Mozilo(Countrywide) on distressed borrower's appeal for help: "disgusting"

[RamboLiberal]

Source: LA Times

In an e-mail inadvertently sent to a distressed homeowner trying to avoid foreclosure, embattled Countrywide Financial Chairman Angelo Mozilo lashed out at an online counseling service for distressed borrowers, calling the website's efforts "unbelievable" and "disgusting."

"This is unbelievable," Mozilo wrote in the e-mail, which was posted on a forum on the website LoanSafe.org. "Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the internet. Disgusting."

Mozillo was responding to an e-mail from Daniel Bailey Jr., who wrote a "hardship letter" to Mozilo and 16 other Countrywide employees. Bailey acknowledged he wrote the letter using a format provided by the website LoanSafe.org.

In his original e-mail, Bailey requested a loan modification, saying he was unable to make rising payments on his adjustable rate mortgage. "The main reason that caused me to have a hardship and to be late is my misunderstanding of the original loan," Daniel wrote in his e-mail to Countrywide. "I was told that after the first year of payments, I would be able to refinance to a better fixed rate -- then the bottom fell out of the industry. My payments for that first year were on time. I also lost my second income due to physical conditions in a very physically demanding industry."



Read more: http://latimesblogs.latimes.com/laland/2008/05/mozilo-on-distr.html

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No, you Mozillo and your your ilk are disgusting!

[Warpy]

1. That outfit didn't do their JOB

Remember the case where a dead guy was found in a house that had changed hands several time, Countrywide writing the mortgages? They had someone dead and rotting in that house and successive buyers never knew it because neither they nor Countrywide ever did a goddamned INSPECTION! They just used Countrywide to keep writing loans and bumping up the paper value of that house so they could make a fast buck. Countrywide allowed themselves to be part of a speculation scam and now they're blaming the people they conned at the end.

Mozilo should be in prison for the way he allowed that company to be run.

[WCGreen]

2. He dresses like a gangster right out of Chicago in the 20's...

He lost tons of money.

I weep openly for him...

NOT!!!!

[slackmaster]

4. Yes, and one thing I learned growing up in La Jolla, CA...

The guy with the fanciest car, most expensive suit, and spiffiest shoes is inevitably the biggest fucking crook in town.

[bitchkitty]

15. You can bet he's got plenty of money put away. n/t

[KansDem]

17. You're right!

He dresses like a gangster right out of Chicago in the 20's...

[slackmaster]

3. Mozilo and his wife own at least TEN nice California properties outright

He's managed to dodge all personal responsibility for Countrywide's lending practices.

It really pisses me off to hear him say just about anything. I can't stand him.

And his company is one of my employer's biggest customers.

:argh:

[Baby Snooks]

5. Where is the accountability we were promised?

Congress has done absolutely nothing since Enron collapsed to protect the public interest. Mozillo is on the level of Ken Lay. Except Ken Lay at least was charged with fraud. Mozillo just keeps getting more and more money pumped into his back pocket by the Federal Reserve.

We are facing a very long summer. Higher utility bills. Higher prices at the pump. Higher consumer prices particularly at the grocery store. And higher rates of foreclosure across the nation.

And this man who created a large part of the mess is still sitting there wheeling and dealing and having his bills covered by the taxpayers instead of being sent to prison where he belongs.

The Federal Reserve may be a private bank. But the taxpayers absorb the losses. Which are always hidden away. Our government uses the same accounting method that Enron used. Few people realize that Enron is still very much a corporation. Going through reorganization. Quite a few are doing quite well "reorganizing" it. While former employees collect pennies on the dollar along with investors. All of whom are now being told they have to return part of their pennies on the dollar.

The accounting firm made a mistake. The way it works. Which is why it no longer works. The media ignores the story. For the most part, it has ignored all of the story. They focused on the prosecutions of Ken Lay and Jeff Skilling and Andy Fastow and the others. But not on the real story. What happened to the pipeline Enron was to build in Afghanistan. Who really bought the other pipelines that Enron owned?

This is the second time an energy corporation with control of major pipelines has gone bankrupt. No one noticed the first one. A corporation called Texas Eastern. That controlled a large part of the pipeline system in this country. Enron went into broadband and selling barges. Texas Eastern went into real estate. Quite a few made a killing. And then killed the corporation.

So many questions the media never asks. So many questions Congress never asks. And when they do, well, the checks start arriving.

We need to throw every incumbent out in November save a very few who have spoken out loudly and spoken out on behalf of the American people. The rest simply need to go.

This country started with a revolution that started with people throwing tea into Boston Harbor. We need to start throwing out the politicians at the polls.

[skyounkin]

6. Goddam-

this just pisses me off. I had a loan through this scumbag company- I am so sick of corporations just sticking it to the customers and Congress not doing a damm thing about it.

[salin]

7. No, your get (filthy) richer quick scheme is what was/is disgusting

and didn't result in one bad loan (as in the writer of the email) but thousands (tens of thousands? hundreds of thousands?) of bad loans - as your company is responsible for; the guy writing the email didn't give a hit to the US economy - but your companies practices have.

k & r for this article.

[boobooday]

8. Helping ordinary citizens is disgusting

Making obscene profits is not.

Yeah, we know, you bastard.

[Joe Bacon]

9. This clown makes Capone look like an amateur

His arrogance is just astonishing! Capone has nothing on this guy!

[DavidDvorkin]

10. The peasants are revolting!

Except that they're not. They're too beaten down and cowed.

[flashl]

11. No, Mozillo this is disgusting ...

Senator Schumer Seeks Probe of FHLB Loans to Countrywide

... the Federal Home Loan Bank's (FHLB) lending system in Atlanta had, according to the most recent filings with the Securities and Exchange Commission (SEC) made advances to Countrywide of 51.1 billion as of September 30 of this year. The company, widely regarded as the largest mortgage lender in the U.S., had pledged 62.4 billion of mortgages as collateral for the advances.

Note: the pledged 62.4 billion of mortgages are mostly Countrywide's 'worthless' no-docs loans.

... the SEC reportedly launched an informal investigation of Countrywide Financial Corporation's CEO Angelo Mozilo's stock sales, specifically the acceleration of his pre-arranged share-selling program.

New York Senator Charles Schumer is calling for ... the investigation expanded to include the company: In a statement, he said that the SEC should "expand its informal probe of suspicious stock sales by Countrywide CEO Angelo Mozilo to include the company itself, which may have taken steps to enable Mozilo's stock dumping as the subprime crisis heated up and Countrywide's stock prices plunged ... Did Countrywide repeatedly adjust Mozilo's prearranged selling plans at his request, such that the intent and purpose of these plans -- the prevention of insider trading -- was undermined?"

[DinahMoeHum]

12. Something tells me that within 3 years, Mozillo will be either

1) Dead
2) Destitute
3) Doing time in federal prison


:shrug:

[SahaleArm]

13. The Tan Man was dumping CFC at $40/share - currently it's $5/share

Meanwhile Countrywide is sitting on billions of unsellable debt (mortgages); Wall street won't buy them because no one will buy the CDO's for crappy debt. Folks we're in the second inning of a multi-trillion dollar housing bubble. There's nowhere to go but down and I say this as a homeowner.

[ohio2007]

14. California Congresswoman walked away from $578K mortgage

Capitol Weekly reports that newly elected California Congresswoman Laura Richardson walked away from the mortgage on her $535,000 Sacramento home, letting the house slip into foreclosure and disrepair less than two years after she bought it with no money down.

"While being elevated to Congress in a 2007 special election, Richardson apparently stopped making payments on her new Sacramento home, and eventually walked away from it, leaving nearly $600,000 in unpaid loans and fees," the publication reports.




http://latimesblogs.latimes.com/laland/2008/05/report-californ.html

must be nice living in a house you never intend to pay for

[flashl]

16. Who do you think got the better deal? Her or Mozillo who traded $62.4B in worthless paper

for 51.1B real dollars?

$51.1 Billion taxpayer dollars.

[SahaleArm]

18. Most of that was subprime/ninja - and that's just the tip of the iceburg...

Wait for the neutron bomb effect of Pay-Option ARM's; prime loans set to recast in 2009-2011.