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Former head of Countrywide has no regrets, despite billions in losses and many foreclosures. [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-12 10:13 AM
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Former head of Countrywide has no regrets, despite billions in losses and many foreclosures.
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Not to mention that Countrywide was one of the companies that fueled the mortgage backed securities that wrecked the global economy. Guess that's what makes it "world class." Priately, though, he referred to subprime lenders as "crooks"--until he made Countrywide one of the biggest subprime lenders.

Conde Nast ranked Mozilo one of the worst CEOs of all time and CNN named him one of the ten most wanted in connection with the 2008 collapse.

I wonder if Republicans are still convinced that the electrician who got a no verification mortage was the cause of global economic collapse. CNBC, sister station of the supposedly Democratic MSNBC, was pushing that story for months. I remember DUer WriteDown, since tombstoned (finally), was pushing it hard here at the time. "Liar loans," LOL.

Mozilo Unbowed Says Countrywide Was World-Class Company

By Hugh Son & Edvard Pettersson - Dec 13, 2012 2:20 PM ET

Countrywide Financial Corp. co- founder Angelo Mozilo said under oath last year that he had no regrets about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children.

Mozilo, who led the lender blamed by lawmakers and regulators for contributing to the housing collapse, spoke in a June 2011 deposition as part of a lawsuit between his firm, which was bought by Bank of America Corp. (BAC), and MBIA Inc. (MBI), according to documents filed this week in New York. MBIA, once the biggest bond insurer, claims Countrywide committed fraud by securitizing loans that were riskier than promised.

The crisis was not caused by an act of Countrywide, said Mozilo, 73, according to a transcript of the deposition. This is all about an unprecedented, cataclysmic situation, unprecedented in the history of this country. Values in this country dropped by 50 percent.

Bank of America, the second-biggest U.S. bank by assets, has spent more than $40 billion to clean up mortgages inherited from the 2008 Countrywide purchase. Congressional investigators released e-mails from Mozilo, the Countrywide chief executive officer, showing that as early as 2004 he was concerned about the decline in quality of mortgages the lender was originating.

Read Mozilo's wiki at the above link. (Warning: you may vomit.) And they say that we're the ones waging class warfare? ROFLMAOPIMP
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