“The markets didn’t like what the chairman of Countrywide had to say on CNBC – stocks turned negative and Treasurys firmed,” said Tom Di Galoma, head of U.S. Treasury trading at Jefferies & Co. Inc. “Mozilo speaks the ‘r’ word and ‘no light at the end of the tunnel’ for real estate market.”
Why does Mr Mozilo feel theirs no light at the end of tunnel? How could all these ALT-A loans default? This wasn’t supposed to happen!
.
