Seeking to expand minority homeownership rates, Fannie Mae and the National Association for the Advancement of Colored People on Thursday announced a joint program to prepare 20,000 households to qualify for mortgages.
"This Fannie Mae-NAACP partnership is more than words, it's action," NAACP President Kweisi Mfume said at a press briefing.
The announcement comes a week after Freddie Mac launched a $500 million minority homeownership initiative with the NAACP.
"This alliance sets a new standard for homeownership opportunity," said Leland C. Brendsel, chairman and chief executive at Freddie Mac.
For both programs, consumers will go to a NAACP-operated community resource center, where they will receive information on Fannie Mae or Freddie Mac loan products and be given a number for a lender to get more information.