Freddie Mac reaches out to minority homebuyers with "Catch the Dream" initiatives

<p>MCLEAN, Va. – Freddie Mac announced a range of initiatives aimed at helping minority families overcome a variety of obstacles blocking homeownership to them. The initiatives include a combination of aggressive outreach programs, borrower education efforts and innovative affordable mortgage products. Freddie Mac’s initiative is in response to President Bush’s challenge to the country’s housing industry to invest more than $1 trillion expanding homeownership opportunities for minorities. The President said he wants to add 5.5 million minority families to the ranks of homeowners. Specifically, Freddie Mac is undertaking 25 initiatives it collectively is calling “Catch the Dream.” They’re intended to help millions of minority families achieve affordable homeowners. They include: providing information to help consumers understand that homeownership is within their reach; expanding the availability of affordable for-sale housing; equipping the mortgage finance industry with the tools to meet the financing needs of the next generation of homebuyers; providing more affordable home financing opportunities; and helping homeowners build and protect their home equity. Freddie Mac estimates that as many as 60% of the new homebuyers in the U.S. during this decade will be minority families.</p>