Genesis Housing Services Adds More Local Support to August 7 Phoenix Auction for First-Time Homebuyers

“We’re delighted that Genesis Housing Services has joined us in this great initiative.” -- Chris Bowden, Vice President of HomeSteps.

McLean, VA (Vocus) July 27, 2010

Freddie Mac (OTC:FMCC), real estate auction specialist REDC and New Vista announce today that Genesis Housing Services has joined a growing group of local organizations supporting the upcoming August 7 auction of 135 HomeSteps® REO homes at the Phoenix Convention Center.

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. “We’re delighted that Genesis Housing Services has joined us in this great initiative,” said Chris Bowden, Vice President of HomeSteps.

Genesis Housing Services is a local non-profit agency providing assistance to homebuyers in Arizona by offering pre-purchase, post-purchase and foreclosure counseling. Counselors are nationally trained and certified to assist buyers in all aspects of home ownership -- finding a lender, qualifying for a mortgage, choosing a realtor, finding a home and finalizing the purchase. GHS offers pre-purchase homebuyer education classes as well as one-on-one counseling.

Other non-profit organizations supporting the August 7 auction include the Neighborhood Housing Services of Phoenix (NHS), which provides a full range of programs and services that encourage, create and support homeownership in Phoenix communities, and the National Community Stabilization Trust (NCST), a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis.

August 7 Auction Schedules

On August 7 two separate morning and afternoon auction sessions will be held at the Phoenix Convention Center.

•     Morning Session: 9:30 am – 11:00 am for first-time homebuyers who are pre-approved for NSP assistance. Up to 40 homes will be available for sale. Registration begins at 8 a.m.
•     Afternoon Session: 1:30 p.m. – 4:00 pm for first-time homebuyers who are pre-approved for a mortgage by any lender but do not necessarily have NSP funding. Up to 100 homes will be available for sale. Registration for the afternoon session starts at noon.

Almost a third of the homes that will be offered at the August 7 auction are being set-aside for first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP). The NSP provides downpayment and closing cost aid to eligible first-time buyers purchasing foreclosed or abandoned homes in designated areas. NSP funds supporting the August 7 auctions will be provided through the State of Arizona Department of Housing.

Homebuyers at both sessions will also benefit from HomeSteps’ existing SmartBuy® program. Under SmartBuy, HomeSteps will pay up to 3 percent of the buyer’s actual closing costs and offer a two-year HomeProtect© limited home warranty on homes sold as primary residence to eligible buyers when the purchase price is equal to or greater than $25,000. The limited warranty, provided through Cross Country Home Services, covers electrical, plumbing, heating and air conditioning, ductwork, and major appliances. (See homesteps.com and homeprotect.org for details.)

Pre-Auction Open Houses, Borrower Counseling

Freddie Mac’s network of listing brokers will coordinate open houses on July 31 and August 1 so interested buyers can tour the HomeSteps homes before the auction.

New Vista is also scheduling consumer homebuying seminars for interested bidders to better prepare them for homeownership and will work with HomeSteps to ensure the homes are in good condition.

A Consumer Education Seminar has also been scheduled for July 20, 27 and August 3 from 5-6:30 p.m.at Neighborhood Housing Services of Phoenix (NHS) 1405 E. McDowell Road, #100 Phoenix, AZ 85006, (602) 258-1659. The seminar focuses on how homebuyers can buy homes using NSP funds.

For more information about HomeSteps homes visit http://www.HomeSteps.com.

About Freddie Mac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

About New Vista
Established in 2007, New Vista was founded by two multicultural real estate leaders: Gary Acosta and Jim Park. With the largest national network of multicultural real estate brokers, New Vista provides a full service REO marketing and asset management services that supports community stabilization and owner occupancy execution for many of the top mortgage providers in the nation.

About REDC
Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at http://www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at http://www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.

About Neighborhood Housing Services of Phoenix (NHS)
Neighborhood Housing Services of Phoenix (NHS) is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership. For the past 34 years NHS Phoenix has offered counseling, education,
lending and the building and rehab of affordable homes to help hard-working families realize the dream of financially-stable homeownership.

About Genesis Housing Services
Genesis Housing Services is a local non-profit agency providing assistance to homebuyers in Arizona by offering pre-purchase, post-purchase and foreclosure counseling. Counselors are nationally trained and certified to assist buyers in all aspects of home ownership; finding a lender, qualifying for a mortgage, choosing a realtor, finding a home and finalizing the purchase. GHS offers pre-purchase homebuyer education classes as well as one-on-one counseling.

CONTACT:
BRAD GERMAN, FREDDIE MAC (703) 903-2437
MARY MANCERA, NEW VISTA, (760) 634-5007
RICK WEINBERG, REDC, (949) 639-3558

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