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Lighthouse Credit Foundation Wins National Award!

WASHINGTON. (November 13) 2006 - Freddie Mac (NYSE: FRE) today announced the winners of its inaugural 2006 Successful Models in Financial Education Awards during the company’s CreditSmart® Symposium: Financial Education for Maximum Results. Lighthouse Credit Foundation was among the honorees winning an award.

Each organization had a unique approach to meeting the challenge of encouraging financial literacy, but they share a common goal: bringing needed financial skills to underserved communities. More than 45 organizations submitted entries in four categories, and the top programs were honored as follows.

  • Successful Outreach and Marketing Efforts for Financial Education Award: The University of Missouri-Columbia Office of Financial Successes created a Financial Tip of the Week, which is a free weekly e-mail service that reaches over 43,000 consumers with important financial information on topics such as beginning investing, managing debt, dealing with credit problems and more. The information is designed to be accessible and educational while helping individuals make more informed financial decisions.
  • Successful Partnerships for Financial Education Award: The Women's Institute for a Secure Retirement (WISER) and Mothers' Voices of Georgia collaborated to bring financial and retirement education programs to minority women in rural Georgia and metropolitan Atlanta. WISER collaborated with more than 45 local organizations to offer free financial literacy education services reaching over 2,500 African American low-income women last year.
  • Successful Approaches to Motivating Consumers for Financial Education Award: Lighthouse Credit Foundation’s program, LifeSmarts, prepares teens to teach financial literacy and life skills. The program concentrates on training students to participate in The National Consumers League’s LifeSmarts competition, which focuses on five key areas of consumer knowledge, to prepare them to function effectively in today’s world.
  • Successful Tools or Resources Used in Financial Education Initiatives Award: Neighborhood Housing Services of Great Falls, Mont., works cooperatively with process servers from the county sheriffs’ office to provide foreclosure prevention information to homeowners in default with their home loans. This low-cost partnership has already reduced foreclosures in Montana.
“Today’s winners understand that successful financial education must begin early and extends into retirement as personal needs evolve,” said Dwight Robinson, senior vice president of Community Relations and Housing Outreach. “These awards give Freddie Mac the opportunity to recognize the achievements these organizations have made in addressing the financial education challenges at each step.”

In addition to today’s top award winners, each category also featured a runner up and an honorable mention. The full list follows.

Each winner was awarded $1,500 for a successful model within each of the four categories; runners-up received $500. Applications were accepted from qualified nonprofit organizations and for profit-organizations. However, for-profit organizations winners were required donate the cash award to a nonprofit organization.

The contest was managed by an independent source, who also selected independent judges to review the entries, which were judged based on:
  • Cost-effectiveness — strategy is modest cost compared to return on investment
  • Impact — strategy increased or improved prior results
  • Innovation — strategy demonstrates creativity and uniqueness
  • Reproducible — strategy can be reproduced and implemented by others
  • Effectiveness — overall effectiveness in delivering financial education