So, Mozilo told Jimmy Cramer the other day that Countrywide got out of the risky subprime business year ago and that their subprime portfolio wasn't that risky.
Well, Countrywide hides behind another company called "Full Spectrum Lending". This is a Countrywide company, artfully disguised as a separate entity to make home loans to customers with bad credit.
Another blatant lies that Countrywide is hiding behind.
http://fullspectrumlending.com
What does this tell you? Countrywide is not one of the largest originators of subprime loans for nothing.
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