Lender Update

As you know Bank of America purchased Countrywide on July 1st, 2008. As a result the most powerful bank in the United States is now our new employer. When Bank of America purchased Countrywide it inherited a string of pending lawsuits surrounding the origination of sub-prime loans. On 10/6 Bank of America created a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principle reductions for nearly 400,000 Countrywide Financial Corp customers nationwide. Bragg and I are pleased with Bank of America's quick response to solve this issue for Countrywide customers and believe it is a true indicator of their commitment to "DO THE RIGHT THING". They moved swiftly and decisively toward a solution that other lenders will emulate.

We have already received a number of inquires from agents. Here are a few points of clarification about the agreement:

1) This is NOT part of the $700M bailout structured by the federal government
2) This is targeted to assist Countrywide customers in need of relief that are likely to become seriously delinquent as a result of specific loan features
3) The relief effort starts on 12/1/08 and runs through June 30,2012
4) I believe this must be on primary residences only
5) FINALLY- the phone number Countrywide customers can call is :1-800-669-6607

The purpose of this communication is the inform you so you can provide HOPE to some of the people you serve or come into contact with on a daily basis. Encourage those Countrywide customers you know to contact the 800 number above to inquire about what they may (or may not) be entitled to based on this agreement. Be sure to remind them to be patient. Bank of America expects this agreement to benefit over 400,000 clients so if you thought the recent lines to get gas in the car was long............

Thank you and know we are both eager and available all weekend to speak with your client(s).

Senior Home Loan Consultants

Kathy Vitali Bragg Boyd
770-540-5566 Cell 770-315-3644 Cell
kathy_vitali@countrywide.com bragg_boyd@countrywide.com