Liquidity is up; overhead is down. That's the good news at Countrywide Financial, according to Chairman and Chief Executive Angelo Mozilo.
But in an exclusive interview with CNBC, Mozilo declined to say that the corner has been turned in the housing and credit markets.
"Where it's bottoming out is very hard to tell," Mozilo said.
He estimated a $1.5 trillion dollar market next year, a significant decline from the $3.8 trillion to $4 trillion market just a few years ago.
"We're adjusting the company to the market that we're in," he said.
Mozilo acknowledged a sharp decline in Countrywide's stock price , but quickly added that such drops have been common among financial stocks.
"We're going to continue doing what we're doing," he said of the future. "We believe that at the end of the day, there will be serious consolidation. There already is. Most of our competitors are gone."
He was asked if the company's dividend is in jeopardy. "I can't comment," he replied.