Webster Announces $20 Million Commitment to Affordable Mortgage Program: Home Ownership Possibilities for Everyone

Business Wire, Oct 19, 2004

WATERBURY, Conn. -- 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.