WATERBURY, Conn.--(BUSINESS WIRE)--Oct. 19, 2004--Webster Bank,
N.A., a subsidiary of Webster Financial Corporation (NYSE:WBS),
announced today a $20 million commitment to a newly created affordable
mortgage program, Home Ownership Possibilities for Everyone, or HOPE.
Because home ownership is a key objective for our urban centers, HOPE
is targeted to low- and moderate-income first-time homebuyers starting
in four Connecticut cities: New Haven, Hartford, Waterbury and
Bridgeport.
"HOPE is an example of how Webster finds a way to make our
communities stronger," said Denis St. Marie, executive vice president
for consumer lending, "Webster was founded in 1935 with the purpose of
helping people buy and build their homes. In that tradition, our $20
million commitment and flexible mortgage program will help low- and
moderate-income consumers attain their dream of homeownership."
The HOPE mortgage program is designed for low- and moderate-income
consumers. Its non-traditional underwriting standards include the use
of innovative credit scoring methods and minimal down payment
requirements. After attending homebuyer education classes, borrowers
will be eligible for reduced interest rates and will not be required
to purchase private mortgage insurance. The HOPE program can be used
to purchase condominiums, single family homes, and multi-family
residences in New Haven, Hartford, Waterbury and Bridgeport, areas
that are underserved by traditional mortgage lenders.
"Webster is committed to the communities it serves and developed
HOPE in response to a clear community need," said St. Marie, "Many
families are ready for homeownership but face barriers such as
nontraditional credit histories or limited funds for down payments and
private mortgage insurance. The HOPE program will remove those
barriers and increase homeownership."
Information about program eligibility, including income limits,
can be obtained by calling Jose Correa in Hartford (860) 723-5491,
Carol Shipley in Waterbury (203) 578-2225, or Renee Gonzalez in New
Haven (203) 370-7706.
Webster Financial Corporation is the holding company for Webster
Bank, National Association and Webster Insurance. With $17 billion in
assets, Webster provides business and consumer banking, mortgage,
insurance, financial planning, trust and investment services through
148 banking offices, 273 ATMs, telephone banking and the Internet.
Webster Bank owns the asset-based lending firm Webster Business Credit
Corporation, the insurance premium finance company Budget Installment
Corp., and Center Capital Corporation, an equipment finance company
headquartered in Farmington, Connecticut. For more information about
Webster, including past press releases and the latest annual report,
visit the Webster website at www.websteronline.com.
CONTACT: Webster Bank, N.A.
Media Contact:
Meghan Thompson 203-578-2287
mthompson@websterbank.com
SOURCE: Webster Financial Corporation