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March 30, 1998 The Gas Company, Fannie Mae, and Viewtech Announce New Energy Upgrade Financing Program for Southern California HomeownersLOS ANGELES, CA -- Southern California homeowners will be able to finance home energy improvements through a new affordable loan program developed by The Gas Company, Viewtech, and Fannie Mae (FNM/NYSE), the nation's largest source of home mortgage funds. The Home Energy Financing Program will offer financing for heating and cooling system upgrades as well as other energy improvements for customers of The Gas Company. Available financing for improvements will range from $1,000 to $15,000 through fixed-rate loans with terms of up to ten years. "Fannie Mae is showing its continued commitment to homeowners," said U.S. Senator Barbara Boxer (D-CA). "Their work does not end with the sale of the home. They constantly work toward providing a better quality of life for the owners." The Home Energy Financing Program was designed to provide customers with a flexible financing tool to pay for energy-efficient home improvements. Viewtech will administer the program through its full service finance center. Staff at the center will handle credit decisions, process loan documents, customer and contractor billings, payments, and insure prompt customer service. Fannie Mae has committed to purchase the loans made under the program from Viewtech. Typically, homeowners would only be able to obtain higher interest-rate consumer loans to finance energy improvements. "Our alliance with Fannie Mae and Viewtech will help homeowners achieve immediate and long-term energy conservation as well as save them money," said Pat Petersilia, director of consumer marketing with The Gas Company, the nation's largest natural gas distributor, serving 4.7 million customers and 535 communities. Home Energy FinancingThe program offers financing for upgrades such as furnaces, central air conditioning, window and door replacements, insulation, water heaters, and fireplace inserts. "Fannie Mae is pleased to be working with The Gas Company and Viewtech on such an exciting consumer product," said Libby Harshfield, senior vice president of Fannie Mae's Western Regional Office. "The dream of homeownership is not only about providing affordable housing opportunities, but also about providing products that homeowners can use to improve their homes." Under the program, home improvements will be completed by local contractors approved by the League of California Homeowners. "As a consumer organization, we are pleased to be able to provide homeowners with recommendations for highly qualified craftsmen and technicians," said Kenneth W. Willis, president of the League. For more information on the Home Energy Upgrade Program, call 1-888-427-0797.
Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source off funds for home mortgages. It has committed to provide $1 trillion in targeted lending for ten million homes by the end of the decade. The targeted lending will serve low- and moderate-income families, minorities, new immigrants, residents of central cities and other underserved areas, and people who have special housing needs. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com. Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae, " and the company's stock is now listed on the NYSE as "Fannie Mae. " In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae." Back to Archive |