Mozilo appears on CNBC
By MortgageDaily.com staff
8/18/2003

California's laws are causing Countrywide to move employees to states more friendly to business, said Angelo R. Mozilo, the company's chief executive officer and chairman.

Appearing on CNBC's morning show "Squawk Box," last week, Mozilo discussed with show host Mark Haines California laws such as the statewide family leave act and workman's compensation. Mozilo commented that the state "appears to be on a suicidal mission."

He said that Countrywide has half of its employees, 19,000 of them, working in states other than California, "in order to stay competitive."

During the show, Mozilo predicted that Countrywide would handle $400 billion in mortgages during 2003. The mortgage industry, he said, would handle $3.5 trillion.

For 2004, he predicted about half that volume, or $2 trillion. He said he expects for Countrywide to handle 15 percent of that total, amounting to 2004 being "its second biggest year in its history."California's laws are causing Countrywide to move employees to states more friendly to business, said Angelo R. Mozilo, the company's chief executive officer and chairman.

Appearing on CNBC's morning show "Squawk Box," last week, Mozilo discussed with show host Mark Haines California laws such as the statewide family leave act and workman's compensation. Mozilo commented that the state "appears to be on a suicidal mission."

He said that Countrywide has half of its employees, 19,000 of them, working in states other than California, "in order to stay competitive."

During the show, Mozilo predicted that Countrywide would handle $400 billion in mortgages during 2003. The mortgage industry, he said, would handle $3.5 trillion.

For 2004, he predicted about half that volume, or $2 trillion. He said he expects for Countrywide to handle 15 percent of that total, amounting to 2004 being "its second biggest year in its history."

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