Too bad the government only started investigating Countrywide's crimes after the damage had been done. Where were they in 2003? 2004? 2005? 2006? The mortgage fraud at Countrywide (and others) was just so OBVIOUS. They called them f*cking liar's loans for a reason.
I hope they don't just investigate Countrywide. I hope they open criminal investigations of Mozilo and all of his co-conspirators, and the mortgage fraudsters themselves.
Frog marches! HP'ers want frog marches!
Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender, officials said Thursday.
The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.
"We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division.
December 14, 2007
And then the noose around Countrywide Toxic Mortgage's Angelo Mozilo drew tighter
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Is Mozilo a light skinned African-American or a dark skinned Italian?
Anonymous, your ignorance is showing.
Try using your free time to read about the Ottoman Empire.
Getting away from the idiotic race issue...I predict the DAs will find "Countryslide" approved loans to people with 2 or more foreclosures behind them, people who had already gone through several bankruptcies and people with sub-500 FICO scores. Why? Because those people are high-profit margin who you can charge the most fees and interest on.
Rapacious profittering always a good motive for sloppy underwriting.
keep up the heat, Keith. obviously some high up people are FINALLY starting to find these blogs.
They could afford the houses as long as RE kept appreciating at double digit rates and they could cashout refi. Like everyone keeps saying, nobody saw it coming. LMAO
Anonymous said...
Is Mozilo a light skinned African-American or a dark skinned Italian?
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Who gives a rats ass. Mozilo is a liar, thief, and and complete fool thats out to get all he can get and save his own as from the Pen. His race has nothing to do with anything. Stop looking at race and just look at the people because this housing crash will claim us all no problem.
Oh by the way... don't assume that someone who is dark skinned in America, African American. We can be from anywhere in the world. even Italy.
RayNLA
I don't think Angie is a real human being. I think Dr. Frankenstein made a v1.2 and he was it...
If you see him in the crosswalk, step on the gas... Check his reflexes...
Don't deposit at Countrywide banks and financial centers. Learn more about the national mortgage crisis and Countrywide's role in it. Visit www.dontdepositatcountrywide.info
"And then the noose around Countrywide Toxic Mortgage's Angelo Mozilo drew tighter"
Fortunately for Angelo, his skin is constantly covered with Coppertone Bronzing Lotion so he can slip out of that noose quite easily.
I wish I was a fly on the wall for these investigations. My God....Angelo is so screwed, he's already walking bowlegged.
I'd like to see a toxic orange(lo) frog march.
OH Come on.You really think anything will happen to anyone for this sh!t?
That dude will play his role in the dog,and pony extravaganza.Every word coming out of DC,WallStreet,Callabassas,or any other bank related area is lip service,and serves the bankers ,and their puppets only.Martha Stewart would be proud.
It looks like ole' Angelo has a real attentive audience of one - the glass on the table, in front of him.
Notice how the guy is using his hands. I hear that when somebody is using both hands when talking, that they are shooting you a line of bullcrap. Don't quote me on that, but that's what I hear....
I said it once and I'll say it again, Angelo Mozilo will get away scot free. He's pretty much been building a PR case for a liquidity crisis, having side swiped his industry, whereas other people have been vacillating their stories on and off.
Realize, this man's a con artist at heart and knows how to work the system. The others, in contrast, are amateurs. He's not going to the clink.
Don't worry about Angelo. He may be banned from the mortgage business but I'll bet he'll end up owning Sunset Tan (Please keep Holly&Molly)
one thing people have not mentioned befor is the fact that Countrywide owns a company called Landsafe..
Landsafe is the people countrywide sent there appraisals too.
CW charged the borrower 300+ for an appraisal and only paid the appraiser 175-195 for the appraisal..
The appraisers they had doing their apraisal were generrally unqualified and had little experience to do the job..
Most qualified appraisers do NOT work for the low fees and there for, the values on the houses for CW were in many cases NOT supported..
Also, if you did NOT hit the value requested, in many cases you were removed from landsafes list...
I could go on and on,,but this is a area that really needs to be looked into...
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