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Country wide Home Loan

Press Release 29th November 2004 Countrywide Home Loans announces PCC Group formation.

CALABASAS, California. Countrywide Home Loans, a national leader in residential finance, and Pacific Coast Communities today announced the formation of PCC Mortgage Group, an operating Series of Countrywide Mortgage Ventures, LLC. The joint venture is intended to provide homebuyers in San Diego County with a wide variety of valuable home financing programs.

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PCC Mortgage Group will offer some of the most competitive loan products, interest rates and services in the industry. A variety of loan programs, including zero down payment loans and fixed and adjustable rate options will be available through PCC Mortgage Group.

Advantages for qualified homebuyers who purchase homes built by Pacific Coast Communities include:

A PCC Mortgage Group "loan counsellor" who works closely with a Pacific Coast Communities "home counsellor" to develop a financial package for the buyer's particular home and situation. * A choice of home loan products and services to qualified borrowers -- whether they buy a Pacific Coast Communities home or not. * One of the widest selections of loan programs available, including the Fast & Easy(SM) program that enable qualified borrowers with excellent credit access to a streamlined loan application. * Streamlined "UpFront Approval," subject to satisfactory property review and no change in borrower's financial condition. About Countrywide Home Loans, Inc.

Countrywide Home Loans, Inc. originates, purchases, securities, sells and services home loans and is the primary subsidiary of Countrywide Financial Corporation, Countrywide Financial Corporation, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500 and Fortune 500, Countrywide Financial Corporation is headquartered in Calabasas, California and its family of companies has a workforce of more than 40,000 in over 600 offices across the country.

About Countrywide Mortgage Ventures, LLC.

Recognizing the consumers desire for "one-stop shopping," Countrywide Mortgage Ventures, LLC was founded in 2001 to facilitate joint ventures between Countrywide and various homebuilders, real estate companies and financial services companies. The company is headquartered in Calabasas, California and works closely with Countrywide's Consumer Markets Division, based in Plano, TX.

About Pacific Coast Communities

Pacific Coast Communities (PCC) is a family owned and operated San Diego based homebuilder, established by Al Baldwin and sons, Ron Baldwin and Steve Baldwin in 1996. PCC sells between 300 and 400 units per year. Together the Baldwin Family has been the frequent recipient of achievements and award recognitions as homebuilders. Some of Pacific Coast Communities latest achievements include having closed over 800 homes in Otay Ranch alone, being a 2001 finalist for San Diego BIA Builder of the Year and having one of their superintendents winning 2001 BIA Superintendent of the Year.

Countrywide Home Loans, Inc.

CONTACT: Janet Quan of Countrywide, +1-800-796-8448; or Steven E. Baldwin of Pacific Coast Communities, +1-858-259-2960

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