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Fannie Mae Reinstates Counseling for First-Time Homebuyers

ASHINGTON -- Fannie Mae today announced that it will reinstate mandatory homeownership counseling and education for first-time homebuyers obtaining a MyCommunityMortgage(R) loan or a loan that relies on nontraditional credit to qualify.

By Staff Writer | Updated on October 29, 2008

WASHINGTON — Fannie Mae today announced that it will reinstate mandatory homeownership counseling and education for first-time homebuyers obtaining a MyCommunityMortgage(R) loan or a loan that relies on nontraditional credit to qualify.

“High quality counseling provides the first-time homebuyer in particular with reliable information and the resources necessary to make the kind of informed decisions that ultimately lead to sustainable homeownership. In this extraordinary market, we think it is critical to reinstate this requirement and to work with counseling agencies and our lender partners to help homeowners succeed,” Fannie Mae President and CEO Herb Allison said in a written statement.

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