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Countrywide Financial Corp. and New Vista Asset Management have joined together to find qualified borrowers for Countrywide's real estate-owned properties. The companies said New Vista's network of real estate agents, who have "deep roots in minority communities," are assigned to help ensure that prepared homebuyers, especially first-time buyers and minority buyers, have the opportunity to buy REO homes. New Vista and Countrywide will be hosting several community seminars to educate first-time homebuyers about purchasing REO units and obtaining the best available financing. The seminars will begin in Los Angeles and Dallas. "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 for loan administration for Calabasas, Calif.-based Countrywide.
FNF EYES OPTIONS FOR FLOOD BIZ
Fidelity National Financial Inc., Jacksonville, Fla., said it will be investigating strategic options for its specialty insurance business, including flood insurance. FNF said it has retained Bank of America Securities as a financial adviser on the matter. "We are focused on evaluating our non-core assets and investments as potential vehicles for creating meaningful liquidity, and we believe our flood and at-risk insurance businesses are an attractive acquisition opportunity for strategic buyers," said FNF chairman William P. Foley. "Our intent is to use that liquidity to continue to support our dual efforts of maintaining our $1.20 annual cash dividend and repurchasing a significant amount of our outstanding stock."
FREDDIE'S LEAD DIRECTOR TO RESIGN
Shaun O'Malley, who has been the lead director on Freddie Mac's board for more than four years, will resign from the board at Freddie's annual shareholder meeting on June 6. Mr. O'Malley joined Freddie Mac's board in September 2001, and he served as non-executive chairman from June to December 2003 after Leland Brendsel was ousted in the wake of an accounting scandal at the government-sponsored enterprise. No reason for Mr. O'Malley's resignation was given. Richard F. Syron, Freddie's chairman and chief executive officer, lauded Mr. O'Malley's contributions to the company and said he "stayed on as the leader in the darkest days and was a guiding force, helping steer the company through a difficult period."
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