COUNTRYWIDE HOME LOANS INC., CALabasas, California, has extended its We House America[R] initiative to fund $1 trillion in home loans to minorities and lower-income borrowers and communities through 2010.
Countrywide formalized its commitment to affordable lending more than a decade ago by launching We House America. The previous commitment covered the years of 2001 through 2010, which provided $341 billion of home loans as of Dec. 31, 2004, according to the company.
"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 Chief Executive Officer Angelo Mozilo.
"I am proud of our lending record and pleased to announce the expansion of our lending commitment to $1 trillion. The We House America program has already placed 2.4 million families into homes, and we expect to nearly triple that number by 2010," Mozilo said.
Countrywide will build on its existing programs and policies to help reach the $1 trillion funding goal, continuing to develop programs that emphasize nontraditional lending criteria.
"To ensure that this objective is achieved, we intend to expand upon our existing partnerships with specific community groups," Mozilo said. "We have also called upon one of our esteemed directors, the Honorable Henry Cisneros, former secretary of Housing and Urban Development and a former mayor of San Antonio. Henry will put to use his long and respected experience as an advocate for affordable housing who understands the benefits to communities of homeownership."
Countrywide is also increasing its support for financial literacy programs...