Attempts at Relief and Reform

HomeBuyer First Look Over Investors at Freddie

Posted on Wednesday, September 15, 2010

Freddie Mac First Look Initiative Gives Homebuyers 15 Days to Buy Homesteps® Homes Without Investor Competition
For Immediate Release
September 15, 2010
Contact: corprel@freddiemac.com
or (703) 903-3933



McLean, VA – Freddie Mac (OTC: FMCC) today announced it is expanding the Freddie Mac First Look Initiative on September 17, 2010 so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property's listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

News Facts
The Freddie Mac First Look Initiative supports Freddie Mac's mission to stabilize communities and foster affordable homeownership opportunities by giving homebuyers 15 days to buy a HomeSteps home as their primary residence without investor competition.

In Nevada, the Freddie Mac First Look Initiative offers buyers who plan to become owner-occupants a 30 day window to shop without investor competition.

Investment, vacation or second home purchasers are ineligible for the Freddie Mac First Look Initiative.

Today's announcement builds on the national First Look effort the U.S. Department of Housing and Urban Development and National Community Stabilization Trust (NCST) launched on September 1, 2010 to provide an exclusive 12-day window to owner-occupant buyers working with Neighborhood Stabilization Programs (NSP) grantees non-profits working with NCST.

The Freddie Mac First Look Initiative will provide a 15-day window to buyers working with NSP and NCST affiliated groups.

Home shoppers should contact their local real estate broker or visit HomeSteps.com for more information about the Freddie Mac First Look Initiative.

Quotes
Attribute to Chris Bowden, Vice President, HomeSteps.

"The Freddie Mac First Look Initiative will provide America's home shoppers with an exceptional new opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low."

"Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.


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