November 26, 2004 08:50 PM
Expanding The American Dream Commitment
Excerpt: The American Dream Commitment® 2003 Report (PDF) underscores Fannie Mae's commitment to working with our partners to tackle the nation's toughest housing problems. This includes pledging to increase minority homeownership rates, expanding access to homeownership for millions of first-time home buyers, streamlining the mortgage process with groundbreaking technology, creating housing opportunities for underserved communities, collaborating with the housing industry to revitalize neighborhoods in cities across the country, and much more. News Source
The American Dream Commitment® 2003 Report (PDF) underscores Fannie Mae's commitment to working with our partners to tackle the nation's toughest housing problems. This includes pledging to increase minority homeownership rates, expanding access to homeownership for millions of first-time home buyers, streamlining the mortgage process with groundbreaking technology, creating housing opportunities for underserved communities, collaborating with the housing industry to revitalize neighborhoods in cities across the country, and much more.
Delivering the American Dream: 1994-2004
Over the last 10 years, Fannie Mae has worked with the mortgage and housing industries to:
- use technology to lower costs;
- streamline and establish flexibilities in the underwriting process;
-create innovative products that serve a broad range of consumers;
-implement guidelines for consumer mortgage rights;
-fight housing discrimination;
-provide funding and support for the development of quality affordable rental housing; and
- help build American communities.
This commitment has resulted in Americans enjoying dramatic housing benefits, ranging from an increase in the availability of low down payment mortgages to a more efficient mortgage underwriting process. The numbers in the report speak for themselves:
- Low and moderate-income families and individuals served from 1994 to 1999 -- over 6.6 million -- climbed to over 11.1 million during the window of 2000 to 2003 -- a 69 percent increase.
- During these same two time periods, the number of minority families served increased 97 percent -- over 1.8 million (1994-1999) to over 3.6 million (2000 - 2003).
- Low-Income Housing Tax Credit commitments increased 175 percent -- $2.2 billion from 1994 to 1999 and over $6.0 billion from 2000 to 2003.
Expanding the American Dream Commitment: 2004
We won't be slowing down either. The report also details Fannie Mae's pledge to expand its American Dream Commitment over the next decade. This includes providing access to homeownership for 6 million first-time home buyers, increasing the minority homeownership rate to at least 55 percent, growing the number of responsible lending initiatives from 25 to 50, and contributing to the revitalization of 1,000 communities across the country.
In launching the expanded American Dream Commitment in January of 2004, Chairman and CEO Frank Raines reiterated a phrase from Fannie Mae's mission statement: Having a safe place to call home strengthens families, communities, and our nation as a whole.
"Today, Fannie Mae and the terrific partners who are here to stand up to these challenges with us, are setting the bar higher, and putting out goals that many will say cannot be met," he said. "I say: Our country will be stronger for the effort."
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