Thursday, August 23, 2007

Countrywide's Mozilo: Recession Coming

by Bill McBride on 8/23/2007 11:40:00 AM

UPDATE2: CNBC video of Mozilo (hat tip crispy&cole)

From Market Update:

CEO Angelo Mozilo [said] in an interview on CNBC there is still a tremendous liquidity problem and that he thinks the housing slump will lead [U.S.] into a recession.
From Reuters: Indexes drop as Countrywide sees tough market
[Countrywide CEO Angelo Mozilo, , speaking on CNBC television] said the market environment was "certainly not getting better." ... [he] also said the commercial paper market isn't improving.
UPDATE: for those interested in the BofA investment in CFC, here is the Form 8-K filing with the SEC. Not much detail.