Branch, Banking and Trust Company, Freddie Mac Bring Get the Facts! Homeownership Campaign to Hampton Roads

For Immediate Release

April 29, 2008
Contact: corprel@freddiemac.com
or (703) 903-3933

Companies To Collaborate With Three Homeownership Counseling Agencies

Hampton, VA – Branch Banking & Trust Company (BB&T) and Freddie Mac (NYSE: FRE) announce a new first-time homebuyer campaign in conjunction with three local homebuyer counseling organizations. The new initiative provides a grassroots campaign to demystify the homeownership process for families in the Hampton Roads-Tidewater areas. The Get The Facts! educational initiative involves community outreach, homebuying tips, and free workshops designed to break down barriers of misinformation that keep many individuals from considering homeownership.

York County Office of Housing and Neighborhood Revitalization, The Up Center, and Consumer Credit Counseling Service of Hampton Roads will conduct the Get the Facts! workshops, which were created by Freddie Mac. Through the workshops, participants are provided with straightforward information and advice about all aspects of homeownership, including costs associated with homebuying and credit history requirements. Participants are encouraged to ask questions as workshop facilitators help them separate fact from fiction. By the end of each workshop, it is hoped that participants will feel empowered, with a sense that they might be able to achieve the dream of homeownership.

Representatives from BB&T will participate in the workshops, explain how to qualify for a mortgage and take mortgage loan applications for families who are ready to purchase a home. BB&T will provide flexible mortgage financing for eligible borrowers who have completed the required workshop, and Freddie Mac will then buy eligible loans from BB&T.

"We are excited to be able to offer these tools to homebuyers who will benefit from the assistance we can provide in conjunction with Freddie Mac, The Up Center, York County, and CCCS," said Donna Davis, vice president and regional mortgage loan manager of BB&T.

"The strength of this educational campaign is the many public and private organizations working together in the community to address the barriers faced by homebuyers," said Craig Nickerson, vice president of Freddie Mac. "Freddie Mac is pleased to be working with BB&T and the Coalition to reach people who may be facing obstacles to buying a home."

"Lower home prices in Hampton Roads combined with low interest rates make this an ideal time to purchase a home. By taking advantage of homebuyer education and responsible mortgage products, new borrowers will be better prepared to thrive as successful homeowners and avoid foreclosure," said John Allen, vice president of Housing and Financial Counseling Services of The Up Center, located in Norfolk.

"CCCS of Hampton Roads is looking forward to working with Freddie Mac and BB&T to expand our home buying educational program to the Peninsula and surrounding area," said Monika Parker, director at CCCS of Hampton Roads.

"We look forward to working with our partners to provide "Get the Facts" workshops. This is a valuable resource and timely information for the citizens of York County seeking to purchase their first home," adds Vaughn Poller, manager for the York County Division of Housing and Neighborhood Revitalization.

The schedule of upcoming workshops is:

May 15, 6:00-7:00 pm at CCCS offices, 2021 Cunningham Drive, Suite 400, Hampton. Hosted by CCCS of Hampton Roads
May 22, 6:00-7:30 pm at The Up Center, 222 West Nineteenth Street, Norfolk. Hosted by The Up Center.
May 24, 10 -11:30 am at Tabb Library, 100 Long Green Blvd, Yorktown. Hosted by York County Dept. of Housing and Neighborhood Revitalization

Additional workshops will be held through October. For more information, contact The Up Center at 757.622.7017 ext. 116, CCCS of Hampton Roads at 757-826-2227, or the York County Office of Housing and Neighborhood Revitalization at 757-890-3885.

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-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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