SDSU Welcomes Former Executive V.P. of Countrywide Financial Corporation as Real Estate Executive in Residence

CContact: Randy Carmical, Director of Communications
(619) 594-0206 Randy.Carmical@sdsu.edu

SAN DIEGO, Monday, June 19, 2006  - San Diego State University’s College of Business Administration announced today that Dr. Michael Lea, nationally known authority on housing and mortgage finance, will be an Executive in Residence this fall in its Real Estate program.

Currently an independent consultant in the analysis of domestic and international mortgage markets, Lea has served as Executive Vice President for Global Market Development at Countrywide Financial Corp., from 2000-04. Throughout his career, he has held top-level positions at Cardiff Consulting Services, Imperial Corp. of America and was Chief Economist at the Federal Home Loan Mortgage Corp. He also served as a staff member for the President’s Commission on Housing and was a Brookings Institution economic policy fellow at the U.S. Department of Housing and Urban Development.

Lea has 25 years of financial services experience, including more than 15 years of international experience in 30 countries spanning six continents. He has published more than 70 articles and book chapters, served on the faculties of Cornell University, University of California, San Diego and Wharton International Housing Finance Program at the University of Pennsylvania. He received his Ph.D. in economics from the University of North Carolina, Chapel Hill.

Ure Kretowicz, chairman of the board and CEO of Cornerstone Communities and who was recently named chair of SDSU’s Real Estate Advisory Board, said, “We are very fortunate to have someone of Dr. Lea’s caliber working directly with our students. It would be extremely difficult to find anyone who brings more expertise in national and international mortgage finance to the table. The addition of Dr. Lea is a perfect example of the great initiatives we expect to see in the coming years in SDSU’s Real Estate program.”

This year, the program also will institute a “CEO Lecture Series” with guest presentations by top executives in the real estate industry.

The College of Business Administration is reopening the search for the Endowed Chair of its Real Estate program. Dr. Peter Chinloy, current chair of the Finance and Real Estate Department at American University’s Kogod School of Business in Washington, D.C., withdrew his intent due to personal issues. “I regret that I am unable to come to SDSU,” Chinloy said. “The university has a great program in place and I would have enjoyed enhancing its achievements and working with such a vibrant real estate community. I am confident great things will come from this program and I wish SDSU the best as it moves ahead.”

Gail Naughton, dean of the College of Business Administration said, “Although we regret that Dr. Chinloy will not be joining us, we are excited about our program’s future. We have an amazing advisory board comprised of San Diego’s top real estate leaders. They have worked tirelessly for the past several years to refine the program’s vision and bring the resources to make it reality. We look forward to working with them as we begin a new search for the endowed chair.”

Dr. Robert Wilbur, retired associate dean of the College of Business Administration and previous instructor in the Real Estate program, will serve as an interim director until the new chair is hired.

About SDSU’s Real Estate Program
For more than 40 years, the College has been educating students in a program that includes Southern California’s leading comprehensive undergraduate real estate degree. The vision is to create a “ready-day-one” program for students who aspire to become leaders within the industry. This includes: 1) a restructured curriculum to prepare students for today’s and tomorrow’s employment opportunities; and 2) an expanded research component that analyzes emerging trends and provides thoughtful leadership on real estate matters of community importance.

About SDSU’s College of Business Administration
With over 5,500 students, the SDSU College of Business is one of the largest business schools in the U.S. Its programs in international business and graduate entrepreneurship are ranked among the top programs in the country by U.S. News and World Report. This year, the college is celebrating “50 Years of Educating San Diego’s Business Leaders.”

About SDSU
San Diego State University is the oldest and largest higher education institution in the San Diego region. Since it was founded in 1897, the university has grown to offer bachelor’s degrees in 81 areas, master’s degree in 72 areas and doctorates in 16 areas. SDSU’s 33,000 students participate in an academic curriculum distinguished by direct contact with faculty and an increasing international emphasis that prepares them for a global future. For more information, visit www.sdsu.edu.