Countrywide?s Mozilo sees recession as likely

In a televised interview last night chief executive officer of Countrywide, Angelo Mozilo, said he believes its likely that the troubles in the housing market will lead to a nation-wide recession. From a CNN article covering the interview: In a televised interview, Mozilo said, when asked if housing would lead the United States into a recession: "I think so ... I can't believe ... that this doesn't have a material effect ... on the psyches of the American people and eventually on their wallet." There is a "very serious situation going on" in the U.S. housing market, Mozilo told CNBC Television. "This environment is certainly not getting better." Mozilo also went on the offensive regarding the Merrill downgrade of Countrywide stock last week. Mozilo in his own words called the downgrade "