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Reply #41: Bravo! [View All]

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chervilant Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 07:47 PM
Response to Reply #29
41. Bravo!
You certainly nailed Mozilo!

I distinctly remember the first time I saw the grotesquely-tanned Mozilo addressing a sizable contingent of his 'loyal minions' and throwing out the statistic that "20% of high risk loans end in foreclosure." Mozilo then asserted, "we are looking at this statistic all wrong" --pausing for dramatic effect-- "This means that 80% of high risk loans (emphasis his) are successful." Mozilo informed us that Countrywide intended to tap into this vast pool of potential borrowers--what he called the 'historically disenfranchised' borrowers--and went on to describe the new sub-prime products Countrywide was introducing to the public.

This was all smoke and mirrors. Every GOOD lender knows that credit-worthiness is the cornerstone of mortgage underwriting. But, it didn't take long for savvy loan officers to understand that anyone could be made 'eligible' for a home loan.

I had clients who wanted to 'buy' houses that were far outside their means, and they would NOT listen to my adjurations about being 'one paycheck away from financial catastrophe.' I realize now that these poor people just shopped around for a loan officer who would write the loan they wanted.

I could go on for days about how we were 'encouraged' to market the sub-primes. Of course, the big five were paying loan officers much higher commissions on the sub-primes, a fact that my manager threw in my face each time he berated me for not marketing those vile pieces of corporatist crap.

Most loan officers were totally on board the sub-prime bandwagon from the get go. Indeed, if I had been given my promotion when it was promised --in the spring of the first "year of the sub-primes"--I would have made a minimum of $40,000/month during those glory days, before I understood what these loans really represented. I was quite naive then. But, it didn't take me long to get the bigger picture. I now realize how lucky I was not to market OR write sub-prime loans. (I suspect that a few of my peers had similar experiences.)

I left (fortuitously) right before the internal auditors (Feds?) executed an early morning raid on our Galleria-area high-rise offices, re-keyed the locks, and confiscated all the files and computers. I had lunch with our admin one last time after that, but I don't know the legal outcome for my manager and his hotshot loan officers. Rumor has it they were writing homestead mortgages for a group of California real estate investors--a serious infraction both federally and internally.

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  -Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company FarCenter  Dec-05-11 10:15 AM   #0 
  - Can't expect help from DOJ-they only do pot smokers from Calif.!  dmosh42   Dec-05-11 10:34 AM   #1 
  - DOJ. "Doing Our Job" Protecting our friends in high places.  russspeakeasy   Dec-05-11 10:43 AM   #6 
  - Protecting corporate criminals and war criminals since Jan. 2001.  OnyxCollie   Dec-05-11 01:30 PM   #18 
  - Yep, they'll point to DOJ after medical pot users and say see how well  RKP5637   Dec-05-11 09:36 PM   #47 
  - "Why isn't Angelo Mozilo in prison?"  DCKit   Dec-05-11 10:34 AM   #2 
  - Plus, too many politicians on his "Friends of Mozilo" list getting cheap mortgages  FarCenter   Dec-05-11 10:38 AM   #3 
  - Are you claiming that Dodd intervened in Mozilo's trial?  banned from Kos   Dec-05-11 10:40 AM   #5 
     - There was no trial  FarCenter   Dec-05-11 10:51 AM   #8 
        - But how did Dodd help Mozilo?  banned from Kos   Dec-05-11 11:04 AM   #12 
  - How extensive was the immunity? Surely with a crime complex on this scale...  JackRiddler   Dec-05-11 10:43 AM   #7 
  - + a brazillion!  Enthusiast   Dec-05-11 02:52 PM   #27 
  - His deal was with SEC, which does not do criminal, only civil charges.  dixiegrrrrl   Dec-06-11 05:28 AM   #49 
  - The state AG's are at fault if anyone is. Mortgage origination law varies by state.  banned from Kos   Dec-05-11 10:38 AM   #4 
  - It is not predatory lending; it is outright fraud  FarCenter   Dec-05-11 10:55 AM   #9 
  - "federal law would have to be violated" ?  russspeakeasy   Dec-05-11 10:58 AM   #10 
  - RICO  Fuddnik   Dec-05-11 11:09 AM   #13 
  - Wire fraud. Falsifying applications on government backed (FHA, VA, USDA etc.) loans etc.  Hassin Bin Sober   Dec-05-11 04:18 PM   #30 
  - Well,  MFrohike   Dec-05-11 06:17 PM   #39 
  - Hello, the federal government can get involved in just about anything they want.  rhett o rick   Dec-06-11 07:56 AM   #53 
  - The real fraud was probably in the sale of the lousy mortgages.  No Elephants   Dec-06-11 08:13 AM   #54 
  - What a load  ooglymoogly   Dec-06-11 09:31 AM   #60 
  - Criminal activity there? Yes. Give me(60 minutes) the names? No. Give names to a grand jury? Yes!  Festivito   Dec-05-11 10:59 AM   #11 
  - She got canned JUST before the investigators were to  Plucketeer   Dec-05-11 02:04 PM   #19 
  - k&r n/t  Hotler   Dec-05-11 11:27 AM   #14 
  - Criminals.  sarcasmo   Dec-05-11 11:35 AM   #15 
  - Get with the program. That's not the right question...  Xtraneous   Dec-05-11 11:39 AM   #16 
  - The fraud starts in both parties that are corrupt  JJW   Dec-05-11 01:30 PM   #17 
  - Plus one! nt  Enthusiast   Dec-05-11 02:59 PM   #28 
  - K&R for answers, and the best creative excuses...  midnight   Dec-05-11 02:09 PM   #20 
  - ''Why isn't Angelo Mozilo in prison?''  DeSwiss   Dec-05-11 02:13 PM   #21 
  - What difference between today's capitalism and the Soprano's. .... ????  defendandprotect   Dec-05-11 02:20 PM   #22 
  - If you remember John Gotti, who they claimed was taking in 20 million a year...  dmosh42   Dec-06-11 09:08 AM   #57 
  - Give a man a gun and he can rob a bank....  Scruffy1   Dec-05-11 02:47 PM   #23 
  - This means nothing - Calling her a "senior executive" is completely off base  taught_me_patience   Dec-05-11 02:48 PM   #24 
  - K&R And fuck the banksters.  EFerrari   Dec-05-11 02:49 PM   #25 
  - There was fraud in all these companies, not just Countrywide.  Enthusiast   Dec-05-11 02:50 PM   #26 
  - You are correct. Countrywide WAS better at it though.....  Hassin Bin Sober   Dec-05-11 04:35 PM   #32 
     - Unbelievable. nt  Enthusiast   Dec-05-11 05:21 PM   #33 
  - I'll never forget the first time I saw Mozillo....  AnneD   Dec-05-11 04:02 PM   #29 
  - Bravo!  chervilant   Dec-05-11 07:47 PM   #41 
     - We hail from the same city....  AnneD   Dec-06-11 04:04 PM   #61 
        - Thanks, AnneD  chervilant   Dec-06-11 10:25 PM   #62 
           - Speaking as a School Nurse...  AnneD   Dec-07-11 08:59 AM   #63 
              - You are  chervilant   Dec-07-11 11:47 AM   #66 
  - Prison isn't for the major fraudsters in the corporate hierarchy: prison is for the little people:  indepat   Dec-05-11 04:30 PM   #31 
  - Maybe  lsewpershad   Dec-05-11 05:21 PM   #34 
  - More evidence that Americans hate Americans.  gtar100   Dec-05-11 05:28 PM   #35 
  - Anybody have a link to Bush's infamous "let corporations police themselves"?  mistertrickster   Dec-05-11 05:32 PM   #36 
  - Isn't it just horrible what all those unmoneyed people forced Countrywide to do?  gratuitous   Dec-05-11 05:34 PM   #37 
  - Even well before the 2008 crash, everyone knew Countrywide was as shady as thy come.  No Elephants   Dec-05-11 06:00 PM   #38 
  - DOJ is busy busting 78 year old cancer patients for pot....  lib2DaBone   Dec-05-11 06:37 PM   #40 
  - I worked in the consumer finance division of citigroup  citizen blues   Dec-05-11 07:54 PM   #42 
  - If the Feds or the States are Not Bringing Suit,  On the Road   Dec-05-11 08:15 PM   #43 
  - eh, no worries on that  Celebration   Dec-05-11 08:42 PM   #44 
  - I always thought faking signatures on legal documents would land you in jail. Silly me.  Kablooie   Dec-05-11 08:58 PM   #45 
  - Two branches in the Bay Area were shut down in '07 - found light tables in the back.  bluesbassman   Dec-05-11 09:25 PM   #46 
  - not really breaking news though.  BootinUp   Dec-05-11 10:08 PM   #48 
  - HUGE K & R !!!  WillyT   Dec-06-11 06:13 AM   #50 
  - Where to begin?  fasttense   Dec-06-11 06:59 AM   #51 
  - It's not only D of J. The SEC is a miserable failute anymore as well.  No Elephants   Dec-06-11 08:18 AM   #55 
     - yeah, it seems like the SEC is there to PROTECT  newspeak   Dec-07-11 09:14 AM   #64 
  - during the s&l scandal people went to jail  madrchsod   Dec-06-11 07:03 AM   #52 
  - Dunno, but here is an interesting article comparising the lack of federal prosecutions now  No Elephants   Dec-06-11 08:26 AM   #56 
  - our fed gov is breaking down---it's not just the military that's contracting, it's fed agencies, too  wordpix   Dec-06-11 09:24 AM   #59 
  - I believe the junk bond king, michael milken  newspeak   Dec-07-11 09:24 AM   #65 
  - this morning on the news in las vegas  newspeak   Dec-06-11 09:16 AM   #58 

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