Resets are not the issue

National Mortgage News will run an interview Monday with Countrywide CEO Angelo Mozilo. In the interview, conducted Thursday, Mozilo tries to "clarify misconceptions in the media about why consumers are going delinquent on their mortgages. He blames a majority of the problem on job losses and sagging home prices -- not ARM resets," says NMN editor Paul Muolo.

"Resets are not the issue," Mozilo told NMN.

Well, yeah... resets weren't an issue as long as home prices kept going up -- you just refinanced into another loan.

Hopefuly, NMN asked Mozilo why Countrywide cut back ARM production from $19.3 billion in August 2006 to $8.3 billion last month. Many are also dying to know the secret to Mozilo's deep tan -- he has kind of an orange cast so maybe beta carotene supplements are involved.

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