ABA, Freddie Mac Extend Alliance To Help Members Succeed, Fuel The Housing Recovery

WASHINGTON, June 16 /PRNewswire/ -- Business Solutions, an affiliate of the American Bankers Association, and Freddie Mac today announced plans to help community banks compete in the purchase money mortgage market and help fuel the nation's housing recovery by extending their 8 -year old alliance.

The Freddie Mac/ABA alliance provides ABA's community bank members with access to critical mortgage products, technology, staff training and other services.

"Today's announcement with the ABA comes at a critical time in the nation's housing recovery," said James Cotton, vice president of sales at Freddie Mac. "Renewing our alliance with the ABA means more community banks will have the secondary market tools they need to help families take advantage of today's low mortgage rates and affordable home prices.  We take pride in our relationship with the ABA and our commitment to provide its members with a higher level of support in today's challenging market."

"We are pleased to extend our alliance with Freddie Mac," said Business Solutions president William Kroll. "Our valued relationship helps increase the mortgage offerings of our community bank members and expand their access to the secondary markets."

The Freddie Mac/ABA Alliance gives member banks competitive cash executions and exclusive training on many Freddie Mac products and solutions.  The Alliance also provides set-up advantages with Mortgagebot with Loan Prospector, a bank-branded website for originating mortgages with Freddie Mac's Loan Prospector automated underwriting service, and private-label subservicing through Cenlar FSB and Dovenmuehle Mortgage Inc.

For more information on the ABA/Freddie Mac Alliance call 866-764-2083 or visit www.freddiemac.com/singlefamily/aba.html.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened the doors for one in six homebuyers and more than two million renters across America.

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees.  The majority of ABA's members are banks with less than $165 million in assets.  Learn more at www.aba.com .

Business Solutions offers ABA members competitive products and innovative solutions selected by bankers for bankers that will help you save money, build customer relationships and improve your bottom line. Our unmatched, value-added products and services in Mortgage Solutions, Payment Solutions, Capital Markets, and Commercial Lending & Business Banking will minimize your expenses, maximize your bank's performance and, in many cases, offset your ABA dues.

SOURCE Freddie Mac

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.