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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ild who wrote (1388)	10/10/2003 10:18:55 AM
From: russwinter	Read Replies (1) of 110194

<the House passed the "American Dream Downpayment Act"> CNBC interview with CFC's Mozillio this AM. This subpar market is what really "excites" him now. He referred to it as a "Latino, black market", you know get these folks into housing right at the top. Suppose some chumps (poor people) have to be the last buyer of these bubbles. Meanwhile he confirmed the obvious: double digit declines in refi apps, and significant back office layoffs underway. He wanted to expand their "sales force" into 2004. He also confirmed that CFC would be vulnerable to a rise in foreclosures (should that happen). Stock up about 4 points after this interview, although I heard absolutely no reason why? DJ Countrywide CEO -2: Home Purchase Market Still 'Vibrant' NEW YORK (Dow Jones)--Though there may be some 'opportunistic' acquisitions of mortgage companies that are hurt by the rising interest rates, Countrywide Financial Corp. (CFC) also plans to grow organically through its originations business, according to Chairman and Chief Executive Angelo Mozilo. Mozilo said on CNBC Friday Countrywide plans to increase its sales force in that business substantially by 2004, to 10,000 from the current 7,000 employees. Even though the number of refinancings has begun to decline, the home purchase market is still "vibrant," Mozilo said. Helping to keep that market robust is demographic strength, as Latin and African Americans, who currently have a 45% home ownership rate, buy more homes.

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