Angelo R. Mozilo 2003 Presentation | The American Dream of Homeownership: From Cliché to Mission

I have two issues with our industry’s current underwriting methodology. The first is that the automated underwriting systems kick far too many applicants down to the manual underwriting process, thereby implying these borrowers are not creditworthy; and the second issue is that once arriving in the hands of a manual underwriter, the applicant is subject to basic human judgment that can be influenced by the level of a borrower’s credit score.

- Angelo Mozilo pg. 15

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There is also no doubt, in my opinion, that we’ve worked together to make progress in this area – exposing many of the worst predators feeding in the sub-prime markets. And at Countrywide, we’re proud to have been the first lender to sign the Declaration of Fair Lending Principles and Practices with HUD in 1994 and the first lender to renew that Declaration in the year 2000.

-Angelo Mozilo pg. 17

The American Dream of Homeownership: From Cliché to Mission

Presentation by Angelo R. Mozilo

Chairman, President and Chief Executive Officer, Countrywide Financial Corporation & Chairman, Countrywide Home Loans, Inc.

The Joint Center for Housing Studies of Harvard University John T. Dunlop Lecture Sponsored by The National Housing Endowment

Washington, DC                      February 4, 2003