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Countrywide CEO Takes the Punch Bowl Away

Stock quotes in this article: CFC , BAC , ^DJI , ^SPX , ^IXIC  

By discrediting virtually every step taken thus far to help the housing market and the mortgage industry, Countrywide Financial(CFC Quote) Chief Executive Angelo Mozilo killed Wall Street's buzz about the credit crunch being over.

In an interview on CNBC Thursday morning, Mozilo also said he believes the U.S. is headed toward a recession, taking the wind out of any confidence boost that briefly came from news that Bank of America(BAC Quote) took a $2 billion stake in the company via a convertible bond offering.

"When you have this level of delinquencies and foreclosures, there is no way it doesn't have an impact on psyches and wallets," said Mozilo. ...

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