by Tanta on 4/02/2007 10:43:00 AM

CFC's Angelo Mozilo reminds us why letting lenders regulate themselves has worked out so well.

He said adjustable-rate mortgages and loans made without a downpayment have been used for more than a generation with proven results.

“It’s very important that we put liquidity back in the system,” Mozilo said while co-hosting "Squawk Box." “It’s important that that the Fed backs off on these guidelines and that people realize hybrids are very good loans.”

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