Doomed Countrywide recognizes its mistakes

One year ago, we warned here:
Countrywide's prospects depend on its debtors being stupid: not refinancing in an up market, and not walking away in a down market.

Now, for the first time, Countrywide is acknowledging that borrowers might actually make rational economic choices:
...mortgage professionals must strive to ensure that borrowers do not take on loans that they do not have the ability or economic interest to repay.

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