Straight Talk from Countrywide Chief: ‘There Are No Buyers’

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You have to hand it to Countrywide CEO Angelo Mozilo -- in an industry that’s as buttoned down as Brooks Brothers, he says what everybody else is thinking. He did it twice today -- first telling Congress and the regulators to back off the mortgage industry, then talking about the buyers’ strike he sees in real estate.

First, why he opposes new regulations on the mortgage industry: ‘It’s better for the crooks,’ Mozilo told Reuters. ‘It’s only the good people who have to comply. Regulation, in my opinion, has caused part of the problem. When they attacked the pay option and interest-only loans, that really put a dent in a lot of the product, which is perfectly good product.’

Then, the market as Angelo sees it: ‘The reason why people can’t sell their houses is there are no buyers around,’ Mozilo said. ‘And there are no buyers around because they can’t get the financing.’