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OCR Page 1 of 91PUBLIC AND CORPORATE COMMITMENTS TO
INDIAN COUNTRY
At the Shared Visions Summit on July 7, 1999, President Clinton announced a series of
commitments by HUD, other public agencies and corporate sponsors as well as successful
competitive grant awards. These commitments included local announcements and major
initiatives for all of Indian country. Listed below is a summary of these commitments and grant
awards.
A. Major Deliverables for All of Indian Country
1) The Native American Homeownership Initiative
The Mortgage Bankers Association and HUD will team with Bank of America,
Countrywide, Norwest, Banc One and other private mortgage lenders to more than
double the number of government insured or guaranteed home mortgages in Indian
Country for each of the next three years.
This Initiative will mean 1,000 additional Native American homeowners.
2) HUD, Private Industry Partners to Increase Lending in Indian Country by $1.5 Billion
HUD will expand Ginnie Mae's successful Targeted Lending Initiative (currently available
only in Empowerment Zones and Enterprise Communities) to Indian Country.
Targeted Lending attracts mortgage lenders by cutting the fees they pay to place their
loans in Ginnie Mae securities by up to 50%.
Banc One Capital Markets and George K. Baum & Company have committed to
underwrite $300 million in bonds per year for the next five years to raise funds to be lent
to tribes, tribal housing authorities and individual Native American homebuyers.
This new initiative will also result in lower interest rates on mortgages in Indian Country.
3) Mortgage Insurance Companies of America Commit to Boost Homeownership in
Indian Country
Members of the Mortgage Insurance Companies of America (MICA) will work to meet the
homeownership needs of Native Americans.
In all, commitments include insuring a total of $37 million of home
mortgages.
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