News Release - Fannie Mae Mortgage Help Center Opens in Los Angeles

New Center Provides Homeowners with Free Foreclosure Prevention Services

Jason Vasquez

202-752-2878

WASHINGTON, DC — Fannie Mae (FNMA/OTC) today announced the opening of a new mortgage help center in Culver City to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by Fannie Mae. The Greater Los Angeles Mortgage Help Center is the fourth facility in a series of nationwide mortgage help centers. Fannie Mae is partnering on this initiative with West Angeles Community Development Corporation, major mortgage servicers, and civic and community leaders from across the region.

At the help center, borrowers will meet directly with dedicated on-site English- and Spanish-speaking staff and experienced housing counselors to discuss their mortgage situation. These face-to-face meetings will help borrowers better understand the range of foreclosure prevention options available and advise them on how to resolve their mortgage situation.

"With so much information available, many homeowners simply don't know where to turn for good advice," said Jeff Hayward, Fannie Mae's Senior Vice President, National Servicing Organization. "Worse yet, many have fallen victim to the countless numbers of scams that prey on distressed homeowners. In August, there were more than 13,000 properties with foreclosure filings in Los Angeles County. This help center is a place where homeowners can receive free quality counseling from trusted advisors who will work to achieve the best outcome for each homeowner."

"This partnership allows Fannie Mae mortgage holders to receive free assistance from experienced counselors in a one-on-one session at a convenient location," said Dr. Lula B. Ballton, Chief Executive Officer, West Angeles Community Development Corporation. "We view this collaboration as a model for addressing the needs of distressed mortgage owners in our community. Borrowers will have their mortgage concerns addressed with competence and compassion."

Counselors will provide a full range of services, which include reviewing a borrower's loan, discussing foreclosure alternatives, collecting the required documents for the federal Making Home Affordable Program and providing help to finalize any pending loan workout efforts. Fannie Mae and West Angeles Community Development Corporation will provide information and clarify expectations with regard to the foreclosure prevention process. Efforts will be made to counteract local scams and groups that charge fees for modifications and foreclosure prevention services.

The help center is available for any borrower who has a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae can contact the Homeowner's HOPE^TM Hotline at 888-995-HOPE or visit Fannie Mae's new consumer Web site, www.KnowYourOptions.com.

The Greater Los Angeles Mortgage Help Center is available by appointment only and borrowers wishing to schedule a visit should call (866) 442-8576 or E-mail [email protected].