Seriously, I can't believe that Angelo Mozilo hasn't been arrested yet.
Really. I cannot believe that Countrywide's offices haven't been raided, and Mozilo and gang frog-marched to the pokey for the world to see.
It will happen. And when it does, it will be glorious.
Rise of the Bezzle
If there is one person more responsible for this mess than any other, it’s Angelo Mozilo, the CEO of Countrywide Financial, and one of America’s best-paid executives. His company emerged as the leading practitioner of the kind of sub-prime lending that led to these problems. U.S. Senator Charles Schumer recently singled out Countrywide as most representative of the “greed … motivated widespread, irresponsible lending that contributed to what could have been the largest home foreclosure crisis in our country.”
Schumer went on to accuse Countrywide of giving sales staff incentives to market the most expensive mortgage loans for the company “and its partners.” According to Schumer, “We have learned that Countrywide’s promise to get borrowers the ‘best possible loan’ have been nothing more than a commitment to squeeze every dollar possible from homeowners. In fact, Countrywide’s lending business model prioritizes fees and commissions over the financial viability of the loans.”
Thank you, Mr. Schumer, for the confirmation. Fully one-quarter of Countrywide’s mortgages have now gone under, which should be considered criminal. Any respectable loan office can tell you there are commonly accepted business practices that can be easily applied to a loan portfolio that would allow you to avoid a default rate like that.