Countrywide Mortgage's Angelo Mozilo had this quote yesterday:
"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...
28 comments:
Keith,
Speaking of Mozilo....I'm sure you've heard the one about the two carrots who were in an auto accident..........One died......the other was a vegetable for life (and went on to found a huge mortgage lending company).
This concludes my prepared material!
What you mean that houses would not appreciate at 20% (doubling every 3.5 years)forever while incomes remain flat? What there is no actual demand for 700k condos in Phoenix and Miami. What my 500k Tampa home will not be worth 9 million by the time I retire? Common, give Angelo a break how could we have seen this? Its o.k. the Dow and the Zimbabwe Stock exchange are growing, we will all be fine.
Looks like in the last spring/early summer of 06 he made a significant redemption then played a wait and see position for the summer of 06. Then in the Fall of 06 when it was clear that RE was going down hard due to all the toxic mortgage cr@p he was peddling he started making weekly redemptions. If someone has the time they should graph his redemption activity and some analysis about the company and the market in the fall of 06 whould be done to see what insider info triggered his massive redemptions, pass it onto the SEC and see what happens. NO ONE just starting liquidating their position in a company at such a regular pace and at such a volume over a year's time for nothing. He knew something was up, and is only now disclosing what he knew last year to make it look good and more likely that not after the lion's share of his holdings are cashed out. He's obviously spaced it out to avoid an immediate SEC probe, but his pattern of redemptions just does not make sense unless he acted upon insider information!!
I don't know about you but I think he's telling the truth. This is just a act of God.
http://www.secform4.com/insider-trading/25191.htm
This graph says it all!!
http://www.countrywidehomeloansucks.com/
And wy would any of this news about countrywide be a newsflash?
>> ...nobody saw this coming.
This, from someone, perhaps THE ONE person, who should have seen it coming.
This, from an "expert."
I believe that 99% of "experts" are 100% bullshitters.
LauraVella said: Mozilo also mentioned yesterday that we havent seen home prices slide like this except for during the Great Depression.
Also, yesterday - the Drudge Report had a Moody's article that said "all mortgages in CA in 2005 were 77% adjustable, or multi-loan mortgages".
It's crash and burn time for homeowners. I can see things changing here just in Alameda. Yesterday, I saw about 5 open home signs (on Tuesday?) and I'm noticing a lot of yards are unkept and left unwatered. And I'm seeing homes being painted, and updated more than likely, these too will be coming onto the market this summer.
I vote the government goes after Angelo before they do Casey.
Stick a straw in-em.If the corrupt lowlife Guberment doesn't get him,which they won't,then the HP osterizer blender will.
His skin color will match the jump suit if it is proven he was manipulating his stock and doing inside trades.
So, Keith, if A.M. winds up doing a perp walk like Kenny Boy Lay (R.I.P.), are you going to put up photos all over the HP site?
Smug Bastard
it looks like he followed your advice and sold while he could. all his selling started right around the time this blog began.I bet he reads HP all the time.
"....nobody saw this coming"?
NOBODY!
Well, he must have seen something along the way to drop a share or two!
This guy is a worse actor than Ken Lay!
"Please buy more of my stock, (I'm selling mine) it's a strong buy"!
Mozilo unloading his stock? Why is it that Rats are always the first ones to abandon a sinking ship?
Rats are the first one to abandon the sinking ship because they live in the bottom and see the water coming in.
But what if the rat is living in the captain's suite?
....nobody saw this coming?
In '93 I bought a 'new' house, 1800sq , .52 ac. in San Diego county for $179k.
That price held pretty much steady til 2001, then went from $180 to over $525 in '04/'05....problem was I sold in '03 for $380!
The rate at which the home appreciated was astounding!
Daily!
But 'Nobody saw this coming'!
He didn't see this coming? My ASS.
Take a look at the insider transactions of CFC for the past year. The only other time in recent history where I have seen that amount of insider sales was Enron, just prior to its collapse.
Incidentally, my CFC PUTs are up 200%. :-)
Yeah and you're not going to see the [bleep] when it gets shoved right up your [bleep]. But it's coming...
Keith, nice call on the shorts/ puts. I f'ed up the timing on the June's and didn't re-up the stash.
Oh well, at least i'm not long REIC.
You could just call him Orangelo Mozilo.
Great... we've all gone from being "Chicken Littles" to "nobodys."
I think what Angelo meant was, "None of you suckers saw this coming."
Mostly he is right. America got scammed by a giant oompa loompa who used our own greed and ignorance against us.
I can see right through the Orange man's ploy with claims of great depression housing market.
He wants to get the fed to lower rates so the mortgage industry gets another shot in the arm.
As seen on CNN.COM, today July 25, 2007 * *
"But there also has been a big increase in foreclosures in economically vibrant regions, ones with growing populations and steady job growth, such as California, Arizona, Nevada and Florida. That's new."
******************
That's "NEW"?
Oh No! Here comes the MSM/Bush-co spin machines!
KC & The Sunshine's Gone Band
Wait!!! Bush likes this honest man!
He is a christian Bush GOP supporter. They love evil and greed. Bush will pardon Mozilo after he get's his jail-term from the convicting court - just like libby. These guys are international and regional criminals that nobody can stop. Nobody in DC has any balls because they all get money kick-backs. Its called a mob of crooks -have taken over the US. Bush almost has full control stations in place, and it wont be pretty when all the US banks shut down. We can only hope to god that bush and cheney choke on pretzels and just die off. Our days are numbered, but we do have faith in more defecting republicans to reach for a national emergency impeachment vote, and Pelosi, Merthda and Ron Paul are voted into the helm by congress "we the people" just like when GR Ford was "selected" to take over the impeached Nixon's spot.
There are solutions, but time has almost run out. How tragic Bush-co's big lie has become. The end has begun.
I am not so sure the minions new what was going on. in September 05, I sold my house to a "High Level" Countrywide exec. I thought the guy would no better, but lucky for me, he didn't!
Not only did we see this coming, we saw it coming that Mozilo would say no one saw it coming.
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