From the desk of Rev. Mark Whitlock:

Countrywide Home Loans, African Methodist Church Announce Homeownership Initiative

Countrywide Home Loans, Inc., a national leader in residential finance, and the 5th District African Methodist Episcopal Church announced the Financial Literacy and Homeownership Program. The program is expected to generate $30 million in new mortgages and create more than 400 new homeowners in the 14 states served by the 5th District AME Church.

"With a well-established membership throughout the western U.S., the 5th District AME Church is committed to helping our members better their lives in a variety of ways," said Bishop John R. Bryant, presiding prelate of the 5th District. "In Countrywide, we have found a partner equally committed to educating our membership on the possibilities homeownership brings to them."

"For more than 30 years, Countrywide has been committed to helping all Americans own a home of their own," said Angelo Mozilo, chairman of Countrywide Home Loans. "Now, working with the Church, we can help their members realize that homeownership is truly possible. We want them to know that owning a home not only offers shelter and a greater sense of community, but it is a chance to begin building the personal wealth that will let them finance their future goals - college education, home improvement, or even funds to start a small business.

By joining with the 5th District AME Church, Countrywide will be working with a distinguished organization to reach out to residents who may not believe homeownership is possible. Countrywide, working with the local churches, will organize home-buyer education seminars for prospective homeowners teaching them about the myriad of affordable home financing options that exist today. In addition, Countrywide will offer a wide selection of information, tools and educational resources to assist consumers in achieving full financial literacy, particularly as it applies to purchasing a home and understanding their rights as a consumer.

In addition to holding financial literacy and homeownership workshops, Countrywide will provide access to mortgage financing for eligible consumers through both its retail and wholesale divisions. In most areas of the 5th District, Countrywide's retail branches will provide a broad spectrum of loan products to fit consumers' needs. Countrywide will also explore with the Church the creation of mortgage brokerage entities that will be affiliated with the local churches in communities where the 5th District AME Church has large constituencies. Significant technical assistance will be provided by Countrywide to enhance the operation of these brokerage entities.

This partnership also aims to identify and train church members for mortgage financing careers. Through its CHL University and nationwide network of branches, Countrywide and the 5th District AME Church will explore training and internship opportunities for Church members. They will also work to include students and/or graduates of the colleges and universities in the AME network in the CHL University program.

Countrywide also intends to add new loan programs that offer flexible loan qualifying guidelines and help borrowers build equity, and thus personal wealth, more quickly. In addition, Countrywide is committed to expanding partnerships with nonprofit and community-based organizations that seek to increase homeownership and support housing initiatives that benefit lower-income and minority families and to participating in home-buying fairs, seminars and various outreach activities to increase homeownership.

"The 5th District AME Church is committed to inspiring our membership to achieve their full potential, and we believe homeownership and the pursuit of the American dream is one of the first steps," said Bishop Bryant.

Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P 500, Fortune 500 and Forbes 500. Its primary subsidiary, Countrywide Home Loans, Inc., was recently ranked #1 in customer satisfaction among the largest national home mortgage lenders by J.D. Power and Associates.* Countrywide, through its subsidiaries and affiliates, provides mortgage banking and diversified financial services in domestic and international markets. The company is headquartered in Calabasas, California and has more than 20,000 employees. For more information about the company, visit Countrywide's Web site at www.countrywide.com.

* J.D. Power and Associates 2002 Home Mortgage StudySM. Study based on responses from 6,817 home mortgage customers. www.jdpower.com.

We invite the members of the 5th District to begin the process of owning a home by calling 1-877-AME-4CHL. Should you have any questions about the program, please call Rev. Mark Whitlock at 323-731-6367.

-- Anonymous, August 01, 2002

Answers

Rev. Haper:

Many thanks for this timely post. The 5th District has provided a superb example for how you can do meaningful local economic development. Benchmarking is a common businees strategy plus the sage was right - "imitation is the highest form of flattery". Each District in our Zion should carefully study the above Homeownership Program and take decisive action for implementation. This, combined with Nalton Brangaman's & Senator Santucci's actuarially-sound financial package, can provide the backbone for long-term growth and prosperity in our underserved communities. If we as black folks trust God more and one another we can reap the bounty of His Blessings. This ought to be a self-evident truth. But, sometimes we make things far too difficult than what they really are. QED

-- Anonymous, August 01, 2002

God bless you Rev. Harper for sharing this info, I have always been proud to be in the fifth district but to see the hard work that Bishop Bryant has done to bring this endeavor to fruition. Makes me even prouder. I too am excited to see initiative replicated across the denominion. The CME also is doing something similar to the fifth district program with Fannie Mae. God is truly watching over all of us!!!

-- Anonymous, August 01, 2002

^5 to the 5th for this terrific endeavor. This is something that would be a blessing for the denomination as a whole as Rev. Denise said.

Thinking and singing..." You are an awesome wonder. No other power compares to you. Perfect in all your ways, faithful ever true." Kurt Carr

-- Anonymous, August 02, 2002