(Reuters) - "It's better for the crooks," Mozilo told Reuters before
speaking at a Mortgage Bankers Association conference in
Manhattan. "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."
Mozilo, leader of the largest U.S. mortgage lender, set the
tone for a conference whose membership is smarting from the
excesses of the subprime sector. Some of the largest subprime
lenders have gone out of business amid falling property values
and a rising wave of delinquencies and foreclosures.
Read more at Reuters.com Bonds News
speaking at a Mortgage Bankers Association conference in
Manhattan. "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."
Mozilo, leader of the largest U.S. mortgage lender, set the
tone for a conference whose membership is smarting from the
excesses of the subprime sector. Some of the largest subprime
lenders have gone out of business amid falling property values
and a rising wave of delinquencies and foreclosures.
Read more at Reuters.com Bonds News
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