HACU established a formal Memorandum of Understanding with Freddie Mac to help promote the national financial literacy and consumer credit education campaign. HACU represents 336 member and partner colleges and universities serving the largest concentrations of Hispanic higher education students in the United States and Puerto Rico.

Freddie Mac is the quasi-government agency best known for making homeownership a reality for millions of Americans. CreditSmart^sm Español is designed to help Latino consumers – the fastest-growing U.S. consumer group -- build and maintain good credit to better prepare for home ownership and other lifelong financial goals.

“As the nation’s leading voice for Hispanic higher education success, we are delighted to join in this ambitious new initiative to enhance the financial literacy skills of many of the nation’s more than 1.5 million Hispanic college students,” said HACU President and CEO Antonio Flores.

“Every college student today already is burdened with the dramatic rise in higher education costs, heavy student loan responsibilities and an uncertain employment outlook upon graduation. This is especially true for Hispanics, who suffer historically high poverty rates and low college graduation rates,” Flores said. “Thanks to the foresight and leadership of Freddie Mac, Hispanic students can now have access to valuable skills that can lead to a more financially secure future.”

Veteran public affairs advocate and lawyer Rosario Mendez will serve as Program Manager for HACU’s role in the new Freddie Mac initiative. “This project is going to reach thousands of Hispanic college students at an age when it is crucial to begin learning about credit management and how to successfully achieve their financial goals,” said Mendez, who will be based at HACU’s Washington, D.C., offices.

HACU joins a CreditSmart^sm Español partnership that also includes the League of United Latin American Citizens (LULAC), the National Council of La Raza, the United States Hispanic Leadership Institute, Cuban American National Council, National Puerto Rican Coalition Inc. and National Association of Hispanic Real Estate Professionals.

Freddie Mac will provide HACU as much as $125,000 over a two-year period to help plan, promote and implement this new financial education and awareness outreach initiative to HACU’s network of member and partner colleges and universities, which collectively serve more than two-thirds of all Hispanic higher education students.

HACU is a leader in Hispanic education initiatives, including pre-collegiate outreach, Hispanic higher education advocacy, international partnerships, lifelong learning and workforce development initiatives, scholarship and internship programs, and innovative education technology projects.

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970, subject to rigorous governmental oversight and substantial capital requirements, to create a continuous flow of funds to mortgage lenders in support of homeownership and quality rental housing opportunities for a diverse U.S. citizenry.

For more information, contact HACU/Freddie Mac Program Manager Rosario Mendez at HACU’s Washington, D.C., headquarters at (202) 833-8361. Or visit www.hacu.net.