Freddie Mac Rates Flagstar Bank One of the Top Mortgage Servicers in the US

Troy, MI
March 8, 2007
PR NewsWire

Flagstar Bank (NYSE:FBC) recently achieved Freddie Mac's prestigious 2006 Tier One Platinum performance ranking for excellence in investor reporting and default management.

According to Freddie Mac, one of the nation's largest investors in residential mortgages, Flagstar was one of only 39 servicing companies
nationwide to meet this standard. Nationally, approximately 1,500 lenders
service Freddie Mac owned loans. "I want to personally thank Flagstar for consistently achieving remarkable results through hard work, persistence and a commitment to excellence," said Janet Eakes, senior vice president of single family sourcing operations for Freddie Mac. "Our Tier One rankings go only to those few mortgage servicers whose superior performance, efficiency, and customer service set the benchmark for the rest of our industry." Freddie Mac ranks its servicers each month on the basis of performance benchmarks that cover a wide range of activities, such as investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure.

Based on their management of active and delinquent loans, servicers are ranked in four tiers ranging from Tier One (superior results) to Tier Four (unacceptable results) on their monthly Servicer Performance Profile.
Servicers who achieve the Tier One Platinum level had Tier One ratings
in both the Investor Accounting and Reporting and the Default Management categories of their Servicer Performance Profile for two quarters in 2006. They receive a number of benefits, such as fee waivers, financial rewards and national recognition.

Flagstar Bancorp, with $15.5 billion in total assets, is the largest
publicly held savings bank headquartered in the Midwest.

At December 31, 2006, Flagstar operated 151 banking centers in Michigan, Indiana and Georgia and 76 home loan centers in 22 states. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans.

Improving the Financial Skills of Children: ING Launches Two New Programs

March 6, 2007


ING DIRECT, the nation’s largest direct bank, is launching two new programs to improve financial literacy among American children. The Adventures in Saving writing contest invites aspiring authors of all ages to create a children’s story with a savings theme for the chance to win $1,000 and be published.


The ING Planet Orange Financial Literacy Awards will offer $100,000 in grants to kindergarten through eighth grade teachers to implement financial literacy projects and programs into their curriculums. “I believe the best way to create a society of fiscally responsible adults is through early education,” said Arkadi Kuhlmann, President and CEO, ING DIRECT.


“Because only 38 percent of teenagers today can pass a basic financial literacy test, it is critical that we double our efforts to teach money habits. The Adventures in Saving book-writing contest and Planet Orange Financial Literacy Awards are unique initiatives designed to promote an understanding of money and saving among youth.”


Adventures in Saving requires applicants to submit their children’s story manuscript online. Open to U.S. residents over the age of 6 (children under 18 are required to receive parental consent before entering), the tale must focus on a basic financial lesson or concept, such as saving or earning money.


Three grand-prize winners will receive a $1,000 Orange Savings Account and have their manuscripts illustrated and published. Adventures in Saving contest runs through June 30, 2007, and the winners will be announced in August. Open to teachers in all 50 states including the District of Columbia, the Planet Orange Financial Literacy Awards grant program challenges K-8 educators to submit proposals for grants ranging between $200 and $1,000 for financial literacy classroom projects and programs.


Applicants must write a short essay explaining their proposal and justifying the resources requested. The application deadline is April 20, 2007, and the winners will be announced in May. Separate panels of independent judges will review all applications and story manuscripts for the Planet Orange Financial Literacy Awards grant program and Adventures in Saving contest, respectively.


Panels will be comprised of teachers, educational administrators, children’s book authors, and illustrators.