by Calculated Risk on 3/13/2007 05:15:00 PM

From Reuters (hat tip mp): Countrywide CEO says mortgages in liquidity crisis

Countrywide Financial Corp. Chief Executive Angelo Mozilo said on Tuesday the U.S. mortgage sector is entering a "liquidity crisis," but that investors and speculators are overreacting by punishing healthier lenders as well as marginal ones.

"This is now becoming a liquidity crisis," and "it's going to get uglier," Mozilo said on CNBC television.

UPDATE: Here is the interview (hat tip crispy&cole and R)

Part I

Part II