“I would vouch for every single one of them (employees).” “Countrywide had a wonderful reputation of lending to minorities ahead of everyone else.”Ĭountrywide’s loan servicing portfolio peaked at $1.5 trillion with 250,000 employees, according to Mozilo. I approved 80 percent of the loans my underwriters rejected,” he said. “I loved the changes you make in people’s lives. Mozilo, instead, was big on homeownership. Nowhere was it mentioned that the mortgage company was seen by many as the “epicenter” of the 2008 mortgage crisis, issuing millions in “liar loans” homeowners couldn’t afford. Chrisman lobbed up softball questions about Mozilo’s background and the rise of Countrywide. I’ve previously paid Chrisman for employment ad space in his blog.įor me, the Mozilo interview at the conference was somewhere between fantasyland and a farce. Mortgage industry blogger Rob Chrisman was the moderator.įull disclosure: My company, Mortgage Grader, previously brokered loans to Countrywide and Freedom Mortgage. One general session I attended was headlined as “Mortgage Titans, Past, Present & Future.”įront and center were the former CEO of Countrywide, Angelo Mozilo, and Freedom Mortgage’s President and CEO Stan Middleman. What I think: Last week I attended the National Association of Mortgage Brokers’ (NAMB) annual convention in Las Vegas.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages for zero cost: 15-year FHA at 4.0 percent, 30-year FHA at 4.125 percent, 15-year conventional 4.125 percent, 30-year at 4.5 percent, high balance FHA ($453,101 to $679,650) FHA 30-year at 4.375 percent, high balance conventional ($484,351 to $726,525) 15-year at 4.25 percent, 30-year high balance conventional at 4.75 percent and jumbo (over $726,525) 15-year jumbo at 4.5 percent and 30-year jumbo at 4.875 percent.
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