WASHINGTON – Fannie Mae's 2006 American Dream Team Program internship is underway, and just as they did when the program was inaugurated in 2005, credit unions have stepped up not only to serve as mentors for the selected interns, but also to help administer the 2006 program.

The 10-week summer program is a collaboration between Fannie Mae with selected lender partners, national nonprofit organizations and community-based trusted advisors that are committed to providing meaningful training opportunities for minority college students who are interested in building a career in the mortgage industry.

Fannie Mae Vice President and Chief Diversity Officer Emmanuel Bailey explained the program is the outgrowth of a pilot the housing Government Sponsored Enterprise conducted three years ago that was connected to the company's American Dream commitment to make it possible for more low- and moderate-income Americans to become homeowners. Internal research indicated some of the barriers that block minorities and immigrants from owning homes. Among the obstacles were they haven't been exposed to financial services and the home ownership process like other consumers, and there's a lack of information and need for trusted advisors minorities and immigrants can relate to.