
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, March 16, 1994                   TAG: 9403170136
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE: WASHINGTON                                LENGTH: Short

FANNIE MAE TO HELP THOSE IN NEED

The nation's largest home mortgage investor plans to help finance homes for 10 million families in ``communities in need,'' reaching out first to minorities and people who are now renting.

The Federal National Mortgage Association, also known as Fannie Mae, said Tuesday it expects to put $1 trillion into the effort by the close of the decade. The plan also will serve families with incomes at or below the median for their communities, new immigrants, residents of central cities and other underserved areas, and people who have special housing needs.

Fannie Mae is a congressionally chartered, shareholder-owned company that purchases mortgages from lenders, such as banks. It keeps some of the mortgages for its portfolio and packages others in securities to be sold to investors.

- Associated Press

by CNB