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"Hard landing" according to Countrywide is here, we think it is just a beginning

Thu Nov 16, 2006 01:11PM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

According to what Countrywide Financial Corp. CEO Angelo Mozilo said at a Merrill Lynch & Co. conference in New York, the feared "hard landing" is already here, at least for the mortgage industry. We say that this is nothing with what yet to come. Sure, mortgage and real estate professionals have been trimming their numbers, but when it comes to the everyday homeowner, the very worst is coming. We will publish our analysis shortly. Then again, Countrywide is known for some insiders with crystal balls.

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