CALABASAS, Calif., Oct. 24 /PRNewswire/ -- Countrywide Financial
Corporation (NYSE: CFC) today announced that Henry G. Cisneros has
relinquished his Board of Director membership. Mr. Cisneros is chairman of
CityView, a company that provides financing for America's urban
homebuilders.
"I need to focus my time and energies on putting CityView in the best
position to adjust to the demands of the period ahead," Mr. Cisneros said.
"I admire Countrywide's contributions toward helping American families
purchase their own homes, and I have immense respect for Countrywide, its
management team, its leadership and its workforce."
"My respect for the Countrywide Board of Directors and its leader,
Angelo Mozilo, is unwavering," Cisneros continued. "Countrywide is a well
managed company and I have enormous confidence in the leadership that has
guided Countrywide through many different mortgage cycles. Angelo's vision
has benefited millions of homeowners; in particular, his mission and
innovation have helped lower-income, minority and first-time homebuyers who
previously had been overlooked. Angelo has long been among the most
respected executives in the financial services industry and has dedicated
more than four decades to providing homeownership opportunities to
Americans."
"On behalf of the Board of Directors, I would like to extend my deep
gratitude to Henry for his significant contributions to Countrywide," said
Angelo R. Mozilo, chairman and chief executive officer. "His expertise,
especially as it relates to the vital need to increase homeownership rates
among minority and lower-income families, aligned well with Countrywide's
fulfillment of our mission to lower the barriers to sustainable
homeownership."
Mr. Cisneros' tenure on the Countrywide Board since 2001 coincides with
the company's launch of the We House America $1 Trillion Dollar Challenge,
a campaign to fund $1 trillion in home loans to minorities and low- to
moderate-income borrowers, and to borrowers in lower-income communities, by
2010. As of August 31, 2007, the company has funded approximately $789
billion toward that goal.
Countrywide has also expanded upon its financial literacy initiatives
during Mr. Cisneros' tenure on the board, including development of the new
Web-based H.O.M.E. mortgage education program (homebycountrywide.com), and
primary sponsorship of capacity grants to communities participating in the
U.S. Conference of Mayors' DollarWi$e program.
The Corporate Governance and Nominating Committee has engaged a search
firm to assist it in identifying one or more independent director
candidates to join the company's Board of Directors.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider and a member of the S&P 500, Forbes 2000 and
Fortune 500. Through its family of companies, Countrywide originates,
purchases, securitizes, sells, and services residential and commercial
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.
SOURCE Countrywide Financial Corporation
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CONTACT:
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1-800-796-8448, pressroom@countrywide.com, or investors, Investor
Relations, +1-818-225-3550, all for Countrywide Financial
Corporation
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