WASHINGTON, March 18, 2011 /PRNewswire/ -- The Independent Community Bankers of America (ICBA), the nation's voice for community banks, and Freddie Mac (OTC Bulletin Board: FMCC) today announced the extension of their eight-year alliance agreement, which gives ICBA member banks superior access to the secondary mortgage market through Freddie Mac.
"ICBA is pleased to continue to offer ICBA member community banks the highest quality services and products. Our alliance with Freddie Mac helps our members continue to serve the lending needs of their customers while ultimately making their communities a better place to live," said Ron Haynie, President and CEO of ICBA Mortgage.
The Freddie Mac/ICBA alliance helps ICBA members provide common-sense mortgage loans to their customers. It also provides various incentives, including upgraded technology and training. These advantages, when combined with standard Freddie Mac offerings, give ICBA members more robust options that help them continue to serve in the mortgage marketplace.
"Today's announcement should reassure ICBA members that their access to the mortgage products and services will continue through the current market conditions," said Mike Koch, Vice President Offerings Market Management at Freddie Mac. "Our alliance with ICBA underscores our commitment to the special needs of our community lender customers and to make home possible in their communities."
Key features of the Freddie Mac-ICBA alliance include:
- Secondary market sale advantages, with cash executions customized to meet individual business needs;
- Increased access to capital markets and portfolio management experts;
- Guaranteed rural housing loan products that help bankers reach more borrowers in rural communities.
First announced in 2003, the ICBA/Freddie Mac alliance is designed to help ICBA members serve more customers and stay competitive in today's dynamic marketplace. The new alliance agreement extends the relationship between the two organizations through March 2012.
The Independent Community Bankers of America, the nation's voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
SOURCE Freddie Mac