May 03, 2007

Dodd Commends Countrywide's Agreement to Principles, Believes Principles are Effective Solution

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Countrywide Financial Corp. will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All but one of the organizations that participated in the Summit have now endorsed the principles. “I commend Countrywide for agreeing to these principles. The fact that all but one of the other Summit participants have now agreed to these principles represents an important consensus approach by leading stakeholders in the mortgage marketplace. These principles can, I believe, make a positive difference in preserving homeownership for many Americans who are currently at risk of losing their homes. I hope other leaders across our nation will support these principles as well. I welcome the input of Senators and others who share my commitment to creating effective solutions to keep hardworking Americans in their homes,” said Dodd. “Countrywide applauds Senator Dodd's leadership and vision in bringing together industry leaders, regulators and community groups to develop practical, workable solutions for subprime borrowers facing delinquency and foreclosure,” said Sandy Samuels, Countrywide's Executive Managing Director and a participant in the Homeownership Preservation Summit. The companies and organizations that have agreed to the principles are: Mortgage Bankers Association, Citigroup, JPMorgan Chase, Litton Loan Servicing, HSBC, Bear Stearns, Countrywide Financial Corp., Freddie Mac, Fannie Mae, the Self-Help Credit Union, the Leadership Conference on Civil Rights, AARP, and ACORN.