Countrywide, Star RE Form Terra Mortgage

Countrywide Home Loans, Calabasas, Calif., and Star Real Estate have announced the formation of Terra Mortgage, a joint venture that will be an operating division of Countrywide Mortgage Ventures LLC.Terra Mortgage will offer more than 130 loan programs, including zero-downpayment loans and a variety of fixed- and adjustable-rate options, the companies said. "By joining forces to create the new mortgage company, Countrywide and Star Real Estate will provide easy, one-stop shopping for homebuyers in Southern California," said John W. Stewart, executive vice president of strategic business development for Countrywide. Frank McDowell, chief executive officer and owner of Orange County-based Star Real Estate, said prospective homebuyers "can get pre-approved in our offices, saving the time and hassle of seeking pre-qualification and pre-approval elsewhere before coming to us." Countrywide can be found online at http://www.countrywide.com.