Fannie Mae sets minority owner goal

Fannie Mae, the top U.S. buyer of mortgages, said Tuesday that it intends to help 1.8 million minority families in the United States buy their first home in the next decade, increasing the minority homeownership rate to 55%. Its overall goal is to help 6 million families in the U.S. become first-time homeowners in the next decade.

The new effort is part of Fannie Mae’s American Dream Commitment, a plan announced in 2000 to provide $2 trillion in private capital for 18 million minority and underserved Americans to own or rent a home by the end of 2010. Fannie Mae said it has provided more than $3 trillion for more than 28 million families in the last decade.