Powers brings over 15 years of mortgage banking operational leadership to KB Home Mortgage Company. Most recently, he was president and chief executive officer of Charter One Mortgage Corporation based in Cleveland, Ohio. Prior to Charter One, Powers was senior vice president of operations and production for Great Western Mortgage Corporation, where he held leadership roles from 1987 through his departure to Charter One in 1994. Powers holds a Bachelor of Arts degree from the University of the State of New York, as well as an MBA from the University of Chicago.

"With his exceptional skill and experience, we are pleased to welcome Richard to our organization," said Jeff Mezger, chief operating officer of KB Home. "Under his leadership, we look forward to realizing great results from KB Home Mortgage as we continue driving current initiatives while focusing on providing competitive mortgage products and outstanding customer service."

KB Home is one of America's largest homebuilders with domestic operating divisions in some of the fastest-growing areas of the country including Arizona, California, Colorado, Florida, Georgia, Illinois, Nevada, New Mexico, North Carolina, South Carolina and Texas. Kaufman & Broad S.A., the company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2003, the company delivered homes to 27,331 families in the United States and France. It also operates a full-service mortgage company for the convenience of its buyers. Founded in 1957, KB Home is a Fortune 500 company listed on the New York Stock Exchange under the ticker symbol "KBH." For more information about any of KB Home's new home communities, call 888-KB-HOMES or visit kbhome.com.

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