Countrywide CEO on CNBC

Main Points:

"This environment is certainly not getting better," he said. "Something tomorrow could turn it around, but this is a first step in series of steps we're going to take."

"I still think so, I've been proven wrong so far," he said. "But I can't believe when you're having the level of delinquencies, foreclosures … that this doesn't have a material effect on the psyche of American people and eventually on their wallet."

"perpetual preferred, this goes on forever"

"Countrywide is NOT a Bank. The mortgage bank does not have access to the window. The bank has access, but no assets."

Yelling fire by the Merill Lynch analyst was irrepsonsible. No basis in fact.

No company can guarantee they won't go into bankruptcy.

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