Countrywide extends commitment to low-income and minority homebuyers.

Position:Business Alert - Countrywide Financial Corp. - Brief Article

CALABASAS, ALIFORNIA--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...

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