Countrywide Heads To UK, Looking For Risk
Countrywide Financial is crossing the Atlantic in search of borrowers. "(T)he largest U.S. mortgage bank, will expand its presence in the United Kingdom next year where it plans to focus on mortgage lending to riskier consumers."
In light of this earlier report, one can only interpret this move as another sign of desperation in the lending business. "Alt-A (loans) fall into another category," Angelo Mozilo, CEO, told analysts. "We think we can play a major role there in that business."