"Adjustable rate loan mortgages accounted for 51% of Countrywide’s mortgages last year, up from just 14% in 2002. This year, negative amortization loans were 21% of Countrywide’s total, versus just 3% a year earlier." 

This may not say much about Countrywide, assuming their capital base is strong and they calculate their risks correctly, …but it says something troubling about America and Americans’ own state of financial literacy, or lack thereof. John Bryant, quoting an article from the New York Times on Countrywide CEO Angelo Mozilo

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