ASO Airshares EU Carbon

Freddie Mac, Birmingham Urban League and AmSouth Launch Campaign to Help More Minorities Realize They May Qualify to Buy a Home Rep. Davis Encourages Individuals to Learn About Homeownership BIRMINGHAM, Ala., July 22 /PRNewswire/ -- In an effort to enable more African Americans and Latinos to take the important steps toward homeownership, Freddie Mac (NYSE:FRE), the Birmingham Urban League and AmSouth (NYSE:ASO) today announced a new awareness and outreach campaign in Birmingham called "Homeownership: Let the TRUTH Move You." The campaign debunks common misconceptions about homeownership that are stopping many minority families from even considering buying a home. Research conducted by Freddie Mac suggests that reliable, accurate information about homebuying may not be reaching minority communities. The research uncovered several common misconceptions about homebuying among African Americans and Latinos. For example, about half of African Americans and Latinos believe that they need a 20 percent downpayment to buy a home, and that they need almost perfect credit to get a loan. In addition, more than half of African Americans and Latinos believe that they must have the same job for at least three years to get a loan. According to the U.S. Census Bureau, homeownership rates for African American and Latino households are 25 percent lower than the rates for non- minority households. In Birmingham, the homeownership rate is 40 percent for Latinos, 54 percent for African Americans and 78 percent for non-minorities. "Homeownership is the cornerstone of belonging to a community," said Congressman Artur Davis (D-AL). "Any barriers that exist, for persons of any color, which deny or diminish the opportunity to share in this most basic and common goal must be remedied. I am pleased with the efforts of Freddie Mac, the Birmingham Urban League and AmSouth Bank to educate minorities on the fact that homeownership is not merely a dream for them, but truly can be a reality." "We believe that lack of access to accurate information is a barrier to homeownership," said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. "We can't allow misinformation to be a barrier to the families who may want to buy a home. We and our co-participants are determined to improve our delivery of homeownership information to individuals who want and need accurate information about homebuying." The campaign, designed to address the misconceptions identified through Freddie Mac research, will provide straightforward and up-to-date information about all aspects of homeownership, including costs associated with homebuying and credit history requirements through a series of one-hour educational sessions in English and Spanish. The Birmingham Urban League will conduct the educational sessions at its office, located at 1229 Third Avenue North in Birmingham. The next sessions will be held July 26 at 5:30 p.m., July 30 at 10 a.m., Aug. 6 at 9 a.m., Aug. 11 at 5:30 p.m., Aug. 16 at 5:30 p.m. and Aug. 20 at 10 a.m. Individuals are encouraged to call a toll-free number 1-866-7TRUTHS, or 1-877-ATREVE-1 in Spanish to register for the free sessions. "The strength of this campaign is that it is a continuation of efforts by many organizations working together in the community to address the barriers faced by minority homebuyers," said Nickerson. "Freddie Mac is honored to be working with grassroots organizations that really understand how to reach people who may be facing obstacles to buying a home. Like us, our co- participants in this campaign -- the Birmingham Urban League and AmSouth -- are committed to accelerating the growth of minority homeownership." "It's critically important for us to get the right information about homebuying into our communities," said Elaine S. Jackson, president & CEO of the Urban League. "Buying a home can be intimidating and knowing what information to trust can be challenging. We are glad to be a source of reliable, accurate facts about homeownership." "There is a lot of misinformation about homebuying out there and that leaves people vulnerable to being taken advantage of," said Sarita Jackson- Womack, Director of Housing Services for the League. "Today there are many more homeownership opportunities and flexibility in home buying than ever before. It is our job to better inform people, for example, to let them know that a 20 percent downpayment is no longer an industry standard." "Buying a home is the most significant financial decision that most people make and getting to that point takes time, patience and effort," said Doug Jackson, Senior Vice President and AmSouth's Director of Community Affairs. "What prospective minority buyers need to know are the facts about buying a home and that lenders, like AmSouth, are ready to help them achieve their goal." The Birmingham Urban League is a 501(c)(3) community-based, nonprofit, social service and civil rights organization. The League is an affiliate of the National Urban League and a United Way of Central Alabama Partner. The mission of the Birmingham Urban League is to assist all racial and ethnic groups, particularly African Americans and the urban poor, in achieving social and economic equality. The League advances its mission through the delivery of program services, research, advocacy and promoting racial inclusion. Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing 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 for one in six homebuyers and two million renters in America. For more information about Freddie Mac, visit http://www.freddiemac.com/. AmSouth is a regional bank holding company with over $50 billion in assets, more than 685 branch banking offices and more than 1,200 ATMs. AmSouth operates in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia. AmSouth is a leader among regional banks in the Southeast in several key business segments, including consumer and commercial banking, small business banking, mortgage lending, equipment leasing, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site, http://www.amsouth.com/. Homeownership. Let the TRUTH Move You MYTH FACTS Need almost perfect credit * You don't need a perfect credit record. rating to qualify for a Even with past credit problems, you may mortgage still be able to buy a home. And, you can fix and improve your credit record. A downpayment of as much as * You may be able to buy a home with a 20 percent is required to downpayment of 3 percent or less. buy a home Today, the downpayment needed to buy a home is much lower that it once was. However, closing costs, property taxes and moving expenses are part of the cost of buying a home. Lenders share personal * Banks and other financial institutions financial information with protect your personal financial each other and the information -- it's the law. government People who do not have a * Having a savings and checking account checking or savings account is a good idea. But you can buy a cannot buy a home home without having a bank account. You must have the same job * Steady income is more important than for at least three years to how long you've been on the job. qualify for a mortgage * Income from second and third jobs can also be used when trying to get a mortgage loan. Source: Freddie Mac DATASOURCE: Freddie Mac CONTACT: Patti Boerger of Freddie Mac, +1-703-903-2445; or Sarita Jackson Womack of the Urban League, +1-205-326-0162 Web site: http://www.freddiemac.com/ http://www.amsouth.com/

Copyright