By Moe

The honorable Senator Charles Schumer has a bone to pick with Angelo Mozilo and Countrywide Financial. It appears that he isn’t buying these BS press releases that have been coming out over the last couple months or so and he isn’t going to roll over and play Mr. nice senator–especially when this company was a HUGE contributor to the mortgage and housing crisis that we are seeing now.

What I am gathering based on the recent comments from the Senator is that he likens Countrywide to the mob and Mozilo as the crime lord. He might not be so far off.

Monday, Schumer was again on Mozilo’s a$$ for another shady deal involving the the Federal Home Loan Bank (FHLB) system for cash advances to stay afloat as other liquidity sources shun the company and the credit markets tank in general. Countrywide’s advances from the Atlanta-based FHLB bank had soared 81 percent, to a total of $51 billion. That represents nearly 40 percent of FHLB Atlanta’s total advances, according to the bank’s latest SEC filing—a potentially dangerous level of exposure considering Countrywide’s track record in poor underwriting and predatory lending practices in recent years. Read the rest of this entry »