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Affluent baby boomers not settling down yet: Majority say current home not their last

National Mortgage Professional
Jun 24, 2005

Freddie Mac and VMP go bilingualmortgagepress.combilingual, financial literacy, Spanish, education Freddie Mac and VMP Mortgage Solutions Inc. have entered into a joint initiative that will provide mortgage lenders with tools that address one of the most common barriers to homeownership among the Spanish-speaking communitylack of information in their own language. Freddie Mac and VMP Mortgage Solutions are collaborating to develop bilingual state-specific security instruments, notes and other mortgage documents in English and Spanish, as well as bilingual consumer education brochures that address the mortgage process. The comprehensive suite of educational materials will take a step-by-step approach to the mortgage lending process. The collection will begin with a primer on the importance of credit and flow into a series of bilingual brochures that explain the lending process. The educational materials will be based on content from Freddie Mac's CreditSmart Espanol consumer financial literacy curriculum. The materials will be provided by VMP to lenders and by Freddie Mac to community organizations. The materials will also address common misconceptions about banking and homeownership in the United States, as well as help consumers better understand their rights and responsibilities. Each of the educational pieces will be designed with corresponding English and Spanish text. Headquartered in McLean, Va., Freddie Mac is a stockholder-owned corporation chartered by Congress to keep money flowing to mortgage lenders. For more information, call (703) 903-2000 or visit www.freddiemac.com. Based in Fraser, Mich., VMP Mortgage provides government agencies and the mortgage lending industry with technology and forms. For more information, call (800) 521-7291 or visit www.vmpmtg.com.
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