NEW INITIATIVE TO HELP FORMER STATE-SUPPORTED FAMILIES IN MICHIGAN BECOME FIRST-TIME HOMEOWNERS

Detroit, MI – Faith Community HomeBuyers Program, in conjunction with National City Bank, Freddie Mac, The State of Michigan, Wayne County and the City of Detroit, announced today the creation of a new initiative "Work First, Homeownership Second" designed to increase homeownership among low- and moderate-income families through outreach, education and expanded access to financing.

This initiative assists families, formerly dependent upon the Michigan Family Independence Agency, in becoming first-time homeowners. Freddie Mac in conjunction with National City Bank has provided the funding for the creation and establishment of the initiative.

Dina Harris, CEO of Faith Community HomeBuyers Program, stated, "I believe this blend of partners has established a unique model for the entire State of Michigan and an outstanding opportunity for many families within Southeast Michigan to establish financial independence."

Five hundred families throughout Wayne County have already been identified to participate in the new initiative. Families will learn how to become independent of welfare and social programs. They are required to register for, attend and complete counseling and financial literacy programs offered through the Faith Community HomeBuyers Program.

"National City is proud to be a part of an effort that will make the dream of home ownership a reality for families in our local neighborhoods throughout Southeast Michigan. Owning a home is investing in your own community and in your future. The equity in a home is often the primary source of wealth for a family, and often is the means for sending children to college, facing emergencies, and planning for retirement," said J. Michael Davis, President and CEO, National City-Michigan.

"This is an innovative approach that can help families reap the rewards of hard work and sound financial planning. With National City’s lending expertise and state and local leadership, we are helping families to achieve a very worthy goal becoming Michigan homeowners," said Craig Nickerson, vice president of Expanding Markets for Freddie Mac.

Freddie Mac plans to buy eligible mortgages by National City to ensure a steady supply of mortgage credit for additional homebuyers. Over the past five years, Freddie Mac has purchased nearly $53 billion worth of mortgages in the Detroit area, financing more than 410,000 homes.

Kyle Bell, a single parent, who recently became a homeowner, completed the State’s WorkFirst training program and joined SBC. The White House recently recognized him for his successful transition from welfare to meaningful employment.

Families seeking additional information may contact Faith Community HomeBuyers Program at 1-313-963-5300 or at 1-800-267-6559. The main office is located at 1239 Washington Boulevard in Detroit. Office hours are Mondays through Thursday from 9:30 AM to 5 PM and Fridays from 9 AM to 2 PM.

Faith Community HomeBuyers Program provides individuals and families with the resources, knowledge and financial assistance to become homeowners. It has educated over 6,000 families through workshops and individual counseling since June 2002.

National City Corporation (NYSE:NCC), headquartered in Cleveland, Ohio, is one of the nation’s largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercials and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company’s Web site at NationalCity.com.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and two million renters in America.

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