Countrywide Sees Potential for ‘Disruption’ from Wall Street’s Foray into the Mortgage Business
July 28, 2006
The country’s largest mortgage originator, Countrywide Financial, has raised its shields in an effort to fend off the expansion of Wall Street investment banks into the loan origination market.“I woke up the other morning and found out I’m competing against the Street, and I think that’s a paradigm shift that is taking place and one that we are keeping our eye on, one that we are keeping our defenses against,” said Angelo Mozilo, chairman and CEO of Countrywide, in remarks during the company’s second quarter earnings conference call...