Ex-Countrywide chief sees luxury home rout as tax bill bites

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Ex-Countrywide chief sees luxury home rout as tax bill bites Angelo Mozilo had a front-row seat during the collapse in housing prices a decade ago. Now the former chief executive officer of Countrywide Financial Corp. is predicting another drop, and for some homeowners it may be even worse.

AMP’s Chief Economist, Shane Oliver, believes there are reasons to be optimistic about Australia’s economy.

Tax overhaul is ‘devastating’ to certain homeowners, he says A decade ago, Angelo Mozilo was the face of the housing bust that preceded the financial crisis. Now the former chief executive officer of Countrywide Financial Corp. is predicting another drop, and for some homeowners it may be even worse.

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Expected slowdown in remodeling is good news for mortgage business Remodeling activity stepped up in recent years as homeowners stayed put for nearly twice as long as before the housing bubble burst. But several forecasts point to a potential slowdown on the horizon, which is a welcome sign for the mortgage business, according to the Mortgage Bankers Association.

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