Submitted by: Countrywide Credit Industries, Inc.
Categories: Community Development
Posted: Mar 14, 2001 – 11:00 PM EST
Mar. 14 /CSRwire/ - Angelo Mozilo, chairman and chief executive officer of Countrywide Home Loans, Inc., a national leader in residential finance, announced the company's One Hundred Billion Dollar Challenge, a new $100 billion commitment to increasing homeownership among low income and minority home buyers over the next five years. The announcement was made last evening at The Greenlining Institute's Economic Development Summit in Sacramento, CA.
Mozilo said homeownership strengthens the very fabric of society, as new homeowners gain a stake in their community, contribute to the economy, and build their own financial worth. "That is why Countrywide takes so seriously its own long-term commitment to fair lending, affordable housing and lending to under-served communities. And while we are proud of our three-decade record in this arena, we're not ready to rest yet."
In 1992, Mozilo formalized Countrywide's commitment to affordable lending by launching House America, an initiative to provide increased homeownership opportunities for all Americans. Also that year, 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 to $5 billion the next year.
In 1994, the commitment to fair lending and affordable housing was again increased. 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.
In 1998, Countrywide announced its We House America campaign -- a five-year commitment to originate $50 billion to minority and lower-income families and communities. In 1999, that commitment was raised to $80 billion.
As part of its new Challenge to fund $100 billion in home loans to
under-served Americans, Countrywide will increase the number of House America branches to 30 to ensure an inner city presence in the largest metropolitan areas of the country. The company will also add new loan programs that offer flexible loan qualifying guidelines and help borrowers build equity, and thus personal wealth, more quickly.
Countrywide is also committed to:
-- 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 more than 600 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 One Hundred Billion Dollar Challenge and other efforts,
Countrywide recognizes that all Americans should have the same opportunity to own a home, build financial wealth and live in a neighborhood of their choice," said Mozilo.
Countrywide Home Loans, Inc. is the primary subsidiary of Countrywide
Credit Industries, Inc. (NYSE: CCR). It originates, purchases, securitizes, sells and services home loans, according to its founding principle of affordable homeownership. Countrywide Home Loans is the largest direct online lender, offering loan applications, rich content and strong transaction capability through http://www.countrywide.com and a nationwide branch network.
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