CALABASAS, Calif., April 25 /PRNewswire/ -- Countrywide Financial
(NYSE: CFC), a diversified financial services provider, and New Vista Asset
Management have joined together to find qualified buyers for Countrywide's
REO properties. The program is designed to help minimize the impact of
foreclosures on neighborhoods by reaching out to consumers interested in
residing in these communities. In the relationship, New Vista's network of
real estate professionals who have deep roots in minority communities are
assigned the responsibility and will work to ensure that prepared
homebuyers, often first-time and minority homebuyers working with New Vista
professionals, have the opportunity to purchase REO properties.
Additionally, New Vista and Countrywide will be hosting several
community seminars for first-time buyers to educate them about purchasing
REO units and obtaining the best financing possible for their situation.
These seminars, beginning in Los Angeles and Dallas, will be held in
collaboration with community-based organizations and focused on providing
consumers the information they need to purchase REO properties.
"Countrywide and New Vista Asset Management share the common mission of
helping to make sure that homeownership is achievable and sustainable, and
that neighborhoods are stabilized during this difficult time in the housing
market," said Steve Bailey, Senior Managing Director of Loan Administration
for Countrywide. "Countrywide and New Vista Asset Management began the
relationship in mid-October 2007, and we are currently partnering in local
markets, including San Diego, Sacramento, Los Angeles, Las Vegas, Dallas,
Fort Worth, Houston, San Antonio and Atlanta."
New Vista's overall strategy is to leverage its broad connections with
real estate brokers who work in minority communities, nonprofit housing
counselors and mortgage industry professionals to create a source of
housing that will be accessible to first-time homebuyers in the underserved
community. The company is working with leading lenders, like Countrywide,
to create a more responsible way to sell these REO units, making them
attractive to homebuyers rather than investors.
"Countrywide has always been a clear industry leader in serving and
promoting minority homeownership," said New Vista's Chairman Gary Acosta.
"By marketing and selling REO units directly to first-time and minority
home buyers, New Vista and Countrywide are advancing our mutual commitment
to increase affordable housing opportunities and act as responsible
contributors to the local housing market."
"We applaud the efforts of Countrywide and New Vista to keep the dream
of homeownership alive in underserved communities," said Timothy Sandos,
President and CEO of National Association of Hispanic Real Estate
Professionals. "By creating a program to ensure that first-time and
minority homebuyers have access to affordable REO properties, New Vista and
Countrywide are helping protect neighborhoods from community deterioration
and loss of minority homeownership," added Mr. Sandos.
About Countrywide Financial
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider. Through its family of companies, Countrywide
originates, purchases, securitizes, sells, and services prime and nonprime
loans; provides loan closing services such as credit reports, appraisals
and flood determinations; offers banking services which include depository
and home loan products; conducts fixed income securities underwriting and
trading activities; provides property, life and casualty insurance; and
manages a captive mortgage reinsurance company. For more information about
the Company, visit Countrywide's website at http://www.countrywide.com.
About New Vista Asset Management
New Vista Asset Management is a San Diego-based national REO management
and marketing company that provides innovative and community-based
outsourcing solutions for mortgage bankers, mortgage investors and
regulated financial institutions. The key driver behind the company's
integrated minority homeownership strategy is to use our client's
foreclosure inventory to create affordable housing solutions for minority
and first-time homebuyers and increase homeownership rates in underserved
communities. New Vista was founded by the nation's top minority housing
leaders: Jim Park is the President and CEO of New Vista and currently
serves as the President of the Asian Real Estate Association of America,
and Gary Acosta is the Co-founder of the National Association of Hispanic
Real Estate Professionals (NAHREP).
For more information about the company, go to
http://www.newvistareo.com.
SOURCE Countrywide Financial
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Related links:
http://www.countrywide.com
http://www.newvistareo.com
CONTACT:
Countrywide, 1-800-796-8448,
pressroom@countrywide.com; or Mary Mancera, +1-760-634-5007, for
New Vista Asset Management
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