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:
"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?

6 comments:

Marinite said...

"The housing correction has a long way still to run," Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York, wrote in a note to clients.

Anonymous said...

Oh, I thought Leslie was a chick!

Marinite said...

I thought she was too. That pic is of the guy who made the quote I'm focusing on.

Anonymous said...

i will say that the countrywide reps i deal with are both more honest and more competent than most.the incredible expansion of the real estate industry has come at a heavy cost in integrity and competence and i hope for very serious reforms soon.(i fantasize about christina aguilera,too)

Anonymous said...

Leslie is a chic.
I found this bio of hers with a pic.


Leslie Appleton Young

cajun100 said...

I thought Mr. Mozilo's observations were on target.

But I wish he would wear something other than that Mafia-like suit, shirt and tie. Hmmm -- "No one else can do what Countrywide can". Perhaps expand and contract the workforce faster than any other martgage brokerage operation? We shall see.