Angelo Mozilo should be arrested today for mortgage fraud, insider trading, Sarbanes-Oxley violations and, well, for just being the most corrupt and sleazy CEO in the world today.
He knew the loans were bad. He knew making "liar's loans" was illegal. He knew the CDO buyers would come back after his orange ass and sue him. He knew Countrywide would have to eat the loans in the end. He knew he had to dump his shares as fast as he could, since they'd be worth nothing. He knew. And Angelo, got some bad news for ya.
We knew too.
SO WHAT THE HELL IS THE SEC WAITING FOR? ARREST THIS SON OF A BIT*H AND LET'S GET ON WITH IT!
And no way in hell BofA completes this transaction as announced. Unless something really, really, really weird is going on behind the scenes.
Countrywide: 1 in 3 subprime mortgages delinquent
Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday said more than one in three subprime mortgages were delinquent at year-end in the $1.48 billion portfolio of home loans it services.
Countrywide said borrowers were delinquent on 33.64 percent of subprime loans it serviced as of December 31, up from 29.08 percent in September. It also said borrowers were at least 90 days late on payments on 17.25 percent of subprime mortgages.