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Thursday, August 30, 2007

The Mortgage Mess: Countrywide Feels the Heat




August 29 2007 BUsinessWeek.com
Embattled CEO Angelo Mozilo answers critics who claim the lender helped bring on the housing crisis. Angelo Mozilo, CEO of Countrywide Financial (CFC), is taking serious flak for the mammoth mortgage company's role in the housing meltdown. Now sources say the embattled Mozilo will soon announce layoffs of about 10% of Countrywide's 60,000 employees in the face of a 20% decline in the mortgage business. In addition, Countrywide may be looking for further financing and that the next investor will likely come from private equity. Countrywide's stock has lost about half its value since June 1. That was the same day that Senator Chuck Schumer (D-N.Y.) urged Countrywide to halt "predatory" lending practices.

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