Mozilo: 40-50 B&C Firms a Day Going Bust

Countrywide chief executive Angelo Mozilo estimates that 40 to 50 subprime firms are going out of business each day, a trend that likely will continue all year.During a conference call discussing Countrywide's earnings, Mr. Mozilo -- in response to a question -- said analysts are seeing reports of two to three firms failing each day, but that the number is much larger. Addressing the carnage in the subprime sector, Mr. Mozilo said, "I think we have a way to go on that." Company president David Sambol said Countrywide is beginning to see its subprime volume increase because of all the firms leaving the sector. Meanwhile, Mr. Mozilo declined to comment on news reports that the company might be talking to Bank of America about an alliance in mortgages or a merger.