Angelo Mozilo, chairman and CEO of Countrywide Home Loans Inc., met with 10 mayors at the United States Conference of Mayors last weekend to discuss public-private partnerships to promote affordable home loans in cities.
"This forum enabled us to continue a dialogue to further break down the barriers facing homebuyers today," Mr. Mozilo said.
Countrywide has originated more than $4 billion of loans during the first two months of a campaign to fund $50 billion of new home loans for lower-income and minority borrowers.
The campaign began in March and will reach more than 570,000 homebuyers, the company said.
Countrywide plans to open 15 inner-city branches, in addition to the 14 it already has so that the company will be operating in the 25 largest U.S. cities.
The company said it is the largest independent mortgage lender to Hispanics and African-Americans.