It's only a matter of time now HP'ers. Angelo Mozilo will spend the rest of his days, after his conviction and surrender, in jail. The orange man will be wearing an orange jumpsuit for the rest of his life, and he will be joined by more than a few of his fellow Countrywide employees in my personal opinion.
A few more comments on this expected development
1) There is NO way that Countrywide gets acquired by Bank of America. No way. Ain't gonna happen. Not even for a penny. BofA would have to be the stupidest organization on earth. The Countrywide lawsuits and criminal investigations will go on for years to come, and the penalties, judgements and fines will be in the tens of billions, if not more. If BofA acquired CFC and their liabilities, it could wipe out BofA's balance sheet in a minute.
2) Angelo Mozilo and Countrywide are rightly taking the blame for the mortgage meltdown, subprime disaster and housing crash. Their employees, led by their insider-trading, self-enriching executives, knowingly enabled mortgage fraud (they called them "liar's loans" folks), and enriched themselves at the expense of their shareholders by dumping shares even as they were borrowing money to buy them back on the open market. Shameful.
3) As pointed out here for years, Countrywide was putting out obviously falsified financial statements in violation of Sarbanes-Oxley in order to juice short term results and their stock price while Mozilo and the insiders were dumping to the tune of hundreds of millions of dollars. Not only will Countrywide be investigated and found guilty, but their auditors will be as well.
4) Countrywide has conned the corrupt and incompetent fools at the Federal Home Loan Bank out of at least $51 billion and likely more than $100 billion, which in the end will be bailed out by the US taxpayers, by using laughably over-inflated and wildly mis-marked mortgage-based assets for loans. NO TAXPAYER BAILOUT FOR THE FHLB - LET THESE BOZOS FAIL TOO!!!
5) Angelo Mozilo will go to jail, unless he flees from justice or kills himself. He is the Ken Lay and Bernie Ebbers of this latest financial mania. He ruined lives, he helped destroy the American economy, and he may be the most destructive business person in the history of the United States. He should be arrested immediately, and he should be shown no mercy.