreds of thousands of families." The secondary-market agency is lowering its credit score requirements so that more families will be eligible for its lowest-downpayment products, Mr. Syron told a conference on work force housing needs sponsored by the National Association of Home Builders and Freddie Mac. Company officials would not reveal the minimum acceptable credit score. The CEO also noted that Freddie is expanding its multifamily program by experimenting with delegated underwriting and focusing on small multifamily loans. In addition, Freddie is working with the NAHB and the AFL-CIO Investment Trust to increase the supply of affordable rental housing for working families. "Together, we're going into a dozen high-cost areas and creating 10,000 new apartments," Mr. Syron said.