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.
