Countrywide Expands Commitment to $1 Trillion in Home Loans to Minority and Lower-Income Borrowers

Countrywide Expands Commitment to $1 Trillion in Home Loans to
Minority and Lower-Income Borrowers
- We House America Challenge Leads the Industry in Affordable Lending - 


ORLANDO, Fla., Jan. 14  /PRNewswire/ -- Countrywide Home Loans, Inc., a
national leader in expanding homeownership across America, today announced an
extension of its We House America(R) initiative to fund $1 trillion in home
loans to minorities and lower-income borrowers and communities through 2010.

"The $1 Trillion We House America Challenge, expanded from $600 billion
announced in 2003, embodies Countrywide's long-standing commitment to lead the
mortgage industry in closing the homeownership gap for minority and
lower-income families and communities," said Countrywide Financial Corporation
Chairman and CEO Angelo Mozilo, who announced the initiative at the
International Builders' Show in Orlando.

"For several years now, Countrywide has been a leading lender to minorities and
lower-income households," Mozilo said.  "I am proud of our lending record and
pleased to announce the expansion of our lending commitment to $1 trillion. 
The We House America program has already placed 2.4 million families into
homes, and we expect to nearly triple that number by 2010."

To help reach the $1 trillion funding goal, Countrywide will build on its
existing comprehensive programs and policies that have made it the industry
leader.  The company will continue to develop innovative programs emphasizing
non-traditional lending criteria, thus helping to address challenges Mozilo has
made to the industry, such as calling for improved underwriting systems that
eliminate the over-reliance on traditional credit scores that can mask a
borrower's true credit-worthiness.  Countrywide is already responding to this
challenge with the launch last year of its successful Optimum Loan program.
That program addresses major obstacles for hard-to-qualify borrowers, such as
allowing for non-occupant co-borrowers, other secondary income, and pooled
funds for down payments.

The company is also increasing its support for financial literacy programs. 
Expanded access to high quality financial literacy training can alleviate one
of the chief obstacles to homeownership, a lack of knowledge and understanding
of credit and financial responsibility.  The program will be announced next
week at the U.S. Conference of Mayors Winter Meeting in Washington D.C.

"To ensure that this objective is achieved, we intend to expand upon our
existing partnerships with specific community groups," Mozilo said.  "We have
also called upon one of our esteemed directors, the Honorable Henry Cisneros,
former Secretary of Housing and Urban Development and a former mayor of San
Antonio.  Henry will put to use his long and respected experience as an
advocate for affordable housing who understands the benefits to communities of
homeownership.  He has graciously agreed to lend his support and expertise to
this effort with the goal of assuring Countrywide's continued leadership in
innovative, responsible and flexible mortgage products."

Secretary Cisneros said of the initiative, "Countrywide's $1 trillion
commitment is very tangible proof of this company's commitment to fair,
affordable and responsible lending.  This company is leading the industry in
closing the homeownership gap through ambitious lending commitments, innovative
programs, and a strong corporate culture that constantly looks for ways to
improve.  This is an exciting initiative for Countrywide and I am looking
forward to being part of this important effort."

Countrywide formalized its commitment to affordable lending more than a decade
ago by launching We House America, an initiative to provide increased
homeownership opportunities for all Americans.  The previous commitment covered
the years of 2001 through 2010 and has provided $341 billion of home loans as
of December 31, 2004.  The company is now extending the goal to $1 trillion by
2010.

About Countrywide Financial Corporation

Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500
and Fortune 500.  Through its family of companies, Countrywide provides
mortgage banking and diversified financial services in domestic and
international markets.  Mortgage banking businesses include loan production and
servicing principally through Countrywide Home Loans, Inc., which originates,
purchases, securitizes, sells, and services residential loans. Also included in
Countrywide's mortgage banking segment is the LandSafe group of companies that
provide loan closing services.  Diversified financial services encompass
capital markets, banking, insurance, and global, largely through the activities
of Countrywide Capital Markets, a mortgage-related investment banker;
Countrywide Bank, a division of Treasury Bank, NA, a banking entity offering
customers CDs, money market accounts, and home loan products; Balboa Life &
Casualty Group, whose companies are national providers of property, liability,
and life insurance; Balboa Reinsurance, a captive mortgage reinsurance company;
and Global Home Loans, a U.K. mortgage banking joint venture in which
Countrywide holds a majority interest.

For more information about the Company, visit Countrywide's website at
http://www.countrywide.com/. 

DATASOURCE: Countrywide Financial Corporation



CONTACT:  Media, Susan Martin or Jumana Bauwens, [phone],

, or Investor Relations, [phone],

, all of Countrywide Financial Corporation



Web site:  http://www.countrywide.com/ 



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