MORTGAGE-MASTER SEES TROUBLE AHEAD: The worst is likely ahead for the housing market, warns Countrywide Financial Corp. CEO Angelo Mozilo. Mozilo, who heads the besieged Calabasas-based mortgage company, spoke this morning at the Santa Monica-based Milken Institute's annual State of the State Conference at the Beverly Hilton. The Associated Press reports below:
BEVERLY HILLS — Countrywide Financial Corp.s’ chairman and CEO says he believes there’s more trouble ahead for the nation’s slumping housing market.
Angelo Mozilo said Monday that he didn’t think the worst is over.
He says a big problem is loans given to customers with poor credit history. Mozilo says the so-called subprime market will only worsen if home values continue to fall.
He’s calling on lawmakers to do more to help home buyers gain access to credit.
The head of the country’s largest mortgage lender made his comments during a panel discussion in Beverly Hills.
Last week, Countrywide reported a $1.2 billion loss in the third quarter. But its shares soared after the company said it expects to be profitable this quarter and next year.
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