The Chase Home Finance Mobile Homeownership Center Drives the Benefits of Home Ownership Into Urban Communities

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The Chase Home Finance Mobile Homeownership Center, a retrofitted resource center, drives the benefits of African American and Hispanic homeownership by rolling into urban communities with mortgage specialists, educational workshops and financial counseling services handled by experts from the local community. The Chase Home Finance Homeownership Mobile is a collaboration between Chase Home Finance, Freddie Mac, and The Community College Foundation.

The Chase Home Finance Mobile Homeownership Center, co-sponsored by Freddie Mac, is driving the benefits of African American and Hispanic homeownership through its financial literacy tour into major urban communities in the East, Midwest and South.

Although African American and Hispanic homeownership has increased during the last decade, the April 2005 U.S. Census indicated that African American homeownership is at 48.8 percent and Hispanic homeownership is at 49.7 percent, both lag behind the 69.1 percent homeownership rate of the U.S. population.

“This is an important opportunity to educate communities on the home buying process so people can start building equity through homeownership,” explained Tom Garvey, Executive Vice President, Chase Home Finance. “This is a significant part of Chase Home Finance’s $500 billion Chase Dream Maker CommitmentSM launched in 2003. It is a pledge to help millions of traditionally underserved minorities and communities by increasing home financing across the full economic spectrum—from low to moderate income borrowers. Homeownership is instrumental in building wealth and financial stability.”

Already, the Chase Home Finance Mobile Homeownership Center has rolled its retrofitted resource center into African American and Hispanic communities in Pennsylvania, Georgia, New York, New Jersey and Connecticut. This summer, it will be situated in communities throughout Chicago. The Chase Home Finance Mobile Homeownership Center features mortgage specialists, educational workshops and financial counseling services handled by experts from the local community. Onboard is access to a broad range of home finance solutions: online information on the home buying process to mortgage approval from Chase Home Finance professionals. In addition, there is credit counseling and free check-ups on credit scores.

The Chase Home Finance Homeownership Mobile is a collaboration between Chase Home Finance, Freddie Mac, and The Community College Foundation. Additionally, Chase Home Finance has partnered with local housing and credit counselors, real estate professionals, city housing departments, churches and schools in each community.

“The Mobile Homeownership Center brings information directly to where people live, work, play and pray,” said Bob Tsien, senior vice president of Freddie Mac. “We are proud to be working with Chase Home Finance on this unique approach to help people learn the facts about homeownership.”

With the 2004 merger of JPMorgan Chase & Co. and Bank One Corp., Chase Home Finance’s parent company now includes more than 2,500 Bank One and Chase bank branches in 17 states. Chase Home Finance, an Equal Housing Lender, is headquartered in Iselin, New Jersey and is one of the nation's largest residential mortgage lenders, serving more than four million customers.

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.

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Shelley Bates

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