Countrywide and New Vista Asset Management Join Together to Turn Foreclosures Into Opportunities for Home Buyers
April 25 2008 - 8:00AM
PR Newswire (US)
CALABASAS, Calif., April 25 /PRNewswire/ -- Countrywide Financial
(NYSE:CFC), a diversified financial services provider, and New
Vista Asset Management have joined together to find qualified
buyers for Countrywide's REO properties. The program is designed to
help minimize the impact of foreclosures on neighborhoods by
reaching out to consumers interested in residing in these
communities. In the relationship, New Vista's network of real
estate professionals who have deep roots in minority communities
are assigned the responsibility and will work to ensure that
prepared homebuyers, often first-time and minority homebuyers
working with New Vista professionals, have the opportunity to
purchase REO properties. Additionally, New Vista and Countrywide
will be hosting several community seminars for first-time buyers to
educate them about purchasing REO units and obtaining the best
financing possible for their situation. These seminars, beginning
in Los Angeles and Dallas, will be held in collaboration with
community-based organizations and focused on providing consumers
the information they need to purchase REO properties. "Countrywide
and New Vista Asset Management share the common mission of helping
to make sure that homeownership is achievable and sustainable, and
that neighborhoods are stabilized during this difficult time in the
housing market," said Steve Bailey, Senior Managing Director of
Loan Administration for Countrywide. "Countrywide and New Vista
Asset Management began the relationship in mid-October 2007, and we
are currently partnering in local markets, including San Diego,
Sacramento, Los Angeles, Las Vegas, Dallas, Fort Worth, Houston,
San Antonio and Atlanta." New Vista's overall strategy is to
leverage its broad connections with real estate brokers who work in
minority communities, nonprofit housing counselors and mortgage
industry professionals to create a source of housing that will be
accessible to first-time homebuyers in the underserved community.
The company is working with leading lenders, like Countrywide, to
create a more responsible way to sell these REO units, making them
attractive to homebuyers rather than investors. "Countrywide has
always been a clear industry leader in serving and promoting
minority homeownership," said New Vista's Chairman Gary Acosta. "By
marketing and selling REO units directly to first-time and minority
home buyers, New Vista and Countrywide are advancing our mutual
commitment to increase affordable housing opportunities and act as
responsible contributors to the local housing market." "We applaud
the efforts of Countrywide and New Vista to keep the dream of
homeownership alive in underserved communities," said Timothy
Sandos, President and CEO of National Association of Hispanic Real
Estate Professionals. "By creating a program to ensure that
first-time and minority homebuyers have access to affordable REO
properties, New Vista and Countrywide are helping protect
neighborhoods from community deterioration and loss of minority
homeownership," added Mr. Sandos. About Countrywide Financial
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider. Through its family of companies,
Countrywide originates, purchases, securitizes, sells, and services
prime and nonprime loans; provides loan closing services such as
credit reports, appraisals and flood determinations; offers banking
services which include depository and home loan products; conducts
fixed income securities underwriting and trading activities;
provides property, life and casualty insurance; and manages a
captive mortgage reinsurance company. For more information about
the Company, visit Countrywide's website at
http://www.countrywide.com/. About New Vista Asset Management New
Vista Asset Management is a San Diego-based national REO management
and marketing company that provides innovative and community-based
outsourcing solutions for mortgage bankers, mortgage investors and
regulated financial institutions. The key driver behind the
company's integrated minority homeownership strategy is to use our
client's foreclosure inventory to create affordable housing
solutions for minority and first-time homebuyers and increase
homeownership rates in underserved communities. New Vista was
founded by the nation's top minority housing leaders: Jim Park is
the President and CEO of New Vista and currently serves as the
President of the Asian Real Estate Association of America, and Gary
Acosta is the Co-founder of the National Association of Hispanic
Real Estate Professionals (NAHREP). For more information about the
company, go to http://www.newvistareo.com/. DATASOURCE: Countrywide
Financial CONTACT: Countrywide, 1-800-796-8448, ; or Mary Mancera,
+1-760-634-5007, for New Vista Asset Management Web site:
http://www.countrywide.com/ http://www.newvistareo.com/
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