Posts tagged as:

Angelo Mozilo

Where are the subprime perp walks?

by Moe Bedard

Where are the perp walks for the subprime mortgage executives like Angelo Mozilo that dragged us into this mess?
Embedded video from CNNMoney.com Video

Three years after the housing bubble popped, federal prosecutors have yet to bring a case against the executives whose firms took part in some of the worst excesses of the subprime mortgage market.
It’s not [...]

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Is Angelo Mozilo a villain or just vilified?

by Moe Bedard

From a broader perspective, Mozilo is also awaiting the verdict of history: Was he the No. 1 culprit of the financial crisis, as some (including Time magazine) have suggested? Or was he merely an aggressive executive who made mistakes while trying to keep his “baby,” as he called Countrywide, atop the heap?

“Mozilo’s fingerprints are all [...]

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Ex-Countrywide president launches troubled-mortgage fund

by Moe Bedard

Kurland, who was Angelo Mozilo’s No. 2 man at Countrywide, left in September 2006 — a year before the company began to crumble under the weight of rising loan losses. He founded Private National Mortgage Acceptance Co. early in 2008 with a team of other ex-Countrywide execs specifically to begin buying up troubled home loans.

Understandably, [...]

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SEC Charges Countrywide CEO, Angelo With Fraud

by Moe Bedard

Ladies and gentleman, the infamous CEO from Countrywide Home Loans, Angelo Mozilo and three of his partners in financial crime have finally been sued for fraud by the Securities and Exchange Commission (SEC).
I think Mr. Mozilo recieved email training from the cast of a dumb and dumber because it looks like Angelo’s poor handling of [...]

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Angelo Mozilo Email on Loan Safe Voted #1 Business Blunder in 08′

by Moe Bedard

Choosing only 10 this year was next to impossible, but somehow we managed. Incidentally, we’d like to throw a special shout out to Angelo Mozilo of Countrywide for making this year’s list extra debacle-riffic. Thanks! – The Consumerist
It’s nice to know that our work at Loan Safe and Loan Workout has somewhat of an effect [...]

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San Diego City Attorney Sues Countrywide for a “Pattern of Unlawful, Fraudulent or Unfair Predatory Real Estate Lending Practices”

by Moe Bedard

SAN DIEGO — City Attorney Mike Aguirre filed a civil complaint Wednesday against Countrywide Financial Corp. in an attempt to stop foreclosures in San Diego.
Aguirre said the suit targets subprime loans where homeowners face balloon payments after two or three years of the loan. City officials say San Diego saw 22,000 notices of foreclosure last [...]

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IndyMac Begins Dismantling Business As It Struggles to Keep Investors’ Faith

by Moe Bedard

First, Countrywide Financial Corp. went down, as the nation’s biggest mortgage lender was acquired in a rescue operation July 1 by Bank of America Corp. Now Countrywide’s offspring, IndyMac Bancorp Inc., is on the ropes.

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Judge Says Countrywide Officers Must Face Suit by Shareholders

by Moe Bedard

Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company’s collapse, a federal judge in California has ruled.

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Florida attorney general sues lender Countrywide

by Moe Bedard

Lawsuits”o” plenty are being fired at lending and servicing giant, Countrywide Financial and this is in the wake of the controversial Bank of America take over that is finally official today.
Just last week attorney generals in Illinois and California filed predatory lending lawsuits accusing Countrywide of unfair and deceptive business practices. Now, Florida has jumped on the predatory lending lawsuit [...]

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Bank of America Is Firm on Countrywide Buyout

by Moe Bedard

Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm and is being buffeted not only by woeful financial results but also by intense scrutiny [...]

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Countrywide CEO Steps Down, Cashes In and Leaves a Trail of Destruction

by Moe Bedard

Countrywide CEO, Angelo Mozilo is set to officially step down from his position Tuesday and hand over the keys to Bank of America. Ending a 4 decade long run where Countrywide went from a small fish start up in 1969 to the king of ther lending sea as the nations largest lenders and servicer today.
 
Angelo Mozilo went [...]

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Brown Sues Countrywide For Mortgage Deception

by Moe Bedard

LOS ANGELES–California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market.
“Countrywide exploited the American dream of homeownership and [...]

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Countrywide Accused of Selling Defective Loans

by Moe Bedard

One of my long standing points of view on the mortgage and housing crisis is that, these creative loans that were invented, sold and sliced and diced over the last 3-5 years were incredibly unfair and deceptive. Defective credit instruments that were made to fail and are essentially “lemon loans.”
It looks like the Illinois Attorney [...]

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Senators Caught in Mortgage Fallout

by Moe Bedard

When Senator Kent Conrad of North Dakota wanted a mortgage for his beach house, he turned to a Washington insider. James A. Johnson, former head of Fannie Mae, the government mortgage giant, who then put the senator in touch with Angelo Mozilo, chief executive of the mortgage lender Countrywide Financial.
The ensuing telephone call between Mr. [...]

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Angelo and the Countrywide Gang – Their Rules in Their World?

by Moe Bedard

Countrywide just can’t seem to get a PR break. Some of my readers think it is my personal vendetta to think, write, and live on this blog to make their life a living PR hell.
The funny part is that they don’t need any help in that area. They created their own rules, in their own world, and now [...]

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Countrywide Buys Homeowner’s Silence Over Angelo Mozilo’s “Disgusting” Email

by Moe Bedard

Welcome to the new way of putting muzzles on homeowners that can shed some light on Countrywide’s widely known practice of customer abuse. Fix their loan in record time, give them a deal they could have never have thought of in their wildest dreams and make them sign a confidentiality agreement.
Such as the case of [...]

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A Real Countrywide Email From the Office of Angelo Mozilo – Email Below Calls Homeowner Disgusting

by Moe Bedard

It isn’t every day that you get to see behind the scenes of the housing and mortgage crisis. Mainstream media usually tells the same homeowner story of pain and suffering and then the “made up” stories from the lenders and servicers who are masters of deception and lip service.
Here is an email that was forwarded [...]

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Was Countrywide’s Rise to the Top Fast & Easy or Fast & Sleazy?

by Moe Bedard

Countrywide Home Loans were the kings of the Lending Sea.
The Big Kahuna’s (or Tunas) and expert big wave riders of Lender Island. Led by tanned Captain, Angelo Mozilo and his crew of what now appear to be drunk sailors who have taken the Countrywide boat (aka Lending Titanic) far adrift on what was supposed to be a 3 mile tour.
From the looks of things it looks like it [...]

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Why does Countrywide appear to have so many folks with troubled loans?

by Moe Bedard

Question to Moe from a reader and Countrywide borrower, Melena
Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that has changed. Why? Did they grow too fast? New management perhaps? Why don’t they seem to [...]

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Loan Modification Approved – Courtesy of Angelo Mozilo and Countrywide

by Moe Bedard

Countrywide loan modification.
People think that I enjoy reporting doom and gloom. Some people out there in the bogsphere think that I get my thrills by bashing Angelo Mozilo and Countrywide. One person has went so far to say this about my blog, “He also pointed to me to what may be the most anti-Countrywide blog out there.”  Thanks Jane [...]

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Countryfried Loans – Kernal Mozilo’s Original Recipe for Disaster

by Moe Bedard

Countryfried Loans, led by Kernel, Angelo Mozilo has been cooking more “Toxic Original Recipe Loans” then any other lender is US history. The reports that are coming out daily, confirm that yes indeed the mortgages were tainted and the majority of customers that frequented Mr. Mozilo’s establishment are dying from Toxic Loan poisoning.
Take for instance another report [...]

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Countrywide Can’t

by Moe Bedard

As many of my readers know, I am not a lender basher or a lender implode blogger. I report on the facts in regards to what lenders are doing to help homeowners who are facing foreclosure and their loss mitigation efforts.
A press release that was trumped up by Countrywide PR officials claimed that they modified [...]

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Exclusive interview transcript with CNBC’s Maria Bartiromo, Countrywide CEO Angelo Mozilo

by Moe Bedard

The following is the unofficial transcript of a CNBC exclusive interview with Countrywide CEO Angelo Mozilo on CNBC’s “The Call”  from early 2007. All references must be sourced to CNBC.
In an exclusive interview with CNBC’s Maria Bartiromo, Countrywide CEO Angelo Mozilo discusses Bank of America’s $2 billion investment in Countrywide, problems in the mortgage [...]

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