Mortgage Help Center Opens in Philadelphia

Fannie Mae Center Provides Free Education and Counseling to Local Homeowners Facing Hardship

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May 04, 2011, 10:00 ET

WASHINGTON, May 4, 2011 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced the opening of the Philadelphia Mortgage Help Center to provide free education and counseling services to struggling Philadelphia area homeowners. The Philadelphia, the latest of nine Mortgage Help Centers to open across the country, is part of Fannie Mae's nationwide initiative to educate families about the options and tools available to help them stay in their homes. The Center was developed in partnership with Consumer Credit Counseling Service of Delaware Valley, local community and elected officials, and area mortgage servicers.

Services available at the Center include one-on-one consultations with experienced housing counselors to review mortgage loans and financing options, explain the range of options available, and help borrowers apply for loan workouts and other alternatives to foreclosure. Services are available in both English and Spanish.

"Families are struggling and many of them are desperate to take action, but don't know where to turn. We are here to help," said Mike Williams, President & CEO, Fannie Mae. "Our Help Centers nationwide have met with more than 6,000 homeowners and we have been able to keep more than sixty percent in their homes. We are bringing our track record of success to help families in this area."

"Partnering with Fannie Mae on the new Mortgage Help Center in Philadelphia allows us to assist and educate more local consumers who are struggling with housing and mortgage issues," said Patty Hasson, President and Executive Director of Consumer Credit Counseling Service of Delaware Valley. "Our shared commitment and combined expertise will be a great resource and benefit for the homeowners and region."

"Philadelphia's nationally recognized Mortgage Foreclosure Prevention Program has already saved more than 3,000 homeowners from foreclosure," said Mayor Michael A. Nutter. "We welcome Fannie Mae to our region and are pleased to have another partner in the fight to keep Philadelphia families in their homes."

In addition to providing counseling and access to mortgage education and financial literacy resources, the Mortgage Help Center staff will help homeowners coordinate with their mortgage servicers and ensure an efficient response time. The Center will also help to combat mortgage fraud and abuse in the Philadelphia area.

The free services offered by the Mortgage Help Center are available for families who have a mortgage owned 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. The Mortgage Help Center is available by appointment only and customers wishing to schedule a visit should call 866-442-8570.

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.

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SOURCE Fannie Mae