“At Wachovia, we believe that empowering people to make good financial decisions is the key to increasing homeownership,” said Mike Rizer, director of Community Relations for Wachovia. “Providing consumers with practical advice on how to maintain good credit—and correct credit problems—prepares them to be successful borrowers and homeowners.”
Wachovia partnered with the North Texas Housing Coalition to deliver “Operation WOW: Credit Boot Camp” at the Dallas Convention Center June 4. The event consisted of workshops that helped participants resolve credit issues.
“Homeownership: Rising to the Challenge” will take place June 11 at the Philadelphia Convention Center as part of Housing Expo 2005. The event, presented by the Homeownership Counseling Association of Delaware Valley, will include workshops that focus on credit scoring and homebuyer education. Equifax representatives will provide credit training, and Wachovia Mortgage Corporation will conduct a homebuyer education seminar.
A third seminar, to be held in Atlanta, is currently being planned.
These special events are in addition to the company’s ongoing consumer education efforts. Last year, Wachovia trained more than 10,000 lower-income families and individuals through its financial literacy program. The program includes lessons on homeownership and building and repairing credit.
Wachovia also worked with 176 community mortgage partners to provide homeownership counseling and mortgages to more than 1,000 first-time homebuyers in 2004. The counseling provides an easy way for prospective homebuyers to get information and apply for mortgage loans.
In addition to working to educate potential homebuyers, Wachovia originated almost $25 billion in mortgage loans last year, with nearly $6 billion in loans directly benefiting lower-income families and neighborhoods. Available through Wachovia mortgage consultants throughout the East Coast or at 1-800-922-6267, these affordable mortgages offer low/no down payments and flexible terms.
Highlights of Wachovia’s support for homeownership in 2004 include:
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Helping an average of 475 lower-income families buy a home each week.
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Making $11 million in community development grants and in-kind donations.
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Providing $1.4 million in down payment assistance to more than 400 low-income homebuyers.
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Participating in Habitat for Humanity building projects in markets up and down the East Coast.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders’ equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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