Where Angels Fear to Tread?By
As dozens of mortgage lenders close or shed jobs, Countrywide Financial Corp. CEO Angelo Mozilo is staffing up to seize market share. The chief of the biggest home lender announced at an investor conference May 14 that he plans to add 2,000 sales jobs this year. Mozilo also announced subprime loans that borrowers can take 50 years to pay off. At the same time, Countrywide is tightening lending standards—and says it won’t retain any of those 50-year subprime loans for its portfolio.
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