Our new Multicultural Markets Priority Objective was created to establish Countrywide as the dominant mortgage originator, financial services provider and employer of choice within the Hispanic, African-American and Asian markets.

Priority Objective: Multicultural Markets 
"Achieve leadership status by establishing Countrywide as the dominant mortgage originator, financial services provider and employer of choice within the Hispanic, African-American and Asian markets."

How are we accomplishing this priority objective? By offering innovative ideas, products, and services that increase homeownership opportunities.

Here are just a few examples:

Location Efficient Mortgages
For qualified buyers in urban areas served by public transportation, these home loans consider savings from using public transportation as part of the borrower's income.

Rural Housing Loans
No down payments and flexible approval guidelines make these loans possible for qualified low- to moderate-income borrowers in smaller and rural communities.

Home Rehabilitation Loans
Qualified homeowners and buyers can finance improvements through Fannie Mae's HomeStyle mortgage products and FHA 203(k) rehabilitation loans.

Assistance with Down Payments and Closing Costs
Countrywide participates in over 800 local programs that provide assistance with down payments and closing costs. Funds are provided by state and local housing finance agencies, employers and nonprofit organizations.

Community Seconds Programs
Certain city, county, state and nonprofit agencies provide loans and/or grants to assist borrowers with down payments and closing costs. This type of assistance is secured by a second lien which is often forgivable.

Individual Development Accounts
These accounts, offered by nonprofit groups, employers and government agencies, offer matching funds for down payments and closing costs.

Mortgage Credit Certificates
A greater portion of a borrower's income becomes available to qualify for a home loan with these certificates that offer a federal income tax credit on 10 to 20% of annual mortgage interest to be paid. Housing finance agencies coordinate these programs.

Expanded Approval/Timely Payment Rewards
Conventional loans for qualified borrowers with less than perfect credit are available and may include an interest rate reduction if a solid payment history is established.

Mortgage Revenue Bond Programs
Countrywide works with more than 500 local programs nationwide, offering below-market-rate loans backed by bonds issued through state and municipal housing finance agencies.

New Immigrants Mortgage Initiative
Home loans are available to qualified non-permanent resident aliens who have lived and worked in the United States for two years and have petitioned for permanent residency.

So, how are we doing?
During the recent three-year period from 1999 through 2001, Countrywide made the dream of homeownership a reality for thousands of minorities, low- to moderate-income borrowers, and borrowers living in low- to moderate-income communities. In 2001, we made over $10.5 billion in home loans to minority borrowers, an increase of 36.0% over 2000, which in turn was a 29.3% increase over 1999. During the same year, we loaned over $8.5 billion to low- to moderate-income borrowers, an increase of 22.2% over 2000, which in turn was a 21.4% increase over 1999.

In low- to moderate-income communities, we made over $4.8 billion in home loans, an increase of 7.8% over 2000, which in turn was an increase of 22.3% over 1999.

Since the inception of House America in 1992, we've helped countless, hard-working people build personal wealth and stable communities. But we're not even close to being finished. Whether it's affordable home loan products, financial literacy services, or community outreach, Countrywide will always be a recognized leader.