"I've never seen a soft-landing in 53 years, so we have a ways to go before this levels out," Countrywide Chief Executive Officer Angelo Mozilo said on a Tuesday conference call. "I have to prepare the company for the worst that can happen."What is this? Confess the Truth week or what?
Wednesday, July 26, 2006
Soft-Landing? What Soft-Landing?
I thought Leslie Appleton-Young's (C.A.R. chief economist) quote from the other day (about how the phrase "soft landing" is way too mild and she has to come up with something better to describe the future of California's housing market) was the best it was going to get vis-à-vis admissions of error. But then Countrywide's CEO came up with a better one: