Friday, June 23, 2006

Freddie Mac's "Hoops for the Homeless" Raises $900,000

Earvin "Magic" Johnson, Washington Redskins Alumni Charles Mann and Art Monk and Washington Wizard Donell Taylor Among those Who Helped Score Big Against Homelessness in Region


Washington, DC – The Verizon Center was filled with excited fans, celebrities, and sponsors this past Saturday. They weren't there to watch their favorite basketball team or listen to a concert. Instead, they filled the stands to help fight family homelessness in the region by attending Freddie Mac's Hoops for the Homeless® charitable basketball tournament.


The event, headlined by basketball legend Earvin "Magic" Johnson, raised much needed awareness and $900,000 to help alleviate homelessness, particularly among children and families in the region. Underwritten by Freddie Mac [NYSE: FRE], all funds raised went directly to six local homeless service organizations and one national organization advocating for the homeless population across the nation. Families with children are among the fastest growing segments of the homeless population. In fact, more than 14,000 individuals are homeless in the DC area, and nearly half of those are families.


Homelessness also affects the youngest members of society. Nearly one-third of the region's homeless are children. While homelessness continues to rise in the District, the majority of homeless families in the region reside in the suburbs. "In the DC region, we've witnessed a significant rise in homelessness, particularly among families and children," explained Ralph F. Boyd, executive vice president, Community Relations, Freddie Mac.


"Family homelessness not only tears families apart, it tears at the fabric of our community. That is why Freddie Mac's Hoops for the Homeless is so vital since it helps more families across the region get back on their feet and reclaim their lives." "I am proud to be participating in Freddie Mac's Hoops for the Homeless once again. This important event gives me a chance to mix my passion for basketball with my concern for the well-being of children," said Earvin "Magic" Johnson.


This three-on-three tournament was a daylong event featuring round robin play with 49 area teams. Each team raised at least $1,000 and was assigned a celebrity coach.


In addition to Earvin "Magic" Johnson, other celebrities who participated in this year's Hoops for the Homeless tournament included Washington Redskin Shawn Springs, former Washington Redskins' Charles Mann, Art Monk, Ken Harvey and Brian Mitchell, Washington Wizard Donell Taylor, Washington Mystics' Alana Beard and Nikki Teasley and Baltimore Raven Mark Clayton.


The $900,000 raised during this tournament will benefit seven outstanding non-profits that work daily to help homeless families in need: Coalition for the Homeless, Transitional Housing Corporation, Montgomery County Coalition for the Homeless, Silver Spring Interfaith Housing Coalition, Shelter House, New Hope Housing, and the National Alliance to End Homelessness.
Many local companies and organizations helped elevate the issue of homelessness by sponsoring the 2006 Freddie Mac's Hoops for the Homeless event, including The Washington Post, NBC4, Infinity Broadcasting, WMATA, Wells Fargo Home Mortgage, Washington Mutual, Credit Suisse, FTN Financial, Lehman Brothers, Wachovia, Bear Stearns, Morgan Stanley, Bank of America, Citigroup, BlackRock, BNP Paribas, HSBC, Fannie Mae Foundation, UBS, Goldman, Sachs & Co., Merrill Lynch, and JPMorgan.


As the largest corporate funder in metropolitan Washington, DC, Freddie Mac has invested nearly $280 million over the past 15 years to strengthen families and communities, primarily through the efforts of the Freddie Mac Foundation. Also, thousands of the company's approximately 5,000 employees have given their time and charitable contributions over the years by participating in volunteer activities throughout the community such as Hoops for the Homeless.

Wednesday, June 14, 2006

Countrywide - $5 Million Grant to Help Families Reach Homeownership

Countrywide Launches $5 Million Grant to Help Families in DFW Metroplex Reach Homeownership 06/13/2006

Up to $3,000 in Closing Cost Assistance Available to Low to Moderate-income Home Buyers

CALABASAS, Calif., June 13 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), America's #1 home loan lender*, announced today that it will offer home loan closing cost assistance to eligible families in the Dallas/Fort Worth area who obtain a home loan with Countrywide Home Loans.


The grants will be made through Countrywide Bank, N.A. to award the loan closing cost assistance funds to borrowers. Countrywide Bank has committed $5 million in funds for the grant exclusively for qualified home buyers in the Dallas/Fort Worth area. "Countrywide was founded on the principle of lowering barriers to homeownership, and one of the most common barriers is having funds on hand to cover costs during the home buying process," said Jim Furash, president and CEO, Countrywide Bank. "This new closing costs assistance program gives funds to low- to moderate-income home buyers and homeowners and residents in low- to moderate-income neighborhoods."


The closing cost assistance awarded to qualified borrowers obtaining a loan with Countrywide does not have to be repaid. The funds can be put toward the costs associated with a home loan, including paying points to reduce the interest rate over the life of the loan.


For Families Purchasing a Home
Home buyers whose household income falls within the U.S. Census Bureau definition of low-income ($30,000-$32,000 annually depending on county) or who are purchasing a home in a neighborhood designated as a low-income area, may be eligible to receive up to $3,000 in gift funds.


Those with moderate-income designations ($49,000-$52,000 annually depending on county)** may be eligible for up to $1,500. If the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income.


For Families Refinancing an Existing Mortgage
Homeowners seeking to refinance their existing home loan may be eligible for up to $1,500 in gift funds, if there is a low-income designation, and up to $750, if there is a moderate-income designation. Provided the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income. "We are very proud of this grant that enables us to 'give back' to the communities where thousands of Countrywide employees work and live," said Mark Dennis, regional senior vice president, Countrywide Home Loans. "As one of the largest employers in the Dallas/Fort Worth Metroplex, Countrywide is eager to support its neighbors and enhance opportunities for homeownership and prosperity among families who play such an important part in making Dallas a wonderful place to call home."


To learn more about Countrywide's closing cost assistance grant contact 800-747-1871 or visit any of the 18 branch offices of Countrywide Home Loans in the Dallas/Fort Worth area.


About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) -- America's #1 home loan lender as ranked for 2005 by Inside Mortgage Finance (Jan. 27, 2006), Copyright 2006 -- 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. The company is headquartered in Calabasas, California and has a workforce of nearly 54,000 individuals and over 800 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.


About Countrywide Bank
Countrywide Bank, N.A., is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers quality investment products.


Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit www.countrywidebank.com. Member FDIC. Equal Housing Lender. Borrowers residing in Wise, Parker, Tarrant and Johnson Counties with household annual incomes of $30,000 or less are considered low income; $30,001 to $49,000 is moderate income. Borrowers residing in Denton, Collin, Hunt, Delta, Rockwall, Kaufman, Ellis and Dallas counties with household annual incomes of $32,000 or less are considered low income; $32,001 to $52,000 are moderate income.


Investment and insurance products are not deposits, not FDIC insured, not guaranteed by any bank, not insured by any Federal Government agency and may lose value.

Saturday, June 10, 2006

Wells Fargo to Acquire Reilly Mortgage Group

Wells Fargo to Expand In Multi-Family, Real Estate Finance with Definitive Agreement to Acquire Reilly Mortgage Group

San Francisco — June 8, 2006

Wells Fargo & Company is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.


Wells Fargo & Company (NYSE:WFC) and Reilly Mortgage Group announced today the signing of a definitive agreement for Wells Fargo Bank, N.A. to acquire the assets of Reilly Mortgage Group, a privately-owned, national, multifamily real estate finance firm headquartered in McLean, Virginia.


Terms of the definitive agreement were not disclosed. Subject to regulatory approval, the acquisition is expected to close in the third quarter of 2006. The business will become part of Wells Fargo Wholesale Banking’s Specialized Financial Services Group. Established in 1976, Reilly Mortgage is one of the largest commercial mortgage finance companies in the United States. It provides financing to owners and operators of multifamily properties through the lending programs of Freddie Mac, Fannie Mae and FHA.


Reilly Mortgage originates over $1.5 billion in new loans a year and is also a leading servicer of multifamily loans, with a servicing portfolio of $10 billion. The company has regional offices in Philadelphia; Mt. Laurel, N.J.; Chicago; Knoxville, Tenn.; Dallas; Phoenix; San Francisco; and Vancouver, Wash. “Reilly Mortgage will significantly broaden Wells Fargo’s ability to serve the needs of multi-family housing properties, and give us a presence in a number of new markets across the country, ” said Ed Blakey, head of Wells Fargo’s Commercial Mortgage Group. “Wells Fargo, in turn, will be able to offer these customers a broader array of products and services to help satisfy all their financial needs and help them succeed financially.”


Reilly Mortgage was the first mortgage banker approved under Fannie Mae’s Delegated and Underwriting Servicing Program in 1988 and also one of the first companies approved as an FHA MAP (Multi-Family Accelerated Processing) lender.


It has received the Multi-Housing News Capital Choice Award for Freddie Mac program Plus® Loans and FHA Loans, the Apartment Finance Today Readers’ Choice Award for FHA Loans, and was named a top multifamily lender by National Real Estate Investor, Midwest Real Estate News and Multi-Housing News. Reilly Mortgage was sold by a group of investors led by Stonehurst Capital, LLC and was advised in the sale by Beekman Advisors, Inc.


“Reilly Mortgage’s success is due to its consistent focus on the multi-family sector,” said Tom Szydlowski, president and CEO of Reilly Mortgage. “Our expertise in originating, underwriting, structuring, selling, and servicing multifamily real estate loans reflects Reilly Mortgage’s employees specialized knowledge, and our strong relationships with FHA, Fannie Mae and Freddie Mac and our borrower clients. We look forward to bringing these strengths to Wells Fargo.”


Wells Fargo Wholesale Banking – with $88 billion in assets, and more than 600 locations coast-to-coast – includes middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and asset management.


Its Commercial Electronic Office (CEO)® internet portal processes more than one million customer account log-ins a month. Wells Fargo is #1 in market share for middle market commercial customers in the western United States. Wholesale Banking accounts for about a quarter of the total earnings of Wells Fargo & Company.