FOR IMMEDIATE RELEASE FFI: Cecilia Santana

Jennifer Messmer

Stamford, CT -- March 4, 2002 — U.S. Representative Christopher Shays (R-CT) and Stamford Mayor Dannel P. Malloy (D-CT) today joined the National Urban League (NUL), Chase Manhattan Mortgage Corporation (CMMC), a division of J.P. Morgan Chase & Co. (NYSE:JPM), and Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, to announce a joint initiative designed to offer affordable housing opportunities to potential homebuyers in Lower Fairfield County, Connecticut, one of the nation’s most expensive residential areas. During a special breakfast reception, executives from the partner entities provided an outline of the effort, which is a component of a five-year, $35 billion dollar campaign to increase homeownership for low- and moderate-income individuals, and will provide new options for minority and immigrant borrowers across the United States.

This effort marks the first time that broad-based, pre-and post-purchase education and counseling services will be offered along with innovative mortgage products in this area of Connecticut, and will enable 300 new families to own a home within the next three years. This translates into a $40 million mortgage financing commitment to the Urban League of Southwestern Connecticut and is an extension of an existing relationship between the National Urban League and Chase Manhattan Mortgage Corporation to reach out to potential homeowners in emerging communities throughout the nation, and to assist them in exploring the various opportunities associated with homeownership.

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As part of the current program, the Urban League of Southwestern Connecticut (ULSWC) will offer a series of free homeownership seminars to the public, beginning in March. Through these seminars, potential homebuyers will learn how to obtain a mortgage that’s right for them, qualify for a loan, improve their credit rating, as well as receive credit counseling. For more information regarding the seminars in March, and in the following months, contact Curtis Luke at the Urban League of Southwestern Connecticut, 203-327-5810, ext. 18.

Examples of the mortgage resources available through CMMC, include: the Dreamaker Partner, which offers 100 percent financing and a minimum of 3 percent from the borrower towards closing costs; Chase Income Advantage, which allows borrowers to qualify for select products without having to provide verification of the income; Fannie Mae’s Expanded Approval mortgage products for eligible borrowers with impaired credit profiles; and a wide variety of no- and low-down payment mortgage products that are ideal for borrowers who have limited funds for down payment and closing costs.

"Public-private partnerships help Connecticut residents become homeowners," said Rep. Christopher Shays. "Owning a home helps build stronger communities, and the more tools we make available to residents the better."

"I am very excited about this joint effort put forth by these groups to provide more home ownership opportunities for Stamford residents," said Stamford Mayor Malloy.

Michael B. DuBois, vice president, National Affordable Housing, Chase Manhattan Mortgage Corporation, added: "Working with The Urban League of Southwestern Connecticut and Fannie Mae we\'ll facilitate the delivery of critical pre-purchase homebuyer education, expedite the home buying process, and provide appropriate mortgage products tailored to the needs of the community."

"Fannie Mae is dedicated to helping more residents of Connecticut become homeowners," said Sharon Gowen, deputy director of Fannie Mae’s Connecticut Partnership Office. "Every Connecticut resident should have a chance at obtaining the American Dream."

"Home ownership is part and parcel to being an American. It is an essential part of the American dream of self sufficiency and upward mobility," said Charles Shepherd, president, Urban League of Southwestern Connecticut, Inc. "We also realize another part of being an American is helping those less fortunate and in need of our assistance. The collaboration partners are very excited to provide the opportunity to assist those who want a home with the means to actually purchase one."

For information on Chase Manhattan Mortgage Corporation’s products and services, consumers may call (800) 465-3179 or visit www.chase.com and click on mortgages.

Chase Manhattan Mortgage Corporation, with headquarters in Edison, New Jersey, is ranked the nation’s second largest residential mortgage lender and third largest servicer as of December 31, 2001 by Inside Mortgage Finance. It employs 12,000 people in major servicing and operations sites and over 280 offices across the country. The Chase home finance businesses include first mortgage, home equity and manufactured housing loans.

Chase Manhattan Mortgage Corporation is a subsidiary of J.P. Morgan Chase & Co., a leading global financial services firm with assets of $694 billion and operations in 50 countries. With relationships with more than 99 percent of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world\\\'s most prominent corporate, institutional and government clients.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation’s largest source of financing for home mortgages. Fannie Mae is working to shrink the nation’s "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided more than $3.6 trillion of mortgage financing for nearly 43 million families.

The Urban League is the nation’s oldest and largest community-based movement devoted to empowering African Americans to enter the economic and social mainstream. The National Urban League, headquartered in New York City, spearheads the nonprofit, nonpartisan movement, while Urban League affiliates operate in more than 100 cities in 34 states and the District of Columbia. More information is available at www.nul.org.