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AMERIDREAM, INC. SPONSORS THE 91st ANNUAL MORTGAGE BANKERS ASSOCIATION CONVENTION AND EXPO

GAITHERSBURG, Md.  (October 13, 2004) – AmeriDream, Inc., the nation’s leading provider of affordable housing opportunities, will be presenting DreamKeeper, its newly launched mortgage payment relief program, at the 91st Annual Mortgage Bankers Association Convention and Expo.

DreamKeeper provides the industry’s most comprehensive mortgage payment protection along with a down payment gift, homebuyer education and home retention counseling. DreamKeeper offers protection against two of the most probable threats to the borrower’s ability to pay their mortgage: involuntary unemployment and disability. A homeowner has their principal, interest, taxes and insurance (PITI) paid for up to nine months and up to $2,000 per month. Unlike other programs, DreamKeeper is for five years.

Ellen Adams, a senior loan officer at RBC Mortgage, said, “DreamKeeper is a wonderful program. It was very easy to use, and I found it to be better than other programs I have tried in the past. The buyer was thrilled to have gotten into a home with a down payment gift and mortgage protection in one easy transaction.”

Years two through five of a mortgage remain the highest risk to consumers and lenders for delinquency and default. “DreamKeeper’s five year protection is designed to help homeowners keep their dream and help lenders lose their risk.” said Ann Ashburn, President and CEO. 

In addition to helping homeowners, DreamKeeper also aids lenders. According to HUD, lenders are now held responsible for payments on a foreclosed property, but DreamKeeper diverts this risk and will cover payments for nine months for up to five years. With thousands of industry professionals at the MBA convention and expo, AmeriDream is thrilled to have the opportunity to showcase DreamKeeper.

AmeriDream, a sponsor of the convention and expo, will also host a booth, #923, which will feature more information regarding AmeriDream’s programs such as DreamKeeper, traditional down payment assistance, homebuyer education and loss mitigation/home retention. 
 
AmeriDream operates several programs in support of its mission of providing affordable
homeownership opportunities to those who otherwise would not be able to purchase a home. In addition to down payment assistance, DreamKeeper mortgage payment relief, online homebuyer education courses and loss mitigation, the AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate predominantly very low- to low-income homebuyers. Additionally, AmeriDream’s Community Link Program has donated over $2 million to numerous worthwhile charitable organizations. For more information, visit www.ameridream.org.


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The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program and DreamKeeper mortgage payment relief, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $11 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $2 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, the Victims Rights Foundation and the Hatteras Island Rebuilding Fund.