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		Home Page Mortgage News You Can Use Mortgage Lenders Vow to Back Minorities By DERRILL HOLLY Associated Press Writer WASHINGTON (AP)--The nation's largest mortgage lender pledged Tuesday to help 55 percent of all minorities become homeowners over the next ten years, up from the current level of 49 percent. Officials at Fannie Mae unveiled a plan to help 6 million first-time home buyers--including 1.8 million minority families _ buy homes by 2014. To be successful, the company will have to provide financing for more than 250,000 additional first-time buyers each year. ``Underserved families are the core of our business,'' said Fannie Mae Chairman Franklin D. Raines. The company made over $240 billion dollars in loans to minority families in 2003. The loans were part of an industrywide record total of $1.3 trillion in funded mortgages. Over the next 10 years, Fannie Mae will work with mortgage bankers to privately raise $2 trillion to help 18 million minority and underserved first-time buyers. Although much of the money will be used to fund loans, some will be used to automate portions of the mortgage application process, reducing applicants' costs by as much as $500. The program also commits Fannie Mae to financing 20,000 homes for physically disabled buyers over 10 years and funding more loans for manufactured housing, including mobile homes. ``One in three homes in Texas is manufactured housing,'' said Rep. Ruben Hinejosa, D-Texas. President Bush has set a goal of 55 percent minority homeownership, up from the current 49 percent. In June 2002, Bush unveiled his ``Blueprint for the American Dream'' initiative, aimed at closing the ownership gap between minorities and whites. About 68 percent of Americans own their homes, but the Census Bureau reports that ownership among blacks and Hispanics is about 48 percent. Nearly 54 percent of Asian-Americans own their homes, compared to 75 percent of whites. ``Franklin Delano Roosevelt's goal of homeownership for everybody has virtually been realized,'' said Del. Eleanor Holmes Norton, the District of Columbia's nonvoting representative to Congress. Norton said other ways to close the gap are increasing the pool of affordable housing and helping customers victimized by predatory lending practices. The lenders also have agreed to strengthen counseling and education programs geared toward minority and underserved buyers. That could help renters who avoid applying for loans due to financial problems. ``A lot of people who've had bad credit in the past don't know they've got good credit now,'' said Rep. Elijah Cummings, D-Md.   Back to Original Article: Mortgage News You Can Use   Continue with: 'Inflation unlikely to decline any further' Fed Expected to Keep Rates at 45-Year Low New home loan demand falls 10% New Home Sales in U.S. Decline 5.1 Percent to 1.06 Million Annual Rate Mortgage Requests Down, Rates Up Treasuries Bank on Fed Keeping Low Rates Stocks Up on Earnings, Fed Decision Eyed Dollar Up, Profit-Taking Hits Euro Durable Goods Orders Weaker Than Expected Auto loan rates marked up Hot stocks ignite consumer confidence Car debt getting out of hand Deficit forecast collides with Bush's plans Treasuries Recoup Losses on Soft Data Are debt-consolidation loans a good idea?
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