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: professionals must strive to ensure that borrowers do not take on loans that they do not have the ability or economic interest to repay.