Freddie Mac, ABA Extend Community Banking Alliance
In a partnership designed to provide community banks with access to secondary market liquidity and operations, Freddie Mac said Monday that it has extended an alliance with the American Bankers Association. The alliance provides community banks with mortgage products, technology tools, staff training and other services designed to help them play a larger role in a disrupted mortgage market. "Today's announcement with the ABA will accommodate its members' changing needs with a proven package of business services and residential financing options," said Iliana Ghanem, Freddie Mac vice president for regional and community lending. "We are proud of our relationship with the ABA and our commitment to provide its members with a higher level of support in today's challenging market." By joining the Freddie Mac/ABA Alliance, banks gain competitive cash executions, services to help them manage their mortgage portfolios more efficiently -- plus exclusive training sessions on many Freddie Mac products and solutions, especially in the areas of technology and affordable housing. In addition, banks are able to access services usually tied to larger banking operations, including private-label subservicing arrangements, access to Web-based automated-underwriting, outsourced accounting services and REO management through Freddie-sanctioned vendors. "We are pleased to extend and enhance our agreement with Freddie Mac," said Deborah Whiteside, senior vice president mortgage solutions, ABA Total Business Solutions. "Community bankers are currently the most stable source of funding for mortgages in the country. The Freddie Mac alliance helps them stay competitive in their markets." For more information, visit http://www.freddiemac.com.