Countywide’s infamous tan CEO, Angelo Mozilo, is being investigated by the Securities and Exchange Commission that has been asked to investigate stock sales made the lending tycoon (tyrant) months before its shares plummeted amid the deepening mortgage crisis.
This of course coincides with the story I have been reporting on in regards to the “Great American Homeowner Swindle”. This is all part of the ponzi scheme and unfortunately it will be at the cost of American shareholders and hundreds of thousands of homeowners.
State treasurer of North Carolina, Richard H. Moore, questioned changes Mr. Mozilo made to his arranged stock selling program. ” As an investor and a Countrywide shareholder, I was shocked to learn that C.E.O. Angelo Mozilo apparently manipulated his trading plans to cash in, just as the subprime crisis was heating up and Countrywide’s fortunes were cooling off,” Mr. Moore wrote. “The timing of these sales and the changes to the trading plans raise serious questions about whether this is a mere coincidence.”
Mr. Moore, this is no coincidence sir and please don’t just rely on the SEC. Your state’s AG needs to investigate the predatory practices that have been carried out by Countrywide and also the unscrupulous activities that they continue to operate their company like the wild, wild west. COUNTRYWIDE LAW!
North Carolina has several pension plans that own a total of 506,000 shares in Countrywide, or about $9.5 million at yesterday’s closing price. Mr. Moore serves as trustee of the state’s $87 billion in pension plans.
Wow, that is a lot of shares owned by the state of North Carolina! My advice is , SELL, like NOW!
The S.E.C. chairman, Christopher Cox, and Richard H. Moore, questioned changes Mr. Mozilo made to his arranged stock selling program, adjustments that allowed him to increase significantly his sales of Countrywide shares.
Mr. Mozilo, raised the number of shares that can be sold on two occasions in October 2006. Once in December 2006, when Countrywide stock was $40.50, and again in February, when it hit a high of $45.03. He has made $132 million in gains since starting the October 2006 plan and expects to sell his remaining shares by the end of the week, a move that will generate millions more.
Here is Pinocchio AKA Angelo Mozilo commenting on his recent dumping of stocks: In a statement last Friday, Mr. Mozilo said that his trading plan, intended to diversify his holdings, forced him to sell.
“The upcoming sales are driven by rules within the 10b5-1 plan that were established long ago,” he said, “and should in no way be viewed as any indication of my future outlook for Countrywide.”
Anyone who believes that needs to get their head checked for a serious case of “Gullibility” and “Idiotness”. This is all part of the master plan. The scam. The swindle.
He is purposely and systematically dumping stock because Countrywide stock is really worthless. When are people going to get it? You have been scammed, duped and you continue to get swindled by a man with a fake tan that may be one of the country’s most famous tyrants.
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Merging all your debts into your mortgage loan can be both good and bad as a solution for debt consolidation. With the current rate of interest you can certainly benefit from this low rate compared to an equivalent stand alone loan which is secured on your property. However, what some people fail to recognise is the increase in mortgage payments could become a struggle. Assuming that people are already struggling, and hence the reason to consolidate in the first place.
As such the persons property can become even more at risk if they can’t make the payments due to the increased mortgage. Another option would be to take out an unsecured loan. Although the interest is higher, the flip side is you won’t lose your property if you can’t make payments.