Angelo: Words have meaning
We refer to Countrywide CEO Angelo Mozilo, who over the years has managed to say the darndest things. In early 2004, he told National Mortgage News that there should be no downpayments on mortgages. Contributing equity to purchase a home, he said, is "nonsense" (thanks to our friends at Dealbreaker for pulling up the citation). Oh, and credit requirements: Mozilo said they're too high. "The only way we can have a better society," he explained, "is to make sure those who don’t have a house have the opportunity to get one." And now, the opportunity to foreclose.
4:06 PM Tuesday, January 8 2008 • Link
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