FREDDIE MAC, STANDARD FEDERAL BANK ANNOUNCE NEW ISLAMIC HOME FINANCING INITIATIVE FOR MICHIGAN FAMILIES Freddie Mac’s Summer of Homeownership to Help More Observant Muslims McLean, VA - Freddie Mac announced today a new initiative designed to help Muslims living in Michigan become homeowners while observing traditional Islamic restrictions on paying interest on mortgages and other types of debt. Developed with Standard Federal Bank and Detroit-based United Mortgage of America, the new initiative enables prospective homeowners to enter into long-term lease-purchase arrangements that permit them to later sell the house and profit from any home price appreciation. Freddie Mac has agreed...