When you're as dedicated to workforce diversity and equal opportunity lending as Countrywide is, people notice.

Countrywide Home Loans Becomes Nation's #1 Mortgage Lender in Emerging Markets. 10/04

Countrywide top minority lender. 10/04

New Countrywide Radio Campaign Promotes African American Dream of Homeownership. 8/04

Countrywide Appoints Rodolfo Saenz to Executive Vice President of Business Development, Emerging Markets. 8/03

Countrywide Campaign Reaches Out to Hispanics and Underscores Expertise in "Facilitando Suenos". 7/04

US Representative Pete Sessions Announces Efforts by Local Church to Help North Dallas Community Members Become Homeowners. 4/04

Faith-based initiative hits home.  3/03

Countrywide extends commitment to low-income and minority homebuyers.  3/03

Countrywide's Chairman Mozilo Delivers John T. Dunlop Lecture.  2/03

Countrywide Names Mary Salinas Durón Senior Vice President of Retail Emerging Markets Group.  3/03

2 Top Lenders Pledge $500B Each.  2/03

Countrywide Home Loans Becomes Nation's #1 Mortgage Lender in Emerging Markets
Wednesday October 13, 9:01 am ET
Loans to African Americans, Hispanics, Asians and American Indians Increase by 65.5 Percent

CALABASAS, Calif., Oct. 13 /PRNewswire/ -- As a result of its ongoing effort to increase homeownership in low-income and minority communities, Countrywide Home Loans, Inc., a national leader in residential finance, today announced it has become the nation's leading mortgage lender to emerging markets communities, which include African American, Hispanic, Asian/Pacific Islander and American Indian/Alaskan Native homeowners.

The announcement was based on annual Home Mortgage Disclosure Act (HMDA) data for 2003 released by the Federal Financial Institutions Examinations Council, which compiles the mortgage lending results reported by lenders nationwide to federal regulators. According to the data, Countrywide Home Loans originated or purchased 440,870 loans made to members of minority groups -- the highest number reported by any mortgage lender and an increase in loan volume of 65.5 percent over the previous year (see table below). The HMDA report also showed that Countrywide maintained a leading role nationally as one of the largest providers of home loans in low-income communities and to low-income homeowners.

"We're extremely proud of our accomplishments as they clearly demonstrate our long-standing commitment to provide all Americans with the opportunity to achieve the dream of homeownership," said Countrywide Financial Corporation Chairman and CEO Angelo Mozilo. "These results underscore our ongoing efforts to discover new approaches to turn individuals and families into homeowners, to develop new loan products that reduce or eliminate the obstacles to homeownership and to make it easier for families to qualify for loans."

According to the 2003 HMDA data, Countrywide Home Loans' achievements include:
     *  Providing $74.7 billion in loans to African American, Asian, Hispanic
       and American Indian homebuyers nationwide
    *  Providing 193,497 loans to Hispanic borrowers, or 12.6 percent of all
       home loans to Hispanics
    *  Providing 108,480 loans to African American borrowers, or 9.6 percent
       of all home loans to African Americans
    *  Providing 120,858 loans to Asian borrowers, or 13.7 percent of all
       home loans to Asians
    *  Providing 18,035 loans to American Indian borrowers, or 27.3 percent
       of all home loans to American Indians

Countrywide assumed the leadership role in mortgage lending to emerging market groups by taking steps to better serve those communities. The company increased its hiring of bilingual and multicultural employees; expanded marketing and advertising in ethnic communities; strengthened its relationship with brokers and other intermediaries; joined in educational initiatives with various community and church groups in programs to foster homeownership; and developed innovative mortgage products specifically geared to help broaden the range of individuals and families who may qualify for loans.

Chief among the new products is Countrywide's Optimum Loan(SM) program with features specifically designed to assist the many creditworthy individuals who have little or no funds for down payments and closing costs -- one of the biggest obstacles to homeownership. The program requires a cash contribution of the lesser of one percent of the home's sale price or $500. The program includes flexible underwriting guidelines that consider non-traditional credit, income and asset sources.

    * includes Countrywide Home Loans, Inc., Full Spectrum Lending, Capital
      Markets and Treasury Bank

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Countrywide top minority lender
Los Angeles Daily News 10/13/2004

By Gregory J. Wilcox
Staff Writer

Wednesday, October 13, 2004 - CALABASAS -- Countrywide Home Loans Inc. said Wednesday it was No. 1 again in minority lending last year, based on figures compiled by the federal government.

During 2003, a record year for the mortgage industry thanks to falling interest rates and record home prices, the Calabasas-based company said it made or purchased 440,870 loans involving members of minority groups, an increase of 65.5 percent over 2002.

The emerging market segment includes African-American, Hispanic, Asian/Pacific Islander and American Indian/Alaskan natives.

Countrywide based its ranking on industry data for 2003 required by the Home Mortgage Disclosure Act that is compiled by the Federal Financial Institutions Examinations Council. While the council collects the data it is up to lenders to figure out their standing within the industry.

And the federal agency didn't have anything to say about Countrywide's claim or the industry's minority lending practices.

"We just don't make our economists available for interviews. They are just not comfortable speaking with the media," said Susan Stawick, a spokeswoman for the Federal Reserve Board, one of the council members.

An analysis by National Mortgage News showed Wells Fargo was No. 2 and Washington Mutual No. 3.

"There is real commitment by the company to expand our presence in emerging markets. Not because the markets are growing but because it's good business," said Rodolfo Sanez, executive vice president and manager of emerging markets at Countrywide.

Countrywide also said the data released to lenders show it maintained a leading role in low-income communities.

The company said it:

Provided $74.7 billion in loans to African-American, Asian, Hispanic and American Indian home buyers nationwide.

Provided 193,497 loans to Hispanic borrowers, or 12.6 percent of all home loans to Hispanics.

Provided 108,480 loans to African-American borrowers, or 9.6 percent of all home loans to African-Americans.

Industrywide the FFIEC data showed that:

From 2002 to 2003, the number of loans increased 11 percent for whites, 15 percent for blacks, 16 percent for Asians, and 18 percent for Hispanics. Lending to American Indians fell 5 percent.

From 1993 to 2003, the annual number of home purchase loans to Hispanics rose 236 percent; to Asians, 163 percent; to blacks, 106 percent. Lending to American Indians and whites increased more modestly, 50 percent and 44 percent, respectively.

Joe Arbona, a spokesman for Seattle-based Washington Mutual, said that he couldn't offer specifics on the company's numbers. But Washington Mutual is comfortable with third place.

"We're really pleased with our performance in this particular area. There is always room for improvement and that's what were looking at," he said.

Paul Muollo, executive editor of National Mortgage News, said it's no surprise that minority lending improved last year.

"With home values going up so much, anyone ... had a lot easier time qualifying," he said.

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New Countrywide Radio Campaign Promotes African American Dream of Homeownership

CALABASAS, CA (August 24, 2004) – Expanding upon its role as a national leader in residential finance and a leading provider of mortgage loans to African Americans, Countrywide Home Loans, Inc. has launched a new radio advertising campaign designed to appeal to the homeownership aspirations of African American families.

The new radio campaign focuses on the perceived barriers that many African Americans and others harbor about buying a home, including common misconceptions regarding credit issues, down payment costs and other apparent obstructions to making the dream of homeownership a reality.

Aimed at raising awareness and fostering Countrywide as the lender of choice among African American consumers, the ads feature Countrywide’s innovative products, including its new Optimum LoanSM, which offers low down payment options, relaxed credit guidelines and allows for multiple income sources to facilitate more approvals.  The spots invite consumers to call Countrywide’s dedicated line – 877-U-CAN-OWN (877-822-6696) – to find out just how easy qualifying for a home loan can be.

“We want the African American community to know that with the multitude of Countrywide mortgage programs to fit a variety of financial situations, the dream of homeownership is truly within reach for many who may think otherwise,” remarks Rodolfo Saenz, executive vice president of Emerging Markets for Countrywide.  “We want to show our customers how to leverage Countrywide’s strong product offerings and unparalleled expertise and to take advantage of our ongoing dedication to helping them achieve their homeownership goals.”

Saenz says the radio advertisements should appeal to African Americans’ strong sense of community and neighborhood ties as they will highlight Countrywide’s local experts who work in the community and who have the ability to ensure fast, easy approvals and better overall service.

Radio ads for the campaign will air through September during morning drive times in six major U.S. markets:  Atlanta, Chicago, Detroit, Los Angeles, New York and Washington D.C.

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Countrywide Appoints Rodolfo Saenz to Executive Vice President of Business Development, Emerging Markets

CALABASAS, CA (August 12, 2003) — Countrywide Financial Corporation (NYSE: CFC), a diversified financial services provider, announced that Rodolfo Saenz has been named executive vice president of business development, emerging markets.  In this position, Saenz will be responsible for integrating and coordinating the strategic planning, business development and positioning for Countrywide’s emerging markets efforts across the company’s business units.

Saenz will be in charge of directing marketing programs that target ethnic communities and implementing an emerging markets campaign to attract and retain new relationships.  In addition, Saenz will also oversee Countrywide’s strategic plan to promote and enhance fair housing programs, community outreach efforts and affordable loan products.

“Countrywide’s efforts to lower the barriers to homeownership, increase home buyer education and drive down the cost of obtaining a home loan are impressive,” said Saenz.  “The company has aggressive goals like the $600 billion challenge to provide home loans to emerging markets and lower income communities by 2010.  I am very excited about the opportunity to promote Countrywide’s products and services to under-served communities in mortgage lending,, banking, insurance and other financial services.”

Prior to joining Countrywide, Saenz enjoyed a lengthy career with Charles Schwab & Co., where he held a variety of executive and management positions and pioneered marketing programs targeting Hispanic and Asian-American communities.  At Charles Schwab, Saenz most recently served as senior vice president of retail client services, where he led an organization of 500 stock brokers.  Other positions Saenz held while at Charles Schwab include senior vice president of strategic planning and information; vice president of retail affluent marketing; vice president of emerging markets; and vice president of market research and business analysis.

Saenz holds a bachelor of science degree in chemical engineering from Tecnologico de Monterrey in Mexico and an MBA from Stanford University.  He is also certified with his Series 7, 8, 24 and 63 stock brokerage licenses and is currently obtaining his certified financial planning credentials. 

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Countrywide Campaign Reaches Out to Hispanics and Underscores Expertise in “Facilitando Sueños”

CALABASAS, CA (July 1, 2004)—Affirming its longstanding commitment to the Spanish-speaking community, Countrywide Home Loans, Inc., a national leader in residential finance, has launched a new media campaign specifically catering to the homeownership aspirations and concerns of Hispanics in the United States.

The campaign’s television and radio advertisements—rolled out this week in major markets nationwide—are designed to raise awareness in the Hispanic community regarding the affordability of owning a home, while highlighting Countrywide’s distinct expertise and special programs that help make the American dream a reality. This message is encapsulated in the tagline, “Facilitando Sueños,” which builds on the “Realize your dreamsSM” national branding campaign launched by Countrywide earlier this year.

“This targeted campaign is just one more way that Countrywide demonstrates its dedication to becoming the lender of choice among Emerging Markets consumers,” remarks Rodolfo Saenz, executive vice president of emerging markets for Countrywide. “Rather than merely translate existing English-language advertisements into Spanish, we have crafted messages that expressly speak to the Hispanic community—assuaging their anxieties, demystifying any confusion, and earning their trust. These principles are embodied in our local branches.  Countrywide has more than 200 branches nationwide where bilingual home loan experts provide viable solutions from our broad array of products and services that can help obliterate the barriers to homeownership.”

Airing on Univision, Telemundo, Galavision, and CNN en Español in early and late evening news and prime news briefs Monday through Friday through this fall, the campaign’s Spanish-language television ad will be complemented by three Spanish-language radio spots in five major Hispanic markets. In addition, a new English-language television commercial specifically appealing to the Hispanic community will be included in the company’s national branding campaign rotation during high-profile programs and events.

Through the “Facilitando Sueños” campaign, Countrywide aims to increase recognition among Hispanic first-time buyers and differentiate the company from its competitors based on its unparalleled product offering and solid reputation for high-caliber service characterized by honesty, integrity and expertise. The spots, developed after extensive market research, inspire hope and encourage consumers to capitalize on the opportunity to realize the dream of homeownership through a relationship with Countrywide.

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U.S. Representative Pete Sessions Announces Efforts by Local Church to Help North Dallas Community Members Become Homeowners

DALLAS, TX -- (April 30) -- U.S. Representative Pete Sessions (R-TX) and representatives from Christian Chapel Christian Methodist Episcopal (CME) Temple of Faith, Countrywide Home Loans, and Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, are announcing a faith-based initiative to help church members and non-members achieve homeownership.  The announcement will be made at Sunday services, May 2, 11:00 a.m., at 14120 Noel Road in Dallas.

“Owning your own home is the American dream, and this commitment will help minority families overcome the obstacles often involved in understanding the process of buying a home,” said Rep. Sessions.  “The collaboration of Christian Methodist Episcopal CME Temple of Faith, Countrywide, and Fannie Mae brings Dallas families one step closer to making the dream of homeownership a reality.”

Christian Chapel CME Temple of Faith established the Jordan Community Development Corporation (CDC), a nonprofit organization serving the Dallas/Fort Worth community.  Reverend Fred L. Jones has led the CDC’s homeownership initiative since its inception in 2000.  Under the initiative, the Jordan CDC is offering a “home buyers club” to members of Christian Chapel CME Temple of Faith and the surrounding community.

“Until the American dream becomes a personal dream it will never cross over from dreams to reality,” said Rev. Jones, project manager of the Jordan CDC homeownership initiative.  “The goals of owning your own home, sending your children to college, and saving for retirement are important and the Jordan CDC is committed to helping dreams become a reality.”

The home buyers club, facilitated by Countrywide loan officers, will meet at the church every third Thursday of the month from 6:30 to 8:30 p.m.  Attendees can learn about the many aspects of the home-buying process, including how their credit affects their ability to qualify for a loan and how to work with a Realtor®.  In addition, Countrywide representatives will educate attendees with information about the benefits of purchasing a home and the variety of loan options available for low- to moderate-income home buyers.  After completing the seminar, attendees can meet one-on-one with Countrywide representatives, who will help them through the next steps of qualifying for a home loan.

“Community leaders across the country are engaged in major efforts to revitalize neighborhoods and increase homeownership,” said Andrew Warrick, senior vice president and regional manager of Countrywide Home Loans.  “Through our alliance with local faith-based institutions, we intend to educate as many people as possible about the availability of affordable mortgage financing.  Our involvement with Fannie Mae is a further commitment to our faith-based community.”

The Jordan CDC is a registered user of Home Counselor OnlineTM (HCO), Fannie Mae’s free, Web-based application that enables counselors and other housing professionals to better serve consumers preparing for the responsibilities and financial obligations of homeownership.  This application is one of the Fannie Mae technology resources that counseling agencies and educators can use to help home buyers achieve and maintain the dream of homeownership.  By using HCO, counselors and educators are able to provide a “ready borrower” to a lender partner and refer a “not quite ready borrower” to various workshops and home-buyer education classes for assistance.

“Helping our members get the information they need to make safe, sound home-buying decisions is of utmost importance,” said Dr. Jerome McNeil Jr., pastor of Christian Chapel CME Temple of Faith. “Many of our members do not believe they can obtain a fair home loan and purchase a home, so we are delighted to help them learn more about the process and, hopefully, help them get into a home.”

Christian Chapel CME Temple of Faith, which was first called Christian Chapel CME/White Rock Chapel Methodist Church, was the first African American Church established in Far North Dallas. The church moved to its current sanctuary in January 1999 and has a membership of more than 3,000.  Dr. Jerome McNeil Jr. has been pastor since 1991.  In the past 10 years, many new ministries have been organized during Dr. McNeil’s administration, including the Jordan CDC, radio and television broadcasts, juvenile detention ministry, My Father’s House Christian Bookstore, and the Rock Christian Academy School.

“We know the importance of tearing down barriers to homeownership, and realize that faith-based organizations can play a huge role in the effort to increase homeownership and improve communities,” said Effie Worrell, director of Fannie Mae’s Dallas/Fort Worth Partnership Office.  “Homeownership is a foundation for strengthening neighborhoods.  There is a real value in reaching more families that desire quality affordable housing.”

Fannie Mae’s participation in this faith-based lending homeownership initiative is part of the company’s National Faith-Based Initiative, Building Communities Through Faith and Housing PartnershipsTM, designed to create strong working relationships between faith-based organizations, lenders, and housing and community partners to help more Americans become homeowners. 

Faith-based initiative hits home.
Publication:    Spokesman Review
Article Date:   03/20/2003

One of the largest mortgage lenders in the United States and the oldest church in North America founded by blacks have partnered in a faith-based initiative that may be a forerunner of the broader government programs President Bush advocates.

Saturday, Countrywide Home Loans representative Wena Powell will conduct a workshop on homeownership for members of the Bethel African Methodist Episcopal Church in Spokane. Other would-be home buyers are also welcome.

Powell will discuss the basics of homeownership, how to budget and save for a down payment, and how to manage credit.

The program also explains how to qualify for a loan, and the special programs available for minority and low- or moderate-income borrowers.

The free workshop starts at 9:30 a.m. in the Richard Allen Recreation Center at 645 S. Richard Allen Court (1108 E. Newark). Attendees will receive a workbook they can take home.

Powell and two other Spokane Countrywide people will be available for follow-up appointments later, Powell says, and Countrywide has set aside a special telephone number - 1-866-AME-4CHL (263-4245) - that will be dedicated to responding to questions from AME church members.

Besides its educational value, she says, the information is intended to dissolve the myth that homeownership is beyond the reach of low-income renters.

"Our mission is to get first-time homeowners and minorities into homes of their own," says Powell, a member of the Bethel AME congregation.

Bethel pastor Lonnie Mitchell says the workshop is the result of an initiative launched last July by Countrywide and the 5th District of the AME Church, which encompasses 14 Western states, 240 churches and 500,000 families.

For Bethel, he says, the program is an extension of other church efforts to provide parishioners with education, housing and child-care services.

"We are a community-minded church," Mitchell says.

Countrywide Senior Vice President Mary Salinas Durón says the Financial Literacy and Homeownership Program is one of many company outreach efforts.

Churches were considered the best way to promote homeownership in black neighborhoods, she says, adding that Countrywide is looking for ways of reaching Hispanic and Asian communities.

Once in a home, often with a mortgage payment less than rent, owners build wealth as they increase their equity. And as they stay and gain equity, neighborhoods stabilize.

Although Countrywide two years ago set aside $30 million for these initiatives, Salinas Durón says the loans themselves are no different from those offered to other home buyers.

"Our goal is to build more partnerships to minority communities where there is a large gap in ownership rates," she says.

Too many potential buyers think they must have a 20 percent down payment to get into a home, Salinas Durón says.

Countrywide's experience with low down payment loans has been comparable to that with more conventional loans, she notes.

Countrywide is by no means the only lender that has offered classes or other educational programs in low-income communities. And the Spokane Homeownership Resource Center also offers a variety of classes.

But churches are a new front, one that may well expand rapidly this year. In May, the U.S. departments of Housing and Urban Development, Health and Human Services, and Education, among others, will co-sponsor a regional conference in Vancouver, Wash., on faith-based and community initiatives. The Washington Department of Community, Trade and Economic Development is also a sponsor.

Questions about the propriety of state and church relationships aside, perhaps Countrywide's experience will provide some lessons the public agencies can learn from. The more efficiently financial help can be delivered, the better.

Countrywide extends commitment to low-income and minority homebuyers.
Publication:    Mortgage Banking
Article Date:   03/01/2003

CALABASAS, CALIFORNIA-BASED COUNTRYWIDE Financial Corporation has extended its previous One Hundred Billion Dollar Challenge, begun two years ago, to increase homeownership among low-income and minority homebuyers. The extended commitment will fund $600 billion in home loans to previously underserved Americans through the end of the decade.

Countrywide's previous goal to fund $100 billion in home loans through 2005 was met three years early and was exceeded by more than $15 billion, prompting the company to extend its commitment to $600 billion through 2010.

More than a decade ago, Mozilo formalized Countrywide's commitment to affordable lending by launching House America, an initiative to provide increased homeownership opportunities for all Americans. At that time, 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 over the years to demonstrate the company's dedication in this arena, and the belief that it is a fully viable business market, according to Countrywide. Countrywide is committed to providing loan opportunities to emerging markets across the country by 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 government and nonprofit organizations that provide down-payment assistance in their communities; and 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.

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Countrywide's Chairman Mozilo Delivers John T. Dunlop Lecture.
Leader Calls on Mortgage and Housing Industries to Address Homeownership Gap

WASHINGTON, DC (February 4, 2003) — Angelo R. Mozilo, chairman, CEO and president of Countrywide Financial Corporation, Inc., (NYSE:CFC), urged mortgage professionals, housing experts and others to address the obstacles that create an "intolerably wide" gap between minority and lower-income homeownership and what is classified as white homeownership. Mozilo delivered the John T. Dunlop Lecture sponsored by the Joint Center for Housing Studies of Harvard University and the National Housing Endowment on Tuesday night.

In his presentation entitled "The American Dream of Homeownership: From Cliché to Mission," Mozilo told his audience, "Expanding the American dream of homeownership must continue to be our mission, not solely for the purpose of benefiting Corporate America, but more importantly, to make our country a better place." He went on to outline bold suggestions that the mortgage industry and others should consider to overcome barriers to homeownership. These include elimination of mortgage down payment requirements, educational efforts to make the home loan process easier to comprehend, and reduction and streamlining of loan application documentation.

Mozilo drew upon his 50 years of experience in the mortgage industry and cited Countrywide's successful efforts to increase homeownership opportunities for minority and lower-income borrowers. From these perspectives, he identified and commented on several structural obstacles within residential finance business practices that adversely impact home-buying among these constituencies:

• The loan underwriting process: "We must look for ways to capture 'alternative' payment histories and to properly factor in cultural differences in credit, income and spending habits, so that we can say 'yes' to borrowers who have the ability and willingness to make their mortgage payments. Credit scores must not be the dominant factor for assessing risk. Non-traditional factors such as rent and utility payment history should be imbedded in the automated underwriting process."
• Loan performance measurement: "Let's focus on the majority of people who are successfully managing their loans and living their dream. Let's not be obsessed by the few that fail, but instead be encouraged by the vast majority who succeed. Let's look for every possible reason to approve applicants, not to reject them."
• Counter-productive regulatory efforts: "With respect to predatory lending, enough of the mania. Let's be mindful that reputable lenders cannot operate under hundreds of laws that only have one thing in common - the word 'predatory.' Subprime lending and predatory lending are not the same thing. Brushing them with one broad stroke only wipes out the opportunities for homeownership for too many deserving low-income and minority home buyers."

Mozilo spoke of the importance of homeownership to families, communities and the nation. "In addition to increasing personal wealth and adding to our national economy, creating more homeownership opportunities and narrowing the homeownership gap increases social capital. In other words, it ties families, neighborhoods and communities together," he explained.

Citing several studies, he noted that children living in owned homes have higher math and reading achievement levels, and homeowners are more likely than renters to belong to civic groups, such as parent-teacher organizations.

In conclusion, Mozilo said, "Housing is critical to our nation's welfare and to our communities' well-being. Let's make sure that the American dream of Homeownership is never a cliché, and always our cause, and always our steadfast mission. We have the resources. Together, as partners, let's show the will."

The John T. Dunlop Lecture was held at the National Housing Center in Washington, DC. The Dunlop Lecture series honors a distinguished member of the Harvard community in recognizing the contributions of emeritus professor John T. Dunlop and his distinguished career at the University, in government, and in the private sector. Dunlop played a key role in establishing the Policy Advisory Board of the Joint Center for Housing Studies. Mozilo serves on that board, as well as the Board of Trustees of the National Housing Endowment, and has been inducted into the National Association of Home Builders Hall of Fame.

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Countrywide Names Mary Salinas Durón Senior Vice President of Retail Emerging Markets Group.

CALABASAS, CA (March 14, 2003) - Countrywide Home Loans, Inc., a national leader in residential finance, has named Mary Salinas Durón as senior vice president and manager of its retail division's emerging markets group.  As head of this area, Durón will continue to direct extensive outreach efforts to minorities and lower-income borrowers and communities, initiate new programs and services and oversee Countrywide's national House America Counseling Center, which provides home loan counseling and home-buyer education.

Countrywide's decade-old House America initiative was recently integrated into the company's Consumer Markets Division to take full advantage of the more than 3,000-person sales force dispersed in communities across the country.  Using this sales force, Countrywide hopes to further deploy its affordable loan products and community outreach to increase homeownership in traditionally underserved communities.

"As we continue to expand our service to emerging markets across the country, we will rely on Mary's expertise in advocating fair and affordable housing for all Americans," said Brian Hale, executive vice president of Countrywide's retail division.  "Under her leadership, we will prime our workforce with the loan products and training necessary to best serve our customers."  

Previously, Ms. Durón was senior vice president and director of House America and fair lending efforts, as well as senior vice president and CRA officer of Treasury Bank, N.A., a subsidiary of Countrywide Financial Corporation. In her role as CRA officer, Ms. Durón directed the CRA activities of the Bank.

Mary joined Countrywide's House America group in 1998 with a strong background in both fair lending and community reinvestment.  She increased Countrywide's visibility in the fair lending arena, extensively promoted Countrywide's House America initiatives, represents Countrywide on several non-profit boards and has forged new community relationships.  In her previous capacity, she oversaw the House America Counseling Center, the Home Mortgage Disclosure Act.

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2 Top Lenders Pledge $500B Each to AH.
Publication:    National Mortgage News
Article Date:   02/10/2003

By Amilda Dymi
NEW YORK - Following closely on the heels of a $500 billion commitment to underserved communities by J.P. Morgan Chase, Countrywide Home Loans Inc. has announced that it will be expanding its previous $100 billion pledge to increase low-income and minority homeownership to $600 billion in funding for "previously underserved Americans" through 2010.

Countrywide chairman Angelo R. Mozilo made the announcement at a Harvard Joint Center for Housing Studies in Washington and a National Housing Endowment panel. He said that among the reasons for the expanded commitment were Countrywide's continuous focus on the nation's emerging markets, favorable market conditions and the fulfillment three years in advance of the company's goal to fund $100 billion in home loans through 2005. (That amount initially had been extended by another $15 billion.)

In his speech announcing the new commitment, Mr. Mozilo urged the mortgage industry to address issues related to an "intolerably wide" gap between minority and lower-income homeownership and the traditionally white homeownership.

"We have the resources," he said. "Together, as partners, let's show the will."

Industry insiders like Conrad Egan, executive director of the National Housing Conference, believe that Countrywide and Chase's announcements "are a sign" that affordable homeownership products are becoming an important part of their regular "book of business," as such products, which used to be "special," are becoming "routine."

"The reason for that is that those (underserved) borrowers are increasingly being perceived as solid and dependable mortgagors who also represent a substantial new market opportunity," Mr. Gan told National Mortgage News.

"The key is acknowledging, while the default rate may higher for those borrowers, that it can be dealt with by better credit scoring, pricing flexibility, counseling and other mechanisms - and should not be a reason for ignoring a major market opportunity," Mr. Gan said.

Furthermore, expanded homeownership opportunities have a positive long-term social impact.

In his presentation entitled "The American Dream of Homeownership: From Cliche to Mission," Mr. Mozilo also emphasized that homeownership must benefit corporate America as much as serving to make the country "a better place."

The 50-year industry veteran identified the elimination of mortgage downpayment requirements, educational efforts to make the home loan process easier to comprehend, and reduction and streamlining of loan application documentation as important residential finance business goals.

He called on originators "not to be obsessed" by the few who fail and "look for every possible reason to approve applicants, not to reject them.

"Credit scores must not be the dominant factor for assessing risk on traditional factors such as rent and utility payment history should be imbedded in the automated underwriting process."

Countrywide's formalized commitment to affordable lending goes back more than a decade when it introduced the "House America" initiative, designed to help increase homeownership opportunities for all Americans, developed a low downpayment product for lower-income borrowers and announced it would originate $1.25 billion in such loans.

Countrywide constantly increased its goals until reaching its record of $100 billion in 2001. Furthermore, in 1994, Countrywide was the first lender that volunteered to sign "A Declaration of Fair Lending Principles and Practices" with the Department of Housing and Urban Development.

Going forward, the company said it plans to continue to expand its branch presence in the largest metropolitan areas of the country, recruit staff experienced in generating emerging markets and offer new loan programs "that offer greater flexibility in loan qualifying and help borrowers build equity more quickly."

It also plans to expand partnerships with nonprofit and community-based organizations specialized in affordable housing, government and nonprofit organizations that provide down payment assistance, and provide housing education.

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