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Mozilo Turns Bearish on Housing Recovery.
CALABASAS, CA -- Few people have profited from the housing finance industry more than Countrywide Chairman Angelo Mozilo. And traditionally, the long-time CEO has struck an optimistic note about market prospects.
But recently, Mr. Mozilo has turned cautious, if not downright pessimistic. In a conference call with investors and analysts last week, he said he expects the second half of this year to be "increasingly challenging" not only for Countrywide, but for the entire mortgage industry.
And while many economists expect the housing downturn to end later this year or early next, Mr. Mozilo doesn't see a turnaround until 2009. And he suggested that the depth of the housing slump may be the worst since the Great Depression.
"It just takes a long time to turn a battle ship around, and this is a huge battle ship and it's headed in the wrong direction," he said.
Mr. Mozilo said he expects the downturn to continue in the second half ...
- Mozilo Turns Bearish on Housing.
- Magazine article from: National Mortgage News July 30, 2007 700+ words
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Source: HighBeam Research, Mozilo Turns Bearish on Housing Recovery.