Countrywide, New Vista Form REO Alliance

Countrywide Financial Corp. and New Vista Asset Management have joined together to find qualified borrowers for Countrywide's real-estate-owned properties. The companies said New Vista's network of real estate agents, who have "deep roots in minority communities," are assigned to help ensure that prepared homebuyers, especially first-time buyers and minority buyers, have the opportunity to buy REO homes. New Vista and Countrywide will be hosting several community seminars to educate first-time homebuyers about purchasing REO units and obtaining the best available financing. The seminars will begin in Los Angeles and Dallas. "Countrywide and New Vista Asset Management share the common mission of helping to make sure that homeownership is achievable and sustainable, and that neighborhoods are stabilized during this difficult time in the housing market," said Steve Bailey, senior managing director for loan administration for the Calabasas, Calif.-based Countrywide. The companies can be found online at http://www.countrywide.com and http://www.newvistareo.com.