COUNTRYWIDE CUTTING HOMEOWNERS RATES:

Countrywide Insurance Group’s Texas subsidiary Balboa Lloyds Insurance Company, is lowering its rates on homeowners insurance by an average of 20 percent in Texas, the company said. The coverage will be offered through Arrowhead General Insurance Agency Inc., which has more than 325 independent insurance agents serving the Texas market. “Countrywide was founded on the principle of lowering barriers to homeownership for all Americans, and the company has a long tradition of reaching out to low-to-moderate-income families, minorities and members of communities that are underserved by the financial services industries,” said Robert James, president of the CIG companies. “Affordability of insurance is a very significant concern for home buyers and homeowners throughout Texas, especially among multicultural markets.” The new rate plan is expected to begin in January 2005.