Mozilo: 'Resets' Not the Problem

Countrywide Financial Corp. Chairman Angelo Mozilo said Thursday that rising loan delinquencies are not being caused by adjustable-rate mortgage "resets" but by a combination of job losses exacerbated by falling home values -- particularly in California.In an interview with National Mortgage News, Mr. Mozilo said news media reports that resets are causing delinquencies are being blown out of proportion. "Resets are not the reason for delinquencies and foreclosures," he stressed. He also said that Countrywide is working with customers who are having trouble with resets by not increasing their loan rate. "If they are struggling to make the payment, we will not increase the rate," he told NMN. The Calabasas, Calif.-based company can be found online at http://www.countrywide.com.