Countrywide Financial CEO Angelo Mozilo says the company is done with Sub-Prime Loans (Loans offered to clients with less than perfect credit, or lower income). The company will focus on issuing CD's and Money Market Savings Accounts.
Countrywide Financial is the biggest mortgage lender in the United States and also the biggest lender of Sub-Prime Loans. The company started tightening its lending standards after the record number of foreclosures, the prices of homes declining and the credit market becoming tighter.
Mozilo says that the only Sub-Prime loans Countrywide will offer is from Freddie Mac and Fannie Mae.
Wednesday, September 19, 2007
Countrywide Financial Done With Sub-Prime Loans
Posted by Soletrader at 7:50 AM
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