From the National Mortgage News website:
We got the chance to conduct a brief interview with Countrywide Home Loans chief Angelo Mozilo on Thursday.
He seemed a bit perplexed about why the media was going ga-ga (late this past week) about his company lining up $12 billion in additional credit, noting that CFC had been working on beefing up its lines for the past 30 days.
He also tried to clarify misconceptions in the media about why consumers are going delinquent on their mortgages. He blames a majority of the problem on job losses and sagging home prices — not ARM resets. “Resets are not the issue,” he stressed.
Exactly. Finally, someone says what I believe.
Source: What We’re Hearing – By Paul Muolo, National Mortgage News
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