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AmeriDream Partners With The First American Corporation to Extend Home Buyer Education Programs

GAITHERSBURG, Md. and SANTA ANA, Calif. (April 19, 2005) – AmeriDream®, Inc., the nation’s leader in providing affordable housing opportunities, and The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced the formation of a partnership that will significantly extend AmeriDream’s home buyer education programs. 

The first-of-its-kind partnership between AmeriDream and a title insurance/settlement services provider will facilitate the development of a comprehensive home buyer education guide and a series of home buyer workshops nationwide.  Workshop participants will receive verbal instruction, worksheets and a bound home buyer education manual while attending the course, which is expected to reach approximately 5,000 potential home buyers.

“AmeriDream has always led the way in implementing solutions to overcome home buying barriers for both English- and Spanish-speaking people,” said Robert Newman, AmeriDream executive vice president and COO.  “In First American, we have found a corporate partner who shares our goals and commitment to serving America’s underserved families.  This partnership will enable us to complement our online courses with classroom instruction offered by industry professionals.” 

AmeriDream launched its original home buyer education course online in April 2003.  The course, which teaches the “ins and outs” of the home buying process, is free to all home buyers.  Recognizing a growing need, AmeriDream launched a Spanish-language version of the home buyer education course in July 2003.  AmeriDream was the first down payment assistance provider to offer home buyer education and the first to offer it in both English and Spanish.  To date, nearly 6,000 home buyers have completed AmeriDream’s online home buyer education course. 

“This partnership is fully aligned with First American’s stated goal to help increase minority and low-to-moderate income homeownership in America,” said Craig I. DeRoy, president of The First American Corporation.  “AmeriDream has a proven track record of helping expand the reach of homeownership nationally.  We are pleased to be a supporter of their mission going forward.”

A leading provider of products and services designed to streamline and simplify real estate transactions, First American launched its Emerging Markets initiative in October 2003 to increase market share across all company business segments through comprehensive outreach to traditionally underserved markets.  It includes the development of innovative products to combat common barriers to home buying, strategic industry alliances, philanthropic giving and investment, and an increased commitment to workforce and vendor diversity at First American.

“Through our homebuyer education courses, AmeriDream can ease the stress of the home buying process by guiding families and individuals through this complex procedure,” said Newman.  “Our belief is that successful homeownership begins with an informed homebuyer.  We are thrilled to team-up with The First American Corporation and we commend their commitment to the community.  This partnership signifies one more way AmeriDream is doing things right for America’s homebuyers.”  

For information on when and where the home buying workshops will be held, please call 866.263.7437 or contact your local AmeriDream representative at www.ameridream.org.

In an effort to reach out to underserved markets, The First American Corporation will be hosting a real estate financial literacy summit Emerging Markets: Opening Doors to Opportunities.  The summit will focus on increasing home ownership opportunities for Hispanics.  Invitees include AmeriDream, as well as numerous other organizations dedicated to increasing education and financial literacy for emerging markets. The summit will be held Wednesday, April 20th located at the Hall of States Building in Washington DC.  For more information please contact Lionel Savage at 202.530.1454.

About First American
The First American Corporation (NYSE: FAF) is a Fortune 500 company that traces its history to 1889. As the nation’s largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information.  With revenues of $6.72 billion in 2004, First American has 31,000 employees in approximately 2,000 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.

About AmeriDream
AmeriDream® offers several programs in support of its mission of expanding affordable housing opportunities for underserved groups.  Since inception, AmeriDream has helped more than 300,000 families and individuals realize the dream of homeownership.  AmeriDream’s Downpayment Assistance Program gifts 3-10% of the sales price of the home for a down  payment or closing costs; the gift never has to be repaid.  DreamKeeper Mortgage Payment Relief Program offers homebuyers protection against involuntary unemployment and disability for up to five years after the purchase of their new home.  Additionally, AmeriDream’s online Homebuyer Education Course is offered in both English and Spanish, and is free to users.  The Home Retention/Loss Mitigation Program works with homeowners to make sure all available alternatives to foreclosure are evaluated.  And, the AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate low-income homebuyers.  AmeriDream’s FreshStart Program
 provides one down payment a month to a family in need and does not require seller participation. Finally, AmeriDream’s Community Link Program has donated over $2 million to numerous worthwhile charitable organizations. AmeriDream works to help families and individuals overcome the obstacles to homeownership.  For more information, visit www.ameridream.org.

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The mission of AmeriDream®, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program and DreamKeeper mortgage payment relief, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $11 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $2 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, the Victims Rights Foundation and the Hatteras Island Rebuilding Fund.