Wells Fargo Home Mortgage, Paramount Properties Group Form Joint Venture

JACKSON, N.J. - March 8, 2005: Wells Fargo Home Mortgage and Paramount Properties agreed to the terms of a joint venture to originate, process and fund mortgage loans. The joint venture, Peak Home Mortgage, is co-owned
by Wells Fargo Home Mortgage and Paramount Properties Group. Terms of the agreement were not disclosed. Paramount Properties is the developer of North Beach Asbury Park, the oceanfront community under construction as part of the $1.25 billion redevelopment of Asbury Park, New Jersey.

Paramount also develops age-restricted and single family home communities throughout Monmouth-Ocean Counties. The joint venture will offer Paramount Properties Group customers and others access to a wide range of home financing products and services through Wells Fargo Home Mortgage, one of the nation's leading providers of residential financing.

"This new partnership will offer several important advantages to our customers, including faster and more personal service for a streamlined home purchasing experience," says Jeffrey Fernbach, president of Paramount Properties and recipient of the Shore Builders Association "Builder of the Year" award. "When buyers invest in a Paramount home, we feel a responsibility to make the process as easy and convenient as possible
for the customer. This partnership marks a giant step in that direction." By offering on-site mortgage information and speedy approvals to qualified buyers, the partnership will also help Paramount manage the initial
frenzy of purchasing activity anticipated at North Beach Asbury Park with the professionalism and personal attention Paramount customers expect, according to Mr. Fernbach, who added the oceanfront community is to open for sales this spring.

About Paramount Properties

Paramount Properties is the premier builder of luxury estate homes in Monmouth-Ocean Counties, New Jersey. With more than 500 homes built since its founding in 1996 at a median sale price approaching $650,000.00,
Paramount has established a stellar reputation based on innovation in home design, quality in construction and integrity in business. Paramount is a perennial industry award winner and earned national acclaim forexcellence in home design from the editors of Professional Builder.

About Wells Fargo Home Mortgage Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender*, the No. 1 lender to both low- to moderate-income customers and ethnic minorities, and one of the country's leading servicers of home mortgages. It operates the country's largest mortgage network from more than 2,000 mortgage and Wells Fargo banking stores and the Internet. Based in Des Moines, Iowa, it serves about 5 million customers in all 50 states through its retail and wholesale lending operations.

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