THE HEAT ON COUNTRYWIDE

摘要

Angelo mozilo, CEO of Countrywide Financial Corp., is taking serious flak for the mammoth mortgage company's role in the housing meltdown. I caught up with Mozilo twice in the space of a week—first for an exclusive interview on CNBC following Bank of America Corp.'s $2 billion infusion into Countrywide, and then on the heels of a New YorkrnTimes story taxing Mozilo and Countrywide with allegedly engaging in questionable lending practices. Now sources tell me the embattled Mozilo will soon announce layoffs of about 10% of Countrywide's 60,000 employees in the face of a 20% decline in the mortgage business. In addition, I am hearing that Countrywide is looking for further financing and that thernnext investor will likely come from private equity. When BusinessWeek went to press on Aug. 29, Countrywide's stock had lost about half its value since June 1. That was the same day that Senator Chuck Schumer (D-N.Y.) urged Countrywide to halt "predatory" lending practices.