Countrywide Donates $1 Million to Mayors' Dollar Wi$e Campaign

CALABASAS, Calif., Jan. 24 /PRNewswire/ -- In support of its recently expanded commitment to funding $1 Trillion in home loans to minority and lower-income borrowers and communities during this decade, Countrywide Financial Corporation announced the donation of $1 million over the next five years to the U.S. Conference of Mayors' National Dollar Wi$e Financial Literacy Campaign. The Campaign, launched in 2004 by the Conference's Council on the New American City, encourages the development and expansion of local financial literacy strategies to educate citizens about personal financial issues.

The funds will be used to enhance the national Dollar Wi$e campaign and to create a program that will provide Capacity Grants to participants seeking to expand their Dollar Wi$e financial education programs.

Already a leading lender to minorities and lower-income borrowers and communities, Countrywide recently announced the expansion of its We House America campaign, increasing its challenge to fund home loans in these traditionally underserved markets from $600,000 to $1 trillion between 2001 and 2010.

"To reach such an aggressive goal, we must continue to tear down barriers to homeownership, and a lack of financial literacy is one of the most common obstacles," said Countrywide's president and chief operating officer Stanford L. Kurland. "We are extremely enthusiastic about the potential to be gained by providing support to USCM's Dollar Wi$e program.

"High-quality financial literacy training is critical if we are to establish a new generation of educated consumers, who are not only able to secure a home, but who have the necessary financial management skills to retain it," Kurland continued. "In this way, programs like Dollar Wi$e benefit consumers by helping them become and remain homeowners, and the mortgage industry, as well, by helping to lower costs for originations and servicing."

Dollar Wi$e Capacity Grants will be awarded to cities who have joined the Dollar Wi$e Campaign and have demonstrated outstanding and innovative financial literacy programs for their citizens.

"Becoming financially literate is a long-term process that, for many people, requires assistance from institutions outside the home," said Akron, OH, Mayor Donald L. Plusquellic, president of the Conference. "By coming together, our communities will help consumers make informed choices about their finances and their future. We are extremely grateful to Countrywide for this important sponsorship."

"Financial literacy touches every American -- whether they are investing in their communities by buying a home, starting a business, or saving for college or retirement," said Detroit Mayor Kwame M. Kilpatrick, Chair of the Council for the New American City.

In 2004, 34 cities in 20 states joined the Mayors National Dollar Wi$e Campaign for its inaugural year. Those cities participated in a wide variety of events from training local volunteers to become financial literacy trainers (Detroit), to holding seminars on predatory lending to senior citizens (Providence, RI), to hosting a financial literacy fair offering a wide variety of services and information to residents (Rochester, NY).

Jimmie Williams, first vice president of government affairs for Countrywide, announced the company's $1 million contribution to the Conference of Mayors at its annual winter meeting in Washington.

"The campaign is an excellent opportunity for mayors and cities to promote tailored financial literacy programs that focus on the specific needs of their constituents," said Williams. "In addition, this donation directly supports Countrywide's commitment to helping more families and individuals realize the American Dream of homeownership."

About Countrywide Financial Corporation

Founded in 1969, Countrywide Financial Corporation -- America's #1 residential lender as ranked by Inside Mortgage Finance (Oct. 29, 2004), (C)2004 -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, 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. Countrywide Financial is headquartered in Calabasas, California and has more than 40,000 employees with over 600 offices. For more information about the company, visit Countrywide's Web site at http://www.countrywide.com/.