July 25, 2007
Countrywide Mortgage's Angelo Mozilo, after desperately unloading his stock, says "nobody saw this coming". HousingPANIC calls bullsh*t.
"As I try to walk through what happened there and could a lot of this have been foreseen ... nobody saw this coming," Mozilo said
Angelo, Angelo, Angelo...
Have you never read a bubble blog? Have you missed the thousands and thousands of articles on the housing bubble and crash? Have you or any of your employees never taken an Econ 101 course? Have you never left your office and seen the sea of for sale signs? Have you never seen the countrywideforeclosures page?
Angelo - HP calls bullsh*t. You saw this coming. Your minions saw this coming. And you sold hundreds and hundreds of millions of dollars of your stock as fast as you could.
Why? Because you saw this coming.
And you might want to look outside in the parking lot. That's probably the Securities and Exchange Commission coming too...