Countrywide Can't Shake 'Come Hither' Ways

Challenge of the Party Line

Now in fairness, maybe Mr. Mozilo changed his mind overnight and decided to stop selling such loans. Who knows what a fitful night sleep can do to a soul. Or maybe he is not selling a lot of them anymore. There are other explanations -- although stated-income loans have gotten a deservedly bad rap, they are not all bad. The self-employed and others in particular situations might need them, but with that credit score?

Ugh.

Anyhow, I called Countrywide to get an explanation. I wanted to see precisely how many of the current loans are stated-income loans and how many are to people with lame credit scores. And I wondered whether that recent corporate line about finding religion when it came to lame loans is legit. And, well, I'm still waiting for a reply.

Countrywide does not seem to be talking much these days. It is always a source of concern when a public company decides to have some quiet time. If I had a shiny nickel for all its "no comments" lately, including a big one to The New York Times, which took a look into the crisis and were actually told that Countrywide spokesmen were too busy. I'm guessing they still are.

When I tried to bridge this gap between company line and competing evidence, Ginny Zoraster, who works in the communications office, told me that she sent my inquiries on to four officials. She did that three separate times.

Well, I'm still waiting here, and while I am, if you have evidence that a public company you know is not exactly heeding to the publicly stated line, pick up that red phone underneath the glass case and call Amazing Reality Man.