28.8.2003: Meldung: Freddie Mac: Credit Education Effort for Hispanics

Freddie Mac and the Cuban American National Council to Launch Credit Education Effort for Hispanics in South and Central Florida
Wednesday August 27, 12:00 pm ET

CreditSmart Espanol to Help Teach Hispanics How to Build and Maintain Good Credit

MIAMI, Aug. 27 / The Cuban American National Council and Freddie Mac (NYSE: FRE - News), one of the nation"s largest investors in residential mortgages, today launched a wide-ranging consumer credit education initiative designed to prepare Miami"s Hispanic communities for the financial responsibilities of higher education and homeownership.

Called CreditSmart Espanol, the comprehensive Spanish-language program will be offered through the CNC to students, their families, and members of the local community. The free classes will teach consumer credit and money management skills, with an emphasis on preparing consumers for the financial responsibilities of homeownership, paying for college, and achieving other financial goals.
Freddie Mac expanded its trademarked CreditSmart program for U.S. consumers to CreditSmart Espanol to help increase historically low homeownership rates among Hispanics. According to the U.S. Census Bureau, while 68 percent of the nation"s families own homes, less than 48 percent of Hispanic families are homeowners.
"Today, Freddie Mac is taking action to narrow the homeownership gap for Hispanic families in and around Miami," said Dwight Robinson, Senior Vice President of Corporate Relations at Freddie Mac. "CreditSmart Espanol will help consumers understand, build and maintain solid credit for their future, which may include purchasing a home."

"CreditSmart Espanol holds exceptional promise as a tool for advancing financial literacy as a cornerstone life skill among Hispanic Americans," said Guarione Diaz, President of the Cuban American National Council. "Financial literacy has an important secondary effect, as it is often the path to wise decision-making in many other aspects of life."

CreditSmart Espanol is a component of Catch the Dream, Freddie Mac"s comprehensive plan to help achieve the Bush Administration"s goal of adding 5.5 million minority homeowners by the end of the decade.

The curriculum consists of eleven modules that help consumers obtain the knowledge and skills necessary to effectively manage their money and to positively impact their credit. The modules cover such topics as Managing Your Money, Banking Services, Goal Setting, Your Credit and Why it is Important, Establishing and Maintaining Good Credit, Understanding Credit Scoring, Thinking Like a Lender, Avoiding Credit Traps, Restoring Your Credit, Planning for Your Future, and Becoming a Homeowner.

CNC is one of seven major Hispanic organizations working with Freddie Mac to deliver this curriculum. CNC is working in partnership with Bank of America and with other regional partners to bring the CreditSmart Espanol curriculum to Hispanic consumers in South and Central Florida.

Today"s announcement is part of a larger, nationwide launch of CreditSmart Espanol announced on December 10, 2002 with the Hispanic Association of Colleges and Universities, League of United Latin American Citizens, National Association of Hispanic Real Estate Professionals, National Council of La Raza, National Puerto Rican Coalition and the United States Hispanic Leadership Institute.
For more information about CreditSmart Espanol workshops in the Miami-Dade and Central Florida areas, please contact Patricia Behn at the Cuban American National Council (305) 642-3484, Ext. 108.

Freddie Mac is a stockholder-owned corporation chartered by Congress to provide a continuous flow of funds to mortgage lenders to sustain a stable mortgage credit system, thereby reducing mortgage rates paid by U.S. homebuyers. Since its inception in 1970, Freddie Mac has opened doors for one in six homebuyers and 2 million renters across America. For more information, visit www.freddiemac.com.

Source: Freddie Mac
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