Foreclosure Assistance event in Tampa on Saturday

07/09/08 Mitch E. Perry
WMNF Drive-Time News Wednesday | Listen to this entire show:

Fannie Mae and Freddie Mac are the two biggest U.S. mortgage finance companies. But there are growing concerns that the companies may not have enough capital to weather the biggest housing slump since the Great Depression.

Concerns that Fannie Mae and Freddie Mac may need more capital were heightened this week after Lehman Brothers released a report saying a new accounting rule may require the companies to raise $75 billion.

Freddie Mac shares dropped 18 percent after the report was issued on June 7 and Fannie Mae dropped 16 percent.

But the agencies are still key players in trying to aid those affected by the subprime mortgage crises.

This Saturday, there will be a Foreclosure Assistance Workshop hosted by Tampa area Congresswoman Kathy Castor at the Hunt Community Center at Al Lopez Park in Tampa.

Robin Stout Magala is the Consumer Outreach Manager for Freddie Mac. In an interview with WMNF today, she discussed the foreclosure crisis, beginning by explaining what exactly her company does.

The Workshop is Saturday morning at the Hunt Community Center at Al Lopez Park, 4810 N. Himes Ave. from 9 a.m. to 2 p.m. For more information, call (813) 348-1172.

Also the Center for Affordable Homeownership is also hosting meetings every Friday this month, where borrowers can speak with approved counseling agencies. Those meetings will take place 1803 N. Howard Ave. For more information, call (813) 251-5402.

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