FirstAm Unveils Minority Homeownership Plan

First American Corp., Santa Ana, Calif., an information products provider, has announced a five-year initiative designed to help underserved Hispanic, African-American, Asian/Pacific Islander, and low- to moderate-income families become homeowners.In cooperation with The Greenlining Institute, a San Francisco based multi-ethnic coalition, FAC said it will provide underserved, nontraditional credit-score customers "a suite of alternative credit products" that so far have been available only for "grade A mortgage financing." The program will take effect in January 2004, initially in California, and later on it will be introduced nationally. FAC said it plans to serve as a catalyst to mortgage lenders, investors, Realtors, and homebuilders interested in affordable housing. Buyers will be offered bundled discount packages of title insurance and related closing services. Starting in January, FAC said it will also implement a "strategic corporate giving" plan that will facilitate the investment of at least 1% of FAC's annual pretax profit in housing finance for the underserved. (In 2002 FAC revenues totaled $4.7 billion.) First American can be found online at http://www.firstam.com.