- We House America Challenge Leads the Industry in Affordable Lending -
ORLANDO, Fla., Jan. 14 /PRNewswire/ -- Countrywide Home Loans, Inc., a
national leader in expanding homeownership across America, today announced an
extension of its We House America(R) initiative to fund $1 trillion in home
loans to minorities and lower-income borrowers and communities through 2010.
"The $1 Trillion We House America Challenge, expanded from $600 billion
announced in 2003, embodies Countrywide's long-standing commitment to lead the
mortgage industry in closing the homeownership gap for minority and
lower-income families and communities," said Countrywide Financial Corporation
Chairman and CEO Angelo Mozilo, who announced the initiative at the
International Builders' Show in Orlando.
"For several years now, Countrywide has been a leading lender to
minorities and lower-income households," Mozilo said. "I am proud of our
lending record and pleased to announce the expansion of our lending commitment
to $1 trillion. The We House America program has already placed 2.4 million
families into homes, and we expect to nearly triple that number by 2010."
To help reach the $1 trillion funding goal, Countrywide will build on its
existing comprehensive programs and policies that have made it the industry
leader. The company will continue to develop innovative programs emphasizing
non-traditional lending criteria, thus helping to address challenges Mozilo
has made to the industry, such as calling for improved underwriting systems
that eliminate the over-reliance on traditional credit scores that can mask a
borrower's true credit-worthiness. Countrywide is already responding to this
challenge with the launch last year of its successful Optimum Loan program.
That program addresses major obstacles for hard-to-qualify borrowers, such as
allowing for non-occupant co-borrowers, other secondary income, and pooled
funds for down payments.
The company is also increasing its support for financial literacy
programs. Expanded access to high quality financial literacy training can
alleviate one of the chief obstacles to homeownership, a lack of knowledge and
understanding of credit and financial responsibility. The program will be
announced next week at the U.S. Conference of Mayors Winter Meeting in
Washington D.C.
"To ensure that this objective is achieved, we intend to expand upon our
existing partnerships with specific community groups," Mozilo said. "We have
also called upon one of our esteemed directors, the Honorable Henry Cisneros,
former Secretary of Housing and Urban Development and a former mayor of San
Antonio. Henry will put to use his long and respected experience as an
advocate for affordable housing who understands the benefits to communities of
homeownership. He has graciously agreed to lend his support and expertise to
this effort with the goal of assuring Countrywide's continued leadership in
innovative, responsible and flexible mortgage products."
Secretary Cisneros said of the initiative, "Countrywide's $1 trillion
commitment is very tangible proof of this company's commitment to fair,
affordable and responsible lending. This company is leading the industry in
closing the homeownership gap through ambitious lending commitments,
innovative programs, and a strong corporate culture that constantly looks for
ways to improve. This is an exciting initiative for Countrywide and I am
looking forward to being part of this important effort."
Countrywide formalized its commitment to affordable lending more than a
decade ago by launching We House America, an initiative to provide increased
homeownership opportunities for all Americans. The previous commitment
covered the years of 2001 through 2010 and has provided $341 billion of home
loans as of December 31, 2004. The company is now extending the goal to
$1 trillion by 2010.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a member of the S&P
500 and Fortune 500. Through its family of companies, Countrywide provides
mortgage banking and diversified financial services in domestic and
international markets. Mortgage banking businesses include loan production
and servicing principally through Countrywide Home Loans, Inc., which
originates, purchases, securitizes, sells, and services residential loans.
Also included in Countrywide's mortgage banking segment is the LandSafe group
of companies that provide loan closing services. Diversified financial
services encompass capital markets, banking, insurance, and global, largely
through the activities of Countrywide Capital Markets, a mortgage-related
investment banker; Countrywide Bank, a division of Treasury Bank, NA, a
banking entity offering customers CDs, money market accounts, and home loan
products; Balboa Life & Casualty Group, whose companies are national providers
of property, liability, and life insurance; Balboa Reinsurance, a captive
mortgage reinsurance company; and Global Home Loans, a U.K. mortgage banking
joint venture in which Countrywide holds a majority interest.
For more information about the Company, visit Countrywide's website at
http://www.countrywide.com.
SOURCE Countrywide Financial Corporation
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CONTACT:
Media, Susan Martin or Jumana Bauwens,
+1-800-796-8448, pressroom@countrywide.com, or Investor
Relations, +1-818-225-3550, ir@countrywide.com, all of
Countrywide Financial Corporation
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