Congressman Westmoreland to Announce Home Possible Military Home Buying Effort with Freddie Mac, NeighborWorks Columbus

November 15, 2006 – Congressman Lynn A. Westmoreland (GA), Freddie Mac and NeighborWorks® Columbus (OH) have joined forces in announcing Home Possible® Mortgages, an initiative expanding homeownership opportunities for military families with limited credit or down-payment savings.

"We may never be able to fully pay the debt owed to the men and women serving in the Armed Forces. That's why I'm pleased to talk about Home Possible as a substantial step in helping to ensure bright futures for our soldiers and their families," said Congressman Westmoreland.

Freddie Mac has expanded its Home Possible suite of mortgages, in the hopes of boosting the home buying power of nearly 1.5 million members of the United States Army, Navy, Air Force, Marines, Coast Guard, National Guard members and recent retirees. To qualify for Home Possible's expanded benefits for the military, participants must be on active duty, in the reserves, or separated from their respective services by less than two years.

"Thanks to Rep. Westmoreland, Freddie Mac is here today to help the men and women who serve in our nation's armed forces enjoy the American Dream of homeownership," said Paul Mullings, senior vice president of sourcing at Freddie Mac. "By working together with NeighborWorks local lenders, we are expanding Home Possible's reach and fulfilling Freddie Mac's mission to serve America's borrowers by strengthening America's mortgage market."

Home Possible mortgages have very low down payments and flexible credit requirements designed to foster homeownership in underserved communities as well as families at or below median income levels. Home Possible mortgages also offer higher loan-to-value ratios and other underwriting features to help critical community workers such as teachers, police, firefighters and health care workers — and now military personnel — afford homes in the communities they serve.

Home Possible is available through Freddie Mac's national network of more than 2,000 lenders and 10,000 mortgage brokers using Loan Prospector®, Freddie Mac's automated underwriting service.

Georgians Support Home Possible for the Military

Home Possible® is an initiative expanding homeownership opportunities for military families with limited credit or down payment savings. Here is what some people have to say about the new home buying effort:

U.S. Senator Johnny Isakson (GA)
"Our soldiers must know we support them and their families as they risk their lives fighting for the freedoms we all enjoy. Having a place to call home is important. I look forward to seeing opportunities like Home Possible throughout the state of Georgia and across the country that help these brave individuals and their families achieve the American Dream."

Cathy Williams, President and CEO, NeighborWorks® Columbus
"Home Possible is an excellent program that rewards the service and sacrifice of our men and women in uniform. NeighborWorks Columbus is a proud partner of this initiative to help our country's military build a future for themselves and their families."

Michael Padalino, CEO, Synovus Mortgage Corp.
"We are excited about this opportunity to partner with Freddie Mac on this initiative to serve those who are serving our country. This is an innovative approach that allows us to provide the mortgage opportunity in collaboration with the NeighborWorks program of credit counseling, homebuyer education, and face-to-face support services to help make the dream of homeownership a reality."

Mike Jablonski, Mortgage Loan Production Administration Manager, BB&T
"We are very excited to take part in such a meaningful and worthwhile program that promises to help so many deserving military families. Part of our mission at BB&T is to help our clients achieve economic success and financial security while working to improve the quality of life in the communities where we operate. The Home Possible initiative definitely meets that objective."