MCALLEN, Texas, May 27, 2004 (PRNewswire) - U.S. Congressman Ruben Hinojosa, a leading supporter of financial literacy initiatives, today joined Freddie Mac, South Texas Community College and the Hispanic Association of Colleges & Universities (HACU) to launch CreditSmart Espanol(SM) in Hidalgo and Starr Counties. CreditSmart Espanol is a free financial literacy program designed to help Hispanic students, faculty and the residents of Hidalgo and Starr Counties build strong credit and make wise financial decisions.

One of the nation's largest investors in residential mortgages, Freddie Mac invested more than $600 million in mortgages for Hidalgo and Starr county residents over the past five years, helping nearly 7,500 local households become homeowners.

"Freddie Mac's CreditSmart Espanol will help more of our families manage their finances and better understand the homebuying process," said Congressman Ruben Hinojosa. "I would like to thank each of the partners for their commitment to South Texas and for helping more families achieve the American Dream."

CreditSmart Espanol is Freddie Mac's trademarked bilingual financial literacy curriculum that was developed with HACU and six other national Hispanic organizations to help narrow the homeownership gap for Latino families. Nationally, 68 percent of America's families own homes, but only 48 percent of Latino families are homeowners, according to the U.S. Census Bureau.

"Today's announcement lays the foundation for a new generation of Hispanic homeowners at South Texas Community College," said Jim Park, Vice President of Industry Relations and Corporate Outreach at Freddie Mac. "I want to thank Rep. Hinojosa, our colleagues at STCC and HACU for working with us to expand the opportunity for homeownership and financial well-being in the Hispanic community."

"We're excited that Congressman Hinojosa, as a renowned champion of Hispanic higher education and national financial literacy outreach, is joining us at this launch of a program that is helping our students build a better future," said HACU President and CEO Antonio R. Flores. "Financial literacy is an indispensable skill for helping students achieve their college goals, become future homeowners and enjoy a lifetime of financial security. We applaud Freddie Mac, which has opened so many doors to homeownership for our communities, and South Texas Community College, which is a national model for service to diverse communities, for embracing this remarkable program."

"CreditSmart Espanol is helping our students learn how to make wise financial decisions and responsibly assume debt after they complete college. The curriculum that will be taught in the CreditSmart Espanol program is one of the best I have ever seen. South Texas Community College is honored to join with HACU and Freddie Mac and anxious to begin providing the CreditSmart Espanol workshops to our students and their families," said South Texas Community College President Dr. Shirley A. Reed.

A Comprehensive Financial Literacy Program

Freddie Mac is providing STCC with workshop materials and funding to teach credit and money management skills that can prepare participants for future homeownership, a college education for their children and other life-long financial goals.

CreditSmart Espanol consists of eleven modules that help consumers obtain the knowledge and skills necessary to effectively manage their money and to positively impact their credit. The modules cover the following topics: Managing Your Money, Banking Services, Goal Setting, Your Credit and Why it is Important, Establishing and Maintaining Good Credit, Understanding Credit Scoring, Thinking Like a Lender, Avoiding Credit Traps, Restoring Your Credit, Planning for Your Future, and Becoming a Homeowner.

The CreditSmart modules are being incorporated into the on-going academic and personal growth workshop series provided by STCC counselors. Trainers are bilingual and will provide instruction in English and Spanish. In addition, all students enrolled in the STCC Valley Scholars Program will be required to attend CreditSmart training. Valley Scholar participants are in the top 10% of their high school graduating class and are predominately first-generation college students who plan to transfer to four-year institutions after graduating from STCC. CreditSmart planning will help them save money for that transition.

South Texas Community College will join a roster of HACU member colleges and universities that already have introduced the popular, Freddie Mac-funded credit education program to campuses and the predominantly Hispanic communities they serve in Texas, New York, California, Arizona, Florida and Puerto Rico. HACU represents 360 colleges and universities that serve the largest concentrations of Hispanic higher education students in the United States.

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters.

South Texas Community College, founded in 1993, serves more than 15,000 students in Hidalgo and Starr Counties. The comprehensive community college offers 80 degree and certificate options. Located on the Mexican border, STCC has campuses in McAllen, Weslaco and Rio Grande City, in addition to technology, and nursing and allied health centers in McAllen. The college also operates a Partnership for Workforce Training and Continuing Education that provides customized training for area employers.

HACU, a nonprofit, tax-exempt 501(c)(3) organization, is a national leader in Hispanic outreach, advocacy and higher education initiatives, including scholarship and internship programs, lifelong learning and workforce development initiatives. For more information, visit http://www.hacu.net.