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Fannie Mae Opens LA Mortgage Help Center

CULVER CITY (CBS) — Government budget analysts estimate that U.S. mortgage giants Fannie Mae and Freddie Mac may ultimately need up to $363 billion in bailout funds. But starting Tuesday, at least one of those mortgage giants is offering help to struggling homeowners.

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Fannie Mae is set to bring together community leaders and mortgage industry partners at a special open house event to unveil its new Mortgage Help Center in Culver City, where they say homeowners can get help in reducing the risk and potentially avoiding the financially-devastating option of foreclosure.

The new facility targets mortgage holders who have a Fannie Mae loan and gives them a chance to meet directly with experienced housing advisors who speak English and Spanish to discuss their mortgage situation.

Fannie Mae says these face-to-face meetings will allow borrowers to better understand the entire range of foreclosure prevention options and provide an opportunity to work closely with servicers to achieve an escalated resolution.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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