Countrywide And The Failure of Mortgage Socialism

``What Angelo Mozilo desires to accomplish is to replace human underwriters with computers. He never mentions the Five Cs of credit because sound credit underwriting requires human judgment; which can be aided with, yet never replaced by, technology. In Mr. Mozilo’s daffy world of credit progressivism, he may as well distill the mortgage application down to a one-page document containing a single question: Are you willing to make your mortgage payment? If the answer is "yes" then the loan is approved and if the answer is "no" then it is declined. Under such circumstances, a computer would work perfectly.''