Acme takes the money it gets from selling the mortgage and immediately loans it out again. This keeps money available for housing loans. As a result, Freddie and Fannie want to see as much money as possible spent on homes. They also want to see that the people whose mortgages they buy make their regular monthly payments. We also have a number of partnerships with organizations such as the National Association of Realtors, the Mortgage Bankers Association, and the National Association for the Advancement of Colored People.
Some lenders also carry our brochures.
Ask them for anything they have about loans in general, such as literature from Freddie or Fannie. The FHA, a division within HUD, also has a vested interest in the mortgage market because it guarantees some loans. If people default on an FHA-backed mortgage, the FHA has to make up any loss a lender suffers after the repossessed house has been sold. HUD and the FHA get more directly involved in consumer education, according to HUD spokesperson Lemar Wooley, in Washington. This number also will refer you to your local HUD-approved Consumer Credit Counseling Service.