FREDDIE MAC AND WELLS FARGO TEAM UP WITH LOCAL AND COMMUNITY ORGANIZATIONS TO INCREASE HOMEOWNERSHIP OPPORTUNITIES FOR LATINO FAMILIES IN NEVADA

Las Vegas, NV – In conjunction with Hispanic Heritage Month, Freddie Mac (NYSE:FRE) joins with Sen. Harry Reid (D-NV), Wells Fargo Home Mortgage, the National Association of Hispanic Real Estate Professionals (NAHREP) – Nevada Chapter, the Greater Las Vegas Association of REALTORS® (GLVAR), the State of Nevada Department of Business & Industry Housing Division and others to announce the launch of the new Nevada Latino Homeownership Initiative.It is a collaborative effort to expand homeownership opportunities for Latino families throughout Nevada.

These industry leaders have teamed up to increase real estate professionals' understanding of how to reach and serve the Latino homebuyer, and to help Latinos learn about homebuyer assistance programs that are offered through city, county and state housing agencies.This new Initiative kicks off tomorrow at a Homeownership Fair being sponsored by one of the Initiative partners - Consumer Credit Counseling Service of Southern Nevada and Utah (CCCS), which is located at 2650 S. Jones Boulevard in Las Vegas.Additional Initiative participants are PMI Mortgage Insurance Co. and East Las Vegas Community Development Corporation.

A major component of the Initiative is a new educational course developed by Freddie Mac and NAHREP called "Tapping New Markets – The Latino Homebuyer." It will be offered through NAHREP and GLVAR to educate real estate professionals on how to better serve the Latino homebuyer. The curriculum has been approved by the Real Estate Division for three units of continuing education credit for REALTORS, and provides strategies for reaching and communicating with the Latino homebuyer as well as information on homeownership assistance programs available in the state.

The homeownership rate of 46 percent for Latinos in Nevada remains significantly below the state non-minority homeownership rate of 70 percent. With several industry leaders collaborating to address key barriers such as language, access to flexible mortgage products and accurate information about homebuying, it is hoped that more Latino families throughout the state will begin to pursue and achieve their dream of homeownership.

Wells Fargo Home Mortgage will make available its most flexible mortgage products. Freddie Mac will buy eligible mortgages from Wells Fargo Home Mortgage. The Nevada Housing Division will offer fixed-rate 30-year below-market interest rate mortgages for low-to-moderate income first-time homebuyers as well as down payment and closing costs assistance.In addition, CCCS and East Las Vegas Development Corp. will provide homeownership counseling, credit reports, and information about state and local subsidies for homebuyers, as well as serve as a clearinghouse of up-to-date information about homeownership programs and services throughout Nevada.

"Efforts to help Latinos realize the American Dream of homeownership are good for Nevada's overall economic and community stability. At 23 percent of Nevada's population, Latinos are not only a key segment of our state, but they are our neighbors, community leaders and friends, whose well being benefits the entire community," said U.S. Senator Harry Reid. (D-NV.)

"Wells Fargo Home Mortgage has numerous programs focused on increasing homeownership among Latinos, and this effort in Nevada allows us to expand our existing outreach to these consumers," said Brad Blackwell, Wells Fargo Home Mortgage national sales manager."We are looking forward to the opportunities this initiative can create for Latino families in helping them to achieve the dream of homeownership."

"Nevada has an exploding Hispanic population and our mission is to help increase homeownership in that segment by empowering the real estate professionals who serve them," said Jason Madiedo, president of NAHRAP Nevada. "We believe that through this Homeownership Initiative we can assist those professionals to better serve the Hispanic consumer and help accomplish our mission."

"The Housing Division is very pleased to be a part of this initiative," said Chas Horsey, administrator, Nevada Housing Division."With the Latino community making up a significant part of Southern Nevada's work force, I believe many of these families can really benefit from our Program."

"Homeownership initiatives such as this one dovetail perfectly with Freddie Mac's mission of helping to make housing available to all potential homebuyers," said Craig Nickerson, Freddie Mac vice president of Expanding Markets."This is an excellent example of how local and national businesses and organizations, working together, can make home possible where it wasn't before."

"PMI is proud to participate in the Nevada Latino Homeownership Initiative, and to work with other industry organizations in facilitating homeownership for the Latino community," said David Katkov, president and chief operating officer of PMI Mortgage Insurance Co."While Latinos represent much of the dramatic growth in homeownership, they continue to face many challenges.Mortgage insurance offers an easy, safe and affordable way for homebuyers to purchase a home with less than the traditional 20 percent downpayment.With our expertise in serving traditionally underserved markets, developing flexible mortgage insurance products, and offering valuable homebuyer education, we're confident that we can help break down barriers and advance homeownership opportunities for Nevada's Latino community."

"Outreach such as this is imperative to inform potential homebuyers of the resources available to assist in reaching their homeownership goals" said Michele Johnson, president & CEO of Consumer Credit Counseling Service, a non-profit United Way agency."Specially designed mortgage products coupled with down-payment assistance grants and Individual Development Account grant match funds make homeownership available for many who may not have acknowledged the potential."

"GLVAR is pleased to be a part of this important initiative," said Linda Rheinberger, GLVAR president."Hispanic home buyers are the fastest growing segment of our housing market.This and similar initiatives are important.We are pleased that we now have a course to help educate REALTORS statewide on how to help Latino families achieve the American dream of owning their own home."

"This is a great opportunity for Las Vegas residents to be educated on just how easy it can be to garner or achieve homeownership," said Margarita Rebollal, executive director of the East Las Vegas Community Development Corporation.

Information on the products and services available through this Initiative and current schedule of upcoming workshops are included on the website at www.nvahrep.org or provided by Executive Director, Leticia Gardea, leticia@nvahrep.org, 702.588.5448.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through 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.

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