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

~

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

[ipaper docId=125040545 access_key=key-2n4shc7sistwy0lzrg3r height=600 width=600 /]

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