Countrywide’s CEO sees housing-led recession [View All]

[brooklynite]

Source: MSNBC

Calling the current credit crunch “one of the greatest panics I've ever seen in 55 years of financial services,” Countrywide Financial CEO Angelo Mozilo said Thursday that the ongoing housing slump will likely push the U.S. economy into recession.

The financial markets took some solace from news that the largest U.S. mortgage lender had taken steps to shore up its finances as it struggles with a liquidity crunch with an infusion of $2 billion from Bank of America to help stabilize the company.

But Countrywide still faces longer-term problems as the financial storm rocking the credit markets continues. Mozilo said the turmoil in the mortgage market and the ongoing housing slump are far from over.

Read more: http://www.msnbc.msn.com/id/20405745/

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All things considered, not a very "interesting" story.....