Countrywide Prods MBA to Assume Higher Public Profile in Opposing GSE Portfolio Caps
April 21, 2006
Countrywide Financial is putting pressure on the Mortgage Bankers Association to publicly oppose a provision in legislation to reform oversight of the government-sponsored enterprises that would impose caps on the mortgage portfolios of Fannie Mae and Freddie Mac. In late March, Countrywide Chairman and CEO Angelo Mozilo sent a letter to MBA President Jonathan Kempner, urging the trade association to publicly proclaim its strong opposition to such caps. Mozilo expressed concern that mandating a reduction…