NRT Incorporated and National Community Reinvestment Coalition Partner to Promote Fair Housing Practices Nationwide

Sales Training and Consumer Marketing Materials to Promote Fair Housing Practices Through Country’s Largest Residential Real Estate Brokerage Company

WASHINGTON, D.C. and PARSIPPANY, N.J. – May 15, 2006

The National Community Reinvestment Coalition (NCRC), and NRT Incorporated, the nation’s largest residential real estate brokerage, today announced an unprecedented alliance to promote best fair housing practices to sales associates and consumers in more than 35 major metropolitan areas where NRT operates. NRT is part of Cendant Corporation’s Real Estate Services Division, which will become Realogy Corporation upon the completion of its separation from Cendant (NYSE: CD), anticipated in June 2006.

NCRC and NRT will collaborate to design and roll out fair housing training across NRT’s national family of companies, and review and assess the company’s fair housing policies and practices to reinforce equal professional service to all consumers. In connection with the partnership, NCRC and NRT will roll out fair housing training to NRT’s 64,000 sales associates in its more than 1,000 offices; conduct a thorough review of NRT’s fair housing policies and practices and assist in implementing additional policies as appropriate; promote self testing as an effective tool for educating real estate professionals and for internal monitoring of compliance with the Fair Housing Act; and, promote fair housing compliance and awareness, including by creating links to NCRC’s fair housing information on all NRT operating company Web sites as well as the real estate brand Web sites that operate under the Cendant Real Estate Franchise Group.

“NCRC has made tremendous strides in waging campaigns that ensure today’s businesses operate in a manner that protects traditionally underserved and vulnerable communities,” said Bruce Zipf, president and chief executive officer for NRT Incorporated. “We believe our alliance with NCRC will set an industry standard in embodying the best practices in fair housing and that other companies that follow our lead will truly demonstrate the meaning of equal housing opportunity.”

According to Pat Vredevoogd, president-elect, NATIONAL ASSOCIATION OF REALTORS®, “Fair housing is a cornerstone of America's real estate market. Partnerships like this one between NCRC and NRT are the most effective tools to provide everyone with equal opportunities to find the housing of their choice in the community they choose.”

NCRC is the nation’s largest member-based coalition committed to equal access to homeownership, fair housing and credit. The national not-for-profit membership organization has established its National Best Practices Campaign to celebrate voluntary compliance initiatives between NCRC and real estate brokerage companies, housing providers, lenders, mortgage insurers, securitizers and appraisers throughout the nation.

“NRT's participation in NCRC's National Fair Housing Best Practice Campaign significantly reinforces our joint mission that every home seeker who visits an NRT affiliated office will receive equal professional service and can expect to work with a staff that celebrates equal housing opportunity so that they may live in the neighborhood of their choice,” said John Taylor, president and chief executive officer for NCRC. “To put it quite simply, NRT's commitment should serve as a role model within the real estate industry.”

About NRT Incorporated

NRT Incorporated is the largest residential real estate brokerage company in the United States and also has locations in the United Kingdom. With 64,000 sales associates in more than 1,000 offices in 35 major metropolitan areas, NRT posted a real estate industry record of $230 billion in closed sales volume in 2005. NRT, www.nrtinc.com, is part of Cendant Corporation’s Real Estate Services Division, which will become Realogy Corporation upon the completion of its separation from Cendant, anticipated in June 2006. Cendant (www.cendant.com) is one of the foremost providers of real estate and travel services in the world.

About The National Community Reinvestment Coalition

The National Community Reinvestment Coalition was formed in 1990 to harness the collective energies of community reinvestment organizations from across the country and increase the flow of private capital into traditionally underserved communities. NCRC has worked to make community reinvestment activism a common local occurrence and to promote increased community-lender partnerships. NCRC members represent and protect traditionally underserved and vulnerable populations. Members include community development corporations, civil rights groups, community reinvestment advocates, local and state government agencies, and churches. For additional information about NCRC please visit www.ncrc.org.


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