From Countrywide Financial CEO Angelo Mozilo, on the housing market crash:
As you know, the unprecedented and worldwide dislocation of the credit
markets combined with actions taken by regulators, rating agencies,
legislators, the media and others have strained the housing and housing
finance sectors as never seen since the Great Depression.
What? No mention of the boatloads of risky loans offered by firms such as his? I’m shocked!
Full memo from Mozilo available here: Countrywide CEO Mozilo message to employees