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Freddie Mac Helps Foreclosure Prevention Efforts Continue In N.Y. Neighborhoods $100,000 Grant to Non-Profit Network

McLean, VA – Freddie Mac (NYSE: FRE) has given $100,000 to the Center for New York City Neighborhoods (CNYCN) to use for its foreclosure prevention efforts. CNYCN coordinates these citywide efforts through a network of 30 nonprofit community-based partner organizations that provide legal services, housing counseling, outreach and education to individuals at risk of foreclosure.

CNYCN and its partner organizations are working at peak capacity, and are deluged with calls from individuals seeking help,” said Dwight Robinson, SVP or Corporate Relations and Housing Outreach for Freddie Mac. “Our efforts will help them continue their outreach and education efforts. Keeping people in their homes is critical to help stabilize neighborhoods and the broader economy.”

“CNYCN and its network relies on the leadership and support of financial institution partners such as Freddie Mac to accomplish its mission,” said Michael Hickey, Executive Director of CNYCN. “Freddie Mac is not just a funder: they are an ally in our efforts to provide better solutions to homeowners affected by the foreclosure crisis.”

CNYCN was created in 2007 by Mayor Bloomberg and Speaker Quinn to address the local repercussions of the national subprime lending and foreclosure crisis. Since it began operations in July 2008, CNYCN has reached more than 5,700 homeowners with individual in-person housing counseling and legal services. New York residents seeking assistance can be connected to the CNYCN call center by calling 311 and simply saying “foreclosure.” They will then be directed to free, reputable service providers in their communities.

In addition to supporting community organizations in their outreach and education efforts to consumers, Freddie Mac’s multi-pronged foreclosure prevention efforts include:

• Helping borrowers take advantage of President Obama’s Making Home Affordable program
• Placing program experts at servicers across the country
• Working one-on-one with borrowers at hundreds of local events organized by the Treasury Department and other organizations.
• Hiring Home Retention Services, a subsidiary of Stewart Lender Services, Inc., to ease backlogs at several servicers by processing applications from eligible delinquent borrowers with Freddie Mac mortgages
• Hiring Titanium Solutions, Inc. to meet with delinquent borrowers at their homes and help them supply missing information, documents and complete other actions needed to begin their three-month trial payment periods for Home Affordable Modifications under President Obama’s Making Home Affordable program.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

The Center for New York City Neighborhoods (CNYCN) is a nonprofit organization whose mission is to provide free housing counseling and legal services to New York City residents at risk of losing their homes to foreclosure. CNYCN is funded by grants from the New York City Council and the NYC Department of Housing Preservation & Development as well as from foundations, corporations, lenders, and banks. CNYCN partners with over 30 nonprofit, community-based organizations. For more information, visit www.cnycn.org

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