Fannie Mae Opens First Local Mortgage Help Center to Accelerate Service to Struggling Homeowners in South Florida

Goal is Improved Resolution of Problem Loans

Partners Include Wide Range of Civic and Community Leaders

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Feb 22, 2010, 12:54 ET

WASHINGTON, Feb. 22 /PRNewswire-FirstCall/ -- In the first of a series of planned nationwide Mortgage Help Centers, Fannie Mae (NYSE: FNM) announced the opening of a new Help Center in Miami that will accelerate the response time for struggling borrowers in South Florida with loans owned by Fannie Mae.

At the center, borrowers will meet directly with dedicated on-site staff and experienced housing advisors who speak English and Spanish, to discuss their mortgage situation. These face-to-face meetings will help borrowers better understand the entire range of foreclosure prevention options and work closely with servicers to achieve a prompt response.

Fannie Mae is partnering on this initiative with civic and community leaders from Miami-Dade County, Neighborhood Housing Services of South Florida and major mortgage servicers.

"The center in Miami and our future centers across the country will build on Fannie Mae's long-standing community development network and strong partnerships with local governments nationwide," said Terry Edwards, Executive Vice President. "We are pleased to partner with the local officials of Miami-Dade County as we strive to keep people in their homes during this housing crisis. We are committed to helping struggling borrowers understand all of the options available to them to avoid foreclosure and to provide them with the assistance they need in the most streamlined manner possible."

"We welcome Fannie Mae's first Mortgage Help Center to Miami," said Miami-Dade County Mayor Carlos Alvarez. "The nationwide housing slump has hit our area particularly hard, and this partnership has the potential to keep families struggling with foreclosure in their homes."

"This is a very important partnership for residents in the City of Miami," said City of Miami Mayor Tomas Regalado. "The housing crisis has severely impacted many individuals here and across the country, and this type of assistance is desperately needed. We are looking forward to working along with Fannie Mae to make this effort a success."

Services available at the center include reviewing the borrower's loan, discussing foreclosure alternatives, collecting the required documents for the federal Making Home Affordable Program and reaching a decision on any pending loan workout efforts. In establishing the facility, Fannie Mae and Neighborhood Housing Services of South Florida will provide information and clarify expectations for the foreclosure prevention process and work to counteract local scams and groups that charge fees for modifications and foreclosure prevention services.

"This Mortgage Help Center is vital to many of the homeowners in my district, as well as throughout Miami-Dade," said Miami-Dade County Commissioner Dorrin D. Rolle. "Many homeowners don't realize what their options are before or during the foreclosure process. There are ways to keep your home, and my thanks go to Fannie Mae for assisting families in understanding their mortgage situations are not hopeless."

"We know from first-hand experience that struggling homeowners get better results when they have direct access to the information and tools necessary to get a quick response to their mortgage situation," said Arden Shank, President and CEO, Neighborhood Housing Services of South Florida. "Fannie Mae's Mortgage Help Center is the respectful, professional environment borrowers need in order to make informed decisions about what solutions work best for them. Fannie Mae is a key partner in revitalizing neighborhoods and sustaining affordable housing in South Florida."

The Mortgage Help Center is only for borrowers who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae can contact the Homeowner's HOPE™ Hotline at 1-888-995-HOPE.

The Mortgage Help Center is available by appointment only and borrowers wishing to schedule a visit should call 1-877-208-3652.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

SOURCE Fannie Mae