Countrywide Boosts Affordable Housing Pledge

Countrywide Home Loans has announced a $30 billion increase in its five-year commitment to low-income and minority borrowers, bringing the total commitment to $80 billion.Countrywide chairman Angelo R. Mozilo was scheduled to make the official announcement Wednesday night at the National Community Reinvestment Coalition Convention in Washington, D.C. The announcement came on the date of Countrywide's 30th anniversary. The company said the increase in its commitment to the We House America campaign, launched last year, makes it the largest commitment in the industry. In the first year of the campaign, Countrywide nearly doubled its loan volume to minority borrowers and originated over $20 billion in loans toward the pledge. "This is a reaffirmation of Countrywide's commitment to the core values of lowering barriers to homeownership, increasing homebuyer education, and ensuring sufficient access to homeownership opportunities for all consumers," Mr. Mozilo said. Countrywide's website address is http://www.countrywide.com.