Countrywide Home Loans chief Angelo Mozilo said Thursday morning that the subprime market is "damaged for the foreseeable future."In an interview with National Mortgage News Mr. Mozilo said consumers that will be hurt the most from the subprime fallout are low-income minorities, and even middle-class home buyers, especially in California where Countrywide is the largest residential lender. The CFC chairman and CEO also called on the Office of Federal Housing Enterprise Oversight to increase the loan limit cap for Fannie Mae and Freddie Mac, a move, he said, that would help troubled jumbo borrowers refinance their loans. The current cap is $417,000.
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