BEVERLY HILLS, California (Reuters) - Countrywide Financial Corp. (NYSE:CFC - news) Chief Executive Angelo Mozilo on Tuesday said he expects the U.S. mortgage market to show improvement in the middle of 2008, and to be "very healthy" for the largest U.S. mortgage lender in 2009.
Speaking at a Milken Institute conference, Mozilo also said 5 percent to 6 percent of the riskiest U.S. home loans may face foreclosure, though 19 percent of the company's so-called "subprime" loans have had missed payments.
Several dozen mortgage companies have been sold, gone out of business or gone bankrupt in recent months as payment problems on risky mortgage loans have jumped, lenders tightened their loan standards for borrowers, and housing values have stagnated or fallen.
Mozilo has long maintained that Calabasas, California-based Countrywide would survive an industry shakeout. He said the industry would begin "to see the light" in the middle of next year.
"By 2009, we're going to have a very healthy market from Countrywide's point of view," he said. "There will be very little competition in 2009 and 2010."
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