Countrywide Teams Up With New Vista Asset Management To Turn Foreclosures Into Opportunities For Home Buyers

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.