Financial Freedom concludes record year

Countrywide expands commitment to minority, lower-income borrowersmortgagepress.comCountrywide, We House America, low-income funding, minority funding Countrywide Home Loans Inc. has announced an extension of its We House America initiative to fund $1 trillion in home loans to minorities and lower-income borrowers and communities through 2010. Countrywide launched We House America more than a decade ago to provide increased homeownership opportunities for all Americans. The previous commitment covered the years of 2001 through 2010 and provided $341 billion of home loans as of Dec. 31, 2004. "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, Fla. To help reach the $1 trillion funding goal, Countrywide will build on its existing programs and policies. In addition, the company will continue to develop programs emphasizing non-traditional lending criteria such as calling for improved underwriting systems that eliminate the over-reliance on traditional credit scores that can mask a borrower's true creditworthiness. Last year, Countrywide launched its Optimum Loan program that 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. For more information, visit www.countrywide.com.