Then, Franklin D. Raines, Freddie Mac chairman and CEO proclaimed, "The high percentage of Americans who don't connect paying bills late with the potential for problems later when they try qualifying for a mortgage is a new and very disturbing trend, and we must find ways of reversing it."

Raines wasn't just providing fodder for a press release.

Earlier this week, almost two months to the day of the survey, Raines announced the planned Oct. 4 launch of "Your Credit Matters" a national consumer-education advertising campaign to help people understand how credit works for or against you when you are trying to buy a home.

In English and Spanish, the campaign will include broadcasts on national television and cable networks. Consumers who call (800) 605-5200 or visit the Web site http://www.creditguide.org will get free copy of "Knowing and Understanding Your Credit."

The guide will help you understand what credit is, how to establish good credit and repair credit problems, and how to take care of your credit as a first step in the home-buying process.

Raines announced the campaign along with a new Fannie Mae loan program called "Timely Payment Rewards" for those who've experienced credit problems in the past but can now handle mortgage payments. After two years of timely payments on a monthly mortgage, the lender will drop your interest rate by a full percentage point. The loan for credit risks begins with an interest rate that's higher than rates for those with better credit records

The new credit education campaign also includes a special 30-minute educational program that will air on the Black Entertainment Television (BET) cable network on Sundays at noon, Eastern Daylight Savings Time, beginning on Oct. 20 and continuing until Jan. 2, 2000.

Hopefully, non-blacks will also watch.

In Fannie Mae's national housing survey, African Americans and Hispanics were more likely than whites to understand the consequences of late bill paying. While 62 percent of blacks and 46 percent of Hispanics understand it would be a major problem to be 30 days late paying a utility bill three or more times, only 38 percent of whites agreed.

The new campaign is designed to work in conjunction with Fannie Mae's existing publications "Opening the Door to a Home of Your Own" and "Choosing the Mortgage That's Right for You".

The educational effort has already caught the attention of the Federal Trade Commission.

"The FTC has long been a champion of helping consumers understand the value of good credit. Consumers call the FTC for information about credit more than any other topic. We are pleased the Fannie Mae Foundation will help consumers get important information about using credit wisely," said Jodi Bernstein, director of the FTC's Bureau of Consumer Protection.