Making Affordable Housing a Reality

Hibernia Bank, New Orleans, has partnered with Fannie Mae for a $7.5 billion affordable housing initiative designed to help minorities, immigrants, first-time homebuyers and residents of underserved, rural communities. The partnership will help about 75,000 low- to moderate-income families become homeowners. Fannie Mae has committed to buying the loans, which are tailored by Hibernia to streamline the home buying process and provide needed features such as little or no downpayment, flexible credit qualifications, and expanded debt-to-income ratios.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05