Washington, DC – Freddie Mac (NYSE: FRE) today announced the winners of its inaugural 2006 Successful Models in Financial Education Awards and its Champions of Financial Literacy Awards during the company’s CreditSmart® Symposium: Financial Education for Maximum Results. The four honorees for the Successful Models awards each have a unique approach to meeting the challenge of encouraging financial literacy, but share a common goal: bringing needed financial skills to underserved communities. Additionally, the Champions in Financial Education Awards recognize Members of Congress who make a difference in the financial future of all Americans.

“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 and Congressional members have made in addressing the financial education challenges at each step.”

Champions of Financial Literacy Awards

This year the five honorees are Congresswoman Judy Biggert and Congressmen Spencer Bachus, Rubén Hinojosa, Mike Honda and Mel Watts. Their legislative efforts and personal dedication have focused on the importance of financial literacy and education, protecting consumers from abusive and predatory lending practices, and promoting financial empowerment through legislative initiatives.

Successful Models in Financial Education Awards

More than 45 organizations submitted entries in four categories, and the top programs were honored. 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.

The awards selection 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