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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
LARRY KUDLOW, CNBC ANCHOR: The latest housing report from new and existing home sales were mixed. New home sales down, existing up, so let`s go to industry leader Angelo Mozilo, chairman and CEO of Countrywide Financial to make sense of these numbers and talk about the blood and guts of the housing industry.
Angelo, welcome back to the show.
ANGELO MOZILO, CHAIRMAN & CEO, COUNTRYWIDE FINANCIAL: Thank you, Larry.
KUDLOW: I want to start with an off beat question that we don`t get a chance to talk about. Countrywide Financial has become a huge powerhouse in capital markets trading, as I understand it. Mortgage backs and other securities, you`re right up there competing with the top guys on Wall Street. Could you talk a little bit about it and inform our viewers?
MOZILO: Yes. We have a broad capital markets operation, which handles primarily debt, securities, no equity securities, mortgage backed, asset backed, corporate bonds. And last year, it traded close to $4 trillion in those categories. So we`re in the top five in the lead tables in all those categories. And it serves -- it obviously, served -- we started out serving our needs, Countrywide`s needs to securitize and sell our product. But now, only 30 percent of its business comes from Countrywide....
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