WASHINGTON, DC -- Fannie Mae (FNM/NYSE) and Freddie Mac (FRE/NYSE), two of the nation's largest sources of financing for residential mortgages, announced today the joint availability of 83 non-executable Spanish translations of the Fannie Mae/Freddie Mac Uniform Instruments to help lenders and others in the residential mortgage industry better serve Spanish-language dominant consumers in becoming homeowners. The translations are meant to complement the English-language documents a mortgage borrower would sign.

The jointly-owned translations of the uniform instruments are part of a commitment by both companies toward increasing the Hispanic homeownership rate, which currently stands at 50 percent. The effort also aims to expand homeownership access to minority and low- and moderate-income families, and close the gap between minority and non-minority homeownership rates, currently at 51 percent and 76 percent.

"Our hope is that lenders and others in the mortgage industry find these Spanish-language translations helpful when working with potential homeowners who prefer to understand the homeownership process in Spanish -- the language some are more comfortable speaking when making life-changing purchase decisions," said Mercy Jimnez, senior vice president of Fannie Mae. "We encourage the distribution of these complimentary translations to Spanish-language dominant consumers early in the home-buying process, so that potential borrowers can read the mortgage documents written in English with a side-by-side Spanish translation and better understand what they will sign at closing."

"The Spanish-language translations will help lenders and others in the industry better serve the growing Hispanic marketplace," said Paul Mullings, senior vice president of Freddie Mac. "Homeownership is the largest source of long-term wealth for many families and the path to owning a home begins with understanding the mortgage process, and that process includes the mortgage documents. The mortgage process is daunting for anyone, but especially when the materials are not in your native language. These easily downloadable translations are a step in the right direction to help individuals understand the mortgage documents before they sign on the dotted line."

The translations, which are provided for 54 security instruments, 20 promissory notes, and nine related documents, are available for all 50 states, the District of Columbia, Guam, and the U.S. Virgin Islands. Anyone can download the translations for free and begin using them starting October 2nd at www.efanniemae.com and www.freddiemac.com/uniform.

Fannie Mae and Freddie Mac will continue the collaborative effort by conducting a joint research and development effort to provide executable Spanish-language, or bilingual mortgage uniform instruments, for use where permitted. These uniform instruments are expected to be available early next year.

"Buying a home just got a little easier for Hispanics who have encountered language and knowledge barriers to homeownership in the past. These documents help streamline the homeownership process, and are useful tools for helping more potential homeowners who prefer conducting business in Spanish better understand the legal and financial responsibilities of becoming a homeowner," said Chairman of the National Association of Hispanic Real Estate Professionals (NAHREP), Frances Martinez Myers.

Research indicates that not all individuals share the same level of understanding, or the belief that they can complete the homeownership process. Among many barriers identified as hindering the increase of minority homeownership rates, specifically among Hispanics, are the information and language gaps. Research suggests that Hispanics who identify themselves as primarily reading and speaking Spanish at home trail the general population in having accurate information about homeownership and the home-buying process. In addition, most Spanish-language dominant Hispanics prefer having documents available in Spanish.

According to the latest U.S. Census numbers, there are currently over 46 million Hispanics in the United States and Puerto Rico. Over 35.6 million people in the U.S. speak Spanish. Spanish is the second most spoken language in the U.S., and the U.S. is the fifth largest country in the world with the most Spanish speakers -- behind Mexico, Colombia, Spain and Argentina. By the end of this decade, it is projected that minority families will represent 80 percent of the U.S. population growth and comprise nearly half of all first-time home buyers. By the year 2020, 18 percent of all Americans will be Hispanic.