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CNN Interviews Adlai Wertman for "American Morning"
Professor Speaks on Ethics of Country wide Successor PennyMac
March 10, 2009 • by News at Marshall

CNN's "American Morning" interviewed Adlai Wertman of the USC Marshall School about a former Countrywide executive forming the company PennyMac to buy up cheap, delinquent home mortgages.

"It's perfectly legal," Wertman said. "It just doesn't seem to pass the smell test," he added.

Nevertheless, many experts believe that companies which buy up bad loans, service them and keep taxpayers from footing the bill may turn out to be an important part of solving this housing crisis, Wertman noted.

"It's exactly what we should be doing and what the private sector should be doing. We just have to make sure that they're doing it in a manner that's fair to all parties involved."

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