CONSUMER CREDIT COUNSELING SERVICE, HSBC, AND FREDDIE MAC TO HELP PROSPECTIVE HOMEOWNERS "GET THE FACTS!"

Bilingual homeownership educational program will launch September 29

West Palm Beach, FL – In an effort to dispel some of the myths about buying and owning a home and encourage more minority consumers to take the important steps toward homeownership, Consumer Credit Counseling Service, Freddie Mac (NYSE:FRE) and HSBC have teamed up to provide Get the Facts! workshops. Created by Freddie Mac, Get the Facts! is designed to provide straightforward information and advice about all aspects of homeownership, including the costs associated with homebuying and credit history requirements.

Consumer Credit Counseling Service of Palm Beach County and the Treasure Coast (CCCS) will conduct the workshops in English and Spanish as part of its homebuyer education curriculum. Get the Facts! will be launched in both English and Spanish on Saturday, September 29 from Noon to 1 p.m. at CCCS of Palm Beach County, 700 South Dixie Highway. Community organizations, e mployers and other housing agencies that have clients who could benefit from the program are invited to attend to hear more.

"There is a lot of misinformation about buying a home that leaves people vulnerable to being taken advantage of," said Jessica Cecere, president of CCCS. "Understanding the realities of the market today is key to not only getting into a home, but to ensuring long term success as a homeowner."

According to the U.S. Census Bureau, homeownership rates for African American and Latino households are 30 percent lower than the rates for non-minority households. Research conducted by Freddie Mac in 2003 suggests that a lack of access to information may be a barrier to homeownership, particularly among minority groups. For example, about half of African Americans and Latinos believe that they need a 20 percent down payment to buy a home, and that they need almost perfect credit to get a loan. In addition, more than half of African Americans and Latinos believe that they must have the same job for at least three years to get a loan.

"The strength of this educational campaign is the many public and private organizations working together in the community to address the barriers faced by homebuyers," said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. "Freddie Mac is pleased to be working with CCCS and HSBC to reach people who may be facing obstacles to buying a home."

"The goal of the workshops is to strengthen and increase education around homeownership," said Rosa Sabater, vice president of community development , HSBC Bank USA, N.A., "We are proud to team up with Consumer Credit Counseling Service and Freddie Mac for the Get the Facts! Program which will not only help to increase education levels but also put people on the path to homeownership."

CCCS offers homebuyer education workshops in English and Spanish throughout Palm Beach County and the Treasure Coast. For more information, or to register for a class, call 1-800-330-CCCS (2227).

About CCCS:

Since 1975, families have turned to Consumer Credit Counseling Service (CCCS) of Palm Beach County & the Treasure Coast for help with money problems. CCCS is a nonprofit, community service agency dedicated to helping families achieve financial stability. A United Way partner, CCCS provides confidential budget counseling, money management education, debt management programs, bankruptcy counseling and education, and comprehensive housing counseling.

CCCS is certified by the Center for Non-Profit Excellence, accredited by the Council on Accreditation and is a member of the Better Business Bureau and the National Foundation for Credit Counseling (NFCC). Governed by a community-based board of directors, CCCS is funded by creditors, clients, contributors and grants from foundations, business and government agencies. Service is available in English and Spanish. CCCS has offices in West Palm Beach and Boca Raton, with satellite service in Stuart and Port St. Lucie, and offers around the-clock help by phone at 800-330-CCCS or at www.cccsinc.org.

CCCS of Palm Beach County & the Treasure Coast is a member of the CredAbility Network, a family of agencies serving consumers in south Florida, north Georgia, middle Mississippi and east Tennessee as well as nationally via telephone and Internet. Florida headquarters is in the Community Foundation Building at 700 South Dixie Highway in West Palm Beach. Consumers may contact CCCS any time – the agency's virtual office is always open at www.cccsinc.org or 1-800-330-CCCS.

About Freddie Mac

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

NOTE: Members of the media are encouraged to attend the September 29 launch of "Get the Facts!" to learn more about this valuable educational program for prospective homeowners. The homebuyer workshop is scheduled from 10 a.m. – 4 p.m. and will be conducted in Spanish. The Get the Facts! launch will be from Noon to 1 p.m. and will be conducted in both English and Spanish.

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