FOR IMMEDIATE RELEASE October 24, 2007	Contact: Michele Anapol (202) 466-2121 x226 manapol@nhc.org

Statement by Conrad Egan President and CEO of the National Housing Conference

Prepared in Response to Countrywide Financial Corporation’s Unprecedented New $16 Billion Homeownership Preservation Program

“The National Housing Conference commends Countrywide Financial Corporation for its new program focused on preserving homeownership nationwide by helping its customers at-risk for foreclosure refinance or modify their existing home loans.  This major commitment will involve an unprecedented $16 billion in Countrywide loans, benefit an estimated 82,000 borrowers, and, ultimately, help thousands of families to sustain their homeownership dreams. 

In addition to helping families at-risk for default, the program is designed to assist those facing future interest-rate increases and those who have been making payments on time yet had subprime credit when their loans were originated.  For the latter families, Countrywide has announced plans to offer lower-interest prime loans or a Federal Housing Administration, Fannie Mae or Freddie Mac insured mortgage.

Countrywide has long exhibited leadership in helping low- and moderate-income families achieve the dream of homeownership. Their new homeownership preservation program continues this leadership and presents a strong model for how to preserve homeownership for at-risk families.”

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