Freddie Mac Helped A Record Number Of Families Obtain Low Cost Mortgages And Affordable Housing In 2003
February 17, 2004
McLean, VA – In 2003, Freddie Mac financed homes for more than 5.5 million families, or approximately one family every six seconds. Freddie Mac also exceeded the affordable housing goals established by the Department of Housing and Urban Development (HUD), and helped provide quality affordable housing to millions of low-income and minority families. Freddie Mac has exceeded each of the housing goals every year since permanent goals went into effect in 1996.
Based on preliminary results, approximately 51.1 percent of the corporation's purchases served low- and moderate-income families, exceeding HUD's 50 percent goal; 32.3 percent financed homes in areas defined by HUD as underserved, exceeding the 31 percent goal, and 20.2 percent met the special affordable housing goal, exceeding the 20 percent goal.
"It was a great year for America's families," said Freddie Mac Chairman and Chief Executive Officer Richard F. Syron. "Freddie Mac products and technology combined with historically low mortgage rates enabled millions of families to refinance their mortgages and reduce their mortgage payments, adding more than $1.6 billion every month to household budgets.
"Moreover, flexible mortgage products from Freddie Mac and our lender partners helped homeownership reach the highest level ever. All of us at Freddie Mac are committed to continuing to do our part to expand homeownership and to make mortgage finance as affordable as possible."
It was also a record year for Freddie Mac's service to minority families. In 2003, Freddie Mac purchased more than $106 billion of mortgages made to minority households, helping make homeownership more affordable for more than 700,000 families.
Source: Freddie Mac