Tuesday, May 22, 2007

The Dogs Ate My Home Loans!

"'First-time home buyers were begging us to make them loans because they thought home values were going up significantly, and so they put a lot of pressure on us to make them loans,' he said."

~Countrywide Chief Executive Angelo Mozilo, Reuters (hat tip CR)

3 comments:

norcaljeff said...

I thought better of this guy. Guess you can really never trust a salesman. I'm sure consumers were putting guns to their heads to make these loans. Oh well, these people will all pay in the end.

Patient Renter said...

Ahh, so this is what they call, "shifting the blame".

Happy Sam said...

"You HAVE to give me this loan. My Realtor says if I don't buy today I'll be priced out forever!"