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Fannie offers homeowner tool--WaysHome
WASHINGTON (1/10/11)--Fannie Mae has launched WaysHome, an interactive video to educate homeowners about their options to avoid foreclosure, motivate them to make the right decisions, and encourage them to seek help. Fannie Mae, a CUNA Strategic Services Provider, is a government-sponsored enterprise chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets. WaysHome is part of Fannie Mae’s Know Your Options consumer initiative to help struggling homeowners. WaysHome was developed by Fannie Mae to educate distressed homeowners on the short- and long-term impact of their decisions. Through video reenactment, WaysHome allows homeowners to experience scenarios for avoiding foreclosure, including repayment plans, forbearances, modifications, deeds-in-lieu and short sales. The video is set in a neighborhood hurt by the foreclosure crisis. Actors play three neighborhood residents--each in financial distress. Homeowners choose one of the residents to play and, as their stories unfold, make important financial decisions for them and see how the consequences of these decisions play out. Fannie Mae provides tips, tools and links during the process, and users can go back and revise their decisions if their choices lead to a negative outcome. Most choices lead to an immediate consequence followed by a related teaching point.
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