And now:Ish <[EMAIL PROTECTED]> writes: From: [EMAIL PROTECTED] forwarded for informational purposes only...contents have not been verified From: [EMAIL PROTECTED] Date: Wed, 4 Aug 1999 16:31:14 EDT Subject: Choctaw Nation, Washington Mutual, Freddie Mac, First... Choctaw Nation, Washington Mutual, Freddie Mac, First Americans Mortgage And PMI Mortgage Insurance Co. Announce Seven-State Expansion of Lending Program SAN FRANCISCO, Aug. 4 /PRNewswire/ -- The Choctaw Nation of Oklahoma, Washington Mutual, Freddie Mac, First Americans Mortgage and PMI Mortgage Insurance Co. today announced a seven-state expansion of a lending program that has enabled members of the Choctaw Nation to buy their own home through mortgages that feature low downpayment requirements and customized qualification requirements. The $10 million program, which had been restricted to properties located in Oklahoma, is being increased to $30 million as part of the geographic expansion. States being added include: Arizona, Arkansas, California, New Mexico, Oregon, Texas and Washington. "The Choctaw Nation has served low income families with housing needs for many years. With the Choctaw Homebuyers Advantage Program (CHAP), housing assistance has been made available to virtually all Choctaw families in Oklahoma, Arizona, Arkansas, California, New Mexico, Oregon, Texas and Washington," said Chief Gregory E. Pyle. "Thanks to a partnership with Freddie Mac, PMI Mortgage Insurance Company, First Americans Mortgage Corporation and Washington Mutual we have offered the CHAP program in the State of Oklahoma for approximately a year, and I am proud that the expansion to seven other states has been accomplished." "We are very pleased to be part of such an innovative, successful partnership," said Beth Castro, Vice President and Manager of Washington Mutual's Community Reinvestment Act (CRA) programs. "Working together, we will make the dream of homeownership a reality for many more Choctaw families living in our expanded program service area." "Freddie Mac is pleased to have been able to work with First Americans, PMI and the leadership of the Choctaw to increase homeownership among the Choctaw in Oklahoma," said Craig Nickerson, Vice President of Community Development Lending at Freddie Mac. "The expansion of the initiative to seven additional states demonstrates our ongoing commitment to make homeownership a reality for as many families as possible." Dustan R. Shepherd, President, First Americans Mortgage Corporation commented, "Once again, through this expansion, the Choctaw Nation has set the foundation for other tribal governments to review and subsequently alter the way they conduct business in and outside of their service area. First Americans is pleased to be a part of this multi-state expansion and pledges to continue assisting tribal members with their pursuit of homeownership." "The door to homeownership will now be opened for many more members of the Choctaw Nation through the expansion of this successful program and PMI is delighted to be a part of this wonderful effort," said W. Roger Haughton, Chairman and CEO of PMI. The program permits downpayments as low as one percent on owner-occupied single-family homes, and allows for borrowers to qualify for mortgages, using non-traditional credit sources. The program also allows for the rehabilitation of single-family properties, as well as the purchase of newly constructed homes. A three-percent downpayment is standard, although through this program a borrower can take advantage of a special one-percent downpayment option. The remaining two-percent downpayment, along with closing costs, can be funded from a revolving loan fund offered by the Choctaw Nation, which features a low interest rate. Approximately $2 million worth of loans have been originated to date. The Choctaw Nation, headquartered in Oklahoma, is the third largest Native American tribe in the nation, with approximately 110,000 members. With a history dating back to 1889, Washington Mutual is a financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At June 30, 1999, Washington Mutual and its subsidiaries had consolidated assets of more than $175 billion. The company operates more than 1,800 offices throughout the nation. Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases mortgages from lenders and packages them into securities that are sold to investors. Over the years, Freddie Mac has opened doors for one in six homebuyers in America. First Americans Mortgage Corporation, a subsidiary of AmeriResource Technologies, Inc. (OTC Bulletin Board: ARET), is a Native American lending and consulting company based in Overland Park, Kansas. The company was responsible for initiating this program and has worked diligently on a daily basis with the Choctaw Nation Home Finance Department to implement the original commitment in the State of Oklahoma. PMI Mortgage Insurance Co., with headquarters in San Francisco, is one of the largest private mortgage insurers in the United States. In addition, PMI Mortgage Co. provides mortgage guaranty reinsurance in Hong Kong and, through a subsidiary, will soon be providing private mortgage insurance in Australia. PMI, together with its parent company, The PMI Group, Inc. (NYSE: PMA), and its corporate affiliates, is a leader in risk management technology, and provides various products and services for the home mortgage finance industry, as well as title insurance. SOURCE PMI Group, Inc. CO: PMI Group, Inc.; Choctaw Nation of Oklahoma; Washington Mutual; Freddie Mac; First Americans Mortgage; PMI Mortgage Insurance Co.; AmeriResource Technologies, Inc. ST: California, Oklahoma, Arizona, Arkansas, New Mexico, Oregon, Texas, Washington, Kansas IN: FIN INS RLT SU: 08/04/99 16:26 EDT http://www.prnewswire.com Reprinted under the Fair Use http://www4.law.cornell.edu/uscode/17/107.html doctrine of international copyright law. &&&&&&&&&&&&&&&&&&&&&&&&&& Tsonkwadiyonrat (We are ONE Spirit) Unenh onhwa' Awayaton http://www.tdi.net/ishgooda/ UPDATES: CAMP JUSTICE http://shell.webbernet.net/~ishgooda/oglala/ &&&&&&&&&&&&&&&&&&&&&&&&&&
