Homevestors® Names Howard Garfield Cfo

(Wednesday, April 19, 2006) - HomeVestors® of America, Inc., the company famous for its "We Buy Ugly Houses"® billboards, has hired Howard Garfield as its chief financial officer, effective immediately.

Garfield joins the growing management team for HomeVestors with more than two decades of senior-level experience in real estate finance and participation in more than $3 billion of acquisitions, dispositions and joint ventures in his career.

He previously served eight years with Hillwood Development, the high-profile real estate and venture capital investment group controlled by Ross Perot, Jr. There, Garfield was CFO for the 75-acre Victory development and the $420-million American Airlines Center, home to the Dallas Mavericks and Dallas Stars. Prior to that, he held positions as vice president of finance and controller for MEPC American Properties, the U.S. subsidiary of an international real estate company publicly traded in the U.K. Garfield also served as an audit manager and senior staff member with Touche Ross & Co., currently Deloitte & Touche, early in his career.

"Howard joins HomeVestors at a critical time in our development," said John P. Hayes, Ph.D., president and CEO of HomeVestors. "We support a growing network of more than 250 franchisees across the United States and provide financing to many of them for the purpose of buying real estate. Howard's knowledge in real estate investing will be a major asset for maintaining and improving a financially-strong business model as HomeVestors continues to grow to the next level in our national expansion and brand dominance."

Garfield is a graduate of the University of Texas at Austin and a certified public accountant. He is a member of the National Association of Real Estate companies and the National Real Estate Roundtable as well as the AICPA and the Texas Society of CPAs.

About HomeVestors of America, Inc.
Founded in 1989 and franchising since 1996, Dallas-based HomeVestors® of America, Inc., has more than 250 franchises throughout the United States. The first franchise company of its kind, HomeVestors® trains and supports franchisees who specialize in buying homes in need of repair. Most commonly known as the "We Buy Ugly Houses"® franchise, HomeVestors® strives to make a positive impact in each community. More information is available at www.homevestors.com.

For more information, please contact:
Monica Feid, BizCom Associates
972.490.8053 / monicafeid@bizcompr.com

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