- Company Expands Previous $100 Billion Challenge -
WASHINGTON, Feb. 4 /PRNewswire-FirstCall/ -- Angelo Mozilo, chairman of
Countrywide Home Loans, Inc., a national leader in residential finance,
announced in a speech to the Harvard Joint Center for Housing Studies and the
National Housing Endowment this evening that the company would extend its
previous One Hundred Billion Dollar Challenge, begun two years ago, to
increase homeownership among low income and minority home buyers. The
extended commitment will fund $600 billion in home loans to previously
underserved Americans through the end of the decade.
"As I look back on the history of affordable lending for both the mortgage
industry and Countrywide, I am honored and delighted that we have reached our
last remarkable goal three years early," Mozilo said. "Now, we are committing
to an even greater goal, and I wholeheartedly look forward to the day when I
can announce that we have funded $600 billion to help lower income and
minority home buyers achieve the dream of homeownership."
Countrywide's previous goal -- to fund $100 billion in home loans through
2005 -- was met three years early and was exceeded by more than $15 billion,
prompting the company to extend its commitment to $600 billion through 2010.
Multiple factors, including the unprecedented demand for home loans by all
Americans and Countrywide's ever-increasing focus on serving the nation's
emerging markets, contributed to this feat.
In explaining the company's focus on emerging markets, Mozilo indicated
that homeownership is essential to strengthening our nation. Homeowners gain
a stake in their community, contribute to local and national economies, and
begin to build their own personal wealth through home equity. "Because of the
tremendous impact homeownership has on our nation, Countrywide takes seriously
its own long-term commitment to fair lending, affordable housing and lending
to under-served communities. While we are proud of our long-time record, our
newest commitment makes it obvious we're not ready to rest yet."
More than a decade ago, Mozilo formalized Countrywide's commitment to
affordable lending by launching House America, an initiative to provide
increased homeownership opportunities for all Americans. At that time,
Countrywide developed a low down payment home loan that would appeal to
lower-income borrowers, setting a goal of originating $1.25 billion in such
loans. The commitment to affordable lending was raised over the years to
demonstrate the company's dedication in this arena, and the belief that it is
a fully viable business market.
In 1994, Countrywide was the first lender to voluntarily sign an ambitious
document entitled "A Declaration of Fair Lending Principles and Practices"
with the U.S. Department of Housing and Urban Development. Six years later,
Countrywide was also the first lender to renew the HUD Declaration. In 2001,
Countrywide recommitted financially with its biggest number ever --
$100 billion.
As it has in the past, Countrywide will continue to expand the reach of
its House America branches to ensure an inner city presence in the largest
metropolitan areas of the country. The company will also seek out new loan
programs that offer greater flexibility in loan qualifying and help borrowers
build equity more quickly. In addition, it is pursuing a recruitment strategy
to increase the number of employees who are experienced in generating emerging
markets business.
Countrywide is also very committed to providing loan opportunities to
emerging markets across the country by:
-- Expanding partnerships with nonprofit and community-based organizations
that seek to increase homeownership and support housing initiatives
that benefit lower-income and minority families
-- Participating in home-buying fairs, seminars and various outreach
activities to increase homeownership
-- Extending further the company's existing relationships with government
and nonprofit organizations that provide down payment assistance in
their communities
-- Offering a wide selection of information, tools and educational
resources that assist consumers in achieving full financial literacy,
particularly as it applies to purchasing a home and understanding their
rights as a consumer.
"Through our $600 billion commitment, Countrywide recognizes the
importance of emerging markets in our nation and the fact that all Americans
should have the same opportunity to own a home and build financial wealth,"
said Mozilo.
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC), formerly
Countrywide Credit Industries, Inc., is a member of the S&P 500, Fortune
500 and Forbes 500. Countrywide, through its subsidiaries, 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 primarily prime-quality loans. Countrywide
Home Loans was recently ranked number one overall in the third quarter 2002
Gomez Internet Mortgage Scorecard. The company is headquartered in Calabasas,
California and has more than 30,000 employees with over 500 offices. For more
information about the company, visit Countrywide's Web site at
http://www.countrywide.com.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
Company News On-Call:
http://www.prnewswire.com/comp/102559.html
CONTACT:
Kris Yamamoto of Countrywide Financial
Corporation, +1-800-796-8448
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