Fannie Mae Seeks Increase in Minority Homeowners

The nation's largest mortgage lender is pledging to boost the number of minority homeowners.

Fannie Mae has unveiled a plan to increase the minority homeownership level from its current 49 percent to 55 percent over the next ten years.

The plan includes helping six million first-time home buyers, about a-third of them minorities, get into homes by 2014.

The mortgage lender also plans to finance 20-thousand homes for physically disabled people and fund more loans for manufactured housing, such as mobile homes.

Fannie Mae head Franklin Raines says "underserved families" are the core of the lender's business.

In June of 2002, President Bush unveiled his "Blueprint for the American Dream." The initiative is designed to close the homeownership gap between minorities and whites.

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