CALABASAS, Calif. In the latest installment of its We House America program, Countrywide Home Loans Inc., a unit of Countrywide Credit Industries Inc., has announced it will make $100 billion of mortgages to lower-income and minority homebuyers the next five years.
The program, begun in 1998, has originated $61.7 billion of loans to low-income borrowers and is now being enlarged.
Countrywide will increase its total of We House America branches to 30. It also said it will also add loan programs that offer flexible qualifying guidelines to help borrowers build equity faster.
Angelo Mozilo, chairman of Countrywide Home Loans Inc., said in a press release that homeownership strengthens the very fabric of society, as new homeowners gain a stake in their community, contribute to the economy, and build their own financial worth.
Last year Countrywide ranked third nationwide in mortgage originations, with $61.7 billion, and fourth in servicing, at $284.9 billion, according to a National Mortgage News report.