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Mozilo Still Says 5 Will Dominate.(Angelo Mozilo, mortgage servicers)
A little more than two years ago, Countrywide Home Loans chief Angelo Mozilo predicted that within five years just five firms would control most of the housing receivables in the U.S.
The industry is almost at the half-way point in regard to that prediction, and Mr. Mozilo, now more than ever, thinks it will happen.
"I feel firmly about it," Mr. Mozilo said in a recent interview with Mortgage Servicing News. "I think there will be five major servicers left."
According to figures compiled by Mortgage Servicing News, the top five mortgage banking firms today service 40.28% of the estimated $5.9 trillion in outstanding mortgage debt in the U.S.
The top 10, as a group, control 53.11% of those receivables. The top 100 control 75.8%. These second-quarter figures include servicing rights as well as "subservicing" contracts.
In a few years, Mr. Mozilo sees the top five easily controlling 80% of the market and the top 10 controlling 100%.
The reason for the consolidation among servicers is simple, ...
- Mozilo: MSR Growth Key to Profitability.(Angelo Mozilo, Countrywide Credit...
- Magazine article from: Mortgage Servicing News Cornwell, Ted July 1, 2006 700+ words
...chairman and CEO Angelo Mozilo illustrated how...leverage its huge mortgage servicing portfolio to...attaining 20% of the mortgage servicing market in a talk...share of the mortgage servicing market is achievable...
- Mozilo: Industry Better Off Today Than After 1998.(Angelo Mozilo, Countrywide...
- Magazine article from: Mortgage Servicing News April 1, 2002 700+ words
Angelo Mozilo, chairman of the...Countrywide's Angelo Mozilo said the effort to...Countrywide's mortgage servicing portfolio already...own are sitting on mortgage servicing portfolios that will...
- In Defense of Countrywide Financial's Angelo Mozilo.
- Magazine article from: National Mortgage News Muolo, Paul October 3, 2007 700+ words
...nonprime hadn't cracked up, Angelo Mozilo of Countrywide Financial would...the past 18 months. So, is Angelo Mozilo, the poster boy of mortgage...column appears regularly in Mortgage Servicing News, a sister publication...
- Countrywide Confident it Can Manage a $1.5 Trillion Asset.(Angelo Mozilo is the...
- Magazine article from: Mortgage Servicing News Cornwell, Ted March 1, 2004 700+ words
Angelo Mozilo, the chairman and CEO of Countrywide Financial Corp., has a history...a recent Mortgage Bankers Association presentation in New York, Mortgage Servicing News had the chance to ask Mr. Mozilo about the challenges of hedging...
- SEC Charges Former Countrywide Executives With Fraud; Former CEO Angelo Mozilo...
- Press release article from: M2 Presswire June 5, 2009 700+ words
...Executives With Fraud; Former CEO Angelo Mozilo Additionally Charged With Insider Trading...charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with...assuming greater and greater risk. Angelo Mozilo privately described one Countrywide...
- American Banker to Honor Angelo Mozilo of Countrywide Financial with 2006...
- Press release article from: Business Wire August 29, 2006 700+ words
...current position as the country's largest mortgage company, Angelo Mozilo will receive American Banker's 2006 Lifetime Achievement...evolved into one of the world's biggest banking companies. "Angelo Mozilo is a true pacesetter for the mortgage industry," said Longobardi...
- SEC charges Mozilo.(NAMES IN THE NEWS)(Securities and Exchange Commission and...
- Magazine article from: Multinational Monitor Mokhiber, Russell May 1, 2009 700+ words
...SEC) in June charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for...increasingly reckless lender assuming greater and greater risk. Angelo Mozilo privately described one Countrywide product as 'toxic...
- Angelo Mozilo, Chair & CEO of Countrywide Credit Industries, Inc, To Co-Chair...
- Press release article from: PR Newswire June 5, 2000 700+ words
...Italy. The conference is chaired by Richard A. Grasso, New York Stock Exchange Chairman & CEO and co-chaired by: Angelo Mozilo, chairman and CEO of Countrywide Credit Industries, Inc. (NYSE: CCR); Sergio Bille', president, Confcommercio...
