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Tuesday, September 18, 2007

Countrywide's bank deposits recover, CEO says

September 18 2007
Countrywide Financial Corp.'s bank deposits have recovered recently after the company averted a run on a business that's become crucial to its planned recovery, Chief Executive Angelo Mozilo said on Tuesday. Mozilo said the lender is now out of the subprime mortgage business and added that he's "very bullish" on the future, while praising the Federal Reserve's decision to cut interest rates by half a percentage point to 4.75%. Countrywide , the largest mortgage lender in the U.S., has been hit hard by problems in the subprime home loan business, which have spread across the broader credit market. The company struggled to borrow money in the commercial paper and secondary mortgage markets, sparking concerns about its ability to survive.


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