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For Immediate Release: December 5, 2008 CONTACT: Henry Fawell (410) 545-5830

AmeriDream: Lowering Mortgage Rates Is Only Part of the Solution

GAITHERSBURG , MD – Ann Ashburn, President of AmeriDream, Inc., today applauded the U.S. Treasury Department for considering plans that would lower home mortgage rates and called for a more robust consideration of strategies to stimulate the housing market and expand responsible homeownership.

“AmeriDream is encouraged to learn that the Treasury Department may implement plans that would lower mortgage rates, just as we proposed in recent weeks,” Ashburn said. “However, the crisis we face in our housing market requires a far broader response. As I laid out last month in published commentary, AmeriDream proposes four solutions for Congress and the Obama Administration to bring the next generation of homeowners off the sidelines.

“First, provide a maximum five percent interest rate on 30 year mortgages held by Fannie Mae, Freddie Mac, and the Federal Housing Administration.

“Second, reauthorize and reform downpayment assistance funded in part by sellers, which helped create one million creditworthy U.S. homeowners before it expired in October.

“Third, incentivize the purchase of foreclosed homes by providing tax benefits to buyers of homes under foreclosure.

“Finally, President-elect Obama and Congress must launch an unprecedented homebuyer education initiative that focuses industry, government, and non-profits on the goal of making the next generation of homeowners the most successful in American history. After all, an educated homebuyer is a responsible homebuyer. Our housing market and our economy depend on this kind of leadership.”

To read Ann Ashburn’s op-ed outlining these solutions, visit http://www.supporthomeownership.com.

BACKGROUND: AmeriDream, a 501(c)(3) charity, was established in 1999 to provide housing-related programs to low and moderate income individuals and families. Many recipients are first-time homebuyers, minorities, legal immigrants, women headed households, and single-parents, achieve homeownership. AmeriDream provides a wide range of programs, including homebuyer education, loss mitigation counseling, community development, and privately-funded down payment assistance. These programs are provided at no cost to the taxpayer. AmeriDream not only seeks to help families purchase homes, but also provide them with the education and other resources needed to be responsible homeowners.

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