FREDDIE MAC, CASL, AREAA, CHICAGO URBAN LEAGUE TEAM UP TO HELP CHINESE AMERICANS BECOME HOMEOWNERS

Rep. Davis Supports Homeownership Efforts

Chicago – A ceremony today in Chicago's Chinatown officially kicked-off a homeownership initiative and celebrated the one-year anniversary of the opening of the Chinese American Service League's (CASL) Housing Center. Ellee Pai Hong, an anchor/reporter for NBC 5 in Chicago hosted the ceremonies.

Organizations collaborating to help the Chinese American community in Chicago to become homeowners are Freddie Mac (NYSE: FRE), the Asian Real Estate Association of America (AREAA), lenders Washington Mutual and Charter One Bank; mortgage insurer PMI; and community organizations CASL and the Chicago Urban League.

This homeownership initiative, which began last year, addresses language and cultural barriers, lack of knowledge about the homebuying process and other challenges faced by Asian Americans. These barriers are keeping many Asian Americans from pursuing their dream of homeownership. The initiative covers most aspects of the homebuying process from homeownership education and counseling, working with real estate professionals who are familiar with Chicago's Chinese American community and lenders who have bilingual staff.

“Homeownership is a part of the American Dream and is an essential part of wealth attainment,” said Congressman Danny Davis. “Freddie Mac does the American economy a great service when it assists people to become homeowners because it helps to strengthen the American economy.”

Opened in July 2005, the CASL Housing Center offers seminars, workshops and individual counseling on financial literacy and housing. The Center has a bilingual collection of information on a variety of housing and financial literacy topics in both English and Chinese. The Center has held 10 workshops and assisted approximately 280 clients in its first year. In addition, the Chicago Urban League also offers homeownership education classes and a CASL representative provides the Chinese translation.

Raymond Cheang is one of several individuals who have become homeowners through this collaborative community effort. “The seminars were very informative. They helped me make the right decision,” said Cheang, one of CASL's clients who recently bought a home in Chicago.

This week AREAA has trained real estate professionals in Illinois about the unique needs of the Asian American homebuyer. AREAA members are helping prospective homebuyers locate properties and are working with the local nonprofits and lenders to become more familiar with the products and services each offers to improve service in these communities.

“AREAA is honored to stand side by side with Freddie Mac, WaMu and other local participants to ensure that more Chinese Americans achieve the dream of homeownership in the Chicago area,” said Allen M. Okamoto, AREAA chairman.“ While the Asian American community has seen significant growth in homeownership since 2000, it continues to lag significantly behind the general population. There are many challenges to homeownership here in the Chicago area such as high cost of housing; however, for the Chinese American immigrant community, that challenge is even more daunting. The language and cultural barriers, lack of credit history, lack of understanding about the homebuying process and other factors all contribute to a lower level of homeownership within this community. Through this innovative collaboration, we will work to turn more dreams into homeownership realities.”

“The CASL Housing Center continues to be an initiative that serves vital needs in our ever-growing Chinese community,” said Esther Wong, executive director of CASL. “We thank Freddie Mac, Charter One Bank and all of our housing initiative participants for their collaboration with CASL. And, we welcome the national leadership of AREAA to Chicago during their visit here this week. We look forward to growing our relationship with AREAA, as we all work together to increase the number of new homeowners in the Asian community in Chicago.”

James W. Compton, president and CEO of the Chicago Urban League, added, “On behalf of the Chicago Urban League and the Chicago Urban League Development Corporation, I am pleased to be able to work with CASL, Washington Mutual Bank, Charter One Bank and Freddie Mac to offer Chinese Americans the opportunity to purchase affordable housing in a market that has become increasingly unaffordable. I would also like to mention that we have had an especially close working relationship with Esther Wong and Bernie Wong of CASL.”

Craig Nickerson, vice president of Expanding Markets for Freddie Mac, said, “Freddie Mac is trying to bust the barriers to homeownership. By working closely with trusted advisors in the community, we are all helping more families get on the path to owning a home. Initiatives like this one help mortgage and real estate professionals to better understand and reach the Asian American community.”

WAMU and Charter One Bank's bilingual loan officers have answered questions and provided mortgage information, including the features of their flexible, affordable mortgage products, and products with low downpayment features. As one of the nation's largest investors in residential mortgages, Freddie Mac will purchase eligible mortgage loans from WAMU and Charter One Bank.

“Washington Mutual is proud to be here today to welcome the Asian Real Estate Association of America to Chicago,” said Washington Mutual community development manager, Melissa Borino. “Through our partnership with the AREAA-affiliated Chinese American Service League, we're excited to provide homebuyer and financial education to the Asian community here in Chicago to improve and enhance the homeownership experience.”

“Charter One Bank is pleased to continue our support to the Chinese American community of Chinatown by providing mortgage lending services and bilingual loan originators to increase homeownership opportunities through our two local branch offices located right in Chinatown,” said Allen Rodriguez, senior vice president of Charter One Bank.

David Katkov, president and chief operating officer of PMI Mortgage Insurance Co., added, “PMI is proud to be working with AREAA, Freddie Mac, WAMU and the Chinese American Service League on this important initiative to close the homeownership gap facing the Asian Pacific American community. The number of homeowners among Asian Pacific Americans is increasing, but is still lower than the average national rate. Mortgage insurance is often the easiest, safest and most inexpensive way for the average consumer to buy a home with less than the traditional 20 percent downpayment. We believe the collaboration on this initiative will help inform borrowers and minimize barriers to homeownership for this community.”

According to the U.S. Census Bureau, Asians are the second fastest growing ethnic population in the U.S. and number 13.5 million, or approximately five percent of the total U.S. population.

For more information about the CASL Housing Center and upcoming seminars, please call 312-791-0418.

About Freddie Mac

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 more than four million renters in America.

About the Chinese Service League

Now in its 28th year of service, the Chinese American Service League, Inc. (CASL), a 501(c)(3), continues to be the Midwest's largest and most comprehensive social service agency of its type. Housed in the architecturally award-winning Kam L. Liu Building, it now has nearly 300 dedicated bilingual and bicultural staff and 300 volunteers, who annually serve more than 16,000 clients. Its $7.8 million budget funds programs that range from counseling, job training and childcare to health, financial education and senior services. CASL helps families and individuals attain self-sufficiency through services that strengthen their physical, economic and mental well-being. CASL is a United Way partner social service agency located in the heart of Chicago's Chinatown. (2141 South Tan Court, corner Princeton Avenue)

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