May 21, 2008

LET THEM EAT CAKE! Angelo Mozilo (Angelo_Mozilo@countrywide.com) has just discovered the power of the internets (and the 'reply all' button)


Gotta feel a bit sorry for the Great Orange One. He's gonna go to jail, we all know that. He's gonna have his assets seized, we all know that. His company is going to go bankrupt and all his employees are going to lose their jobs, and some will go to jail too, we all know that. And what's left of his reputation has been destroyed, we all know that.

But now, on top of EVERYTHING that has gone wrong for him lately, he stupidly hits "reply all" to a desperate homedebtor's anguished email, calls him disgusting, blames blogs and the internets, and is exposed by the MSM worldwide for the cold, heartless, corrupt fool he is.

LET THEM EAT CAKE!!!!

Make sure you send Angelo and crew a nice letter too HP'ers. I'm sure he'll enjoy it.

Here's Angelo's response on the original LoanSafe thread that exposed him, and internal Countrywide email cc list that some might enjoy having their hands on:

Angelo_Mozilo@countrywide.com wrote:
This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the internet. Disgusting.


And here's the LA Times covering the mess. Oh, this will be fun.

Countrywide Financial Chairman Angelo Mozilo's e-mail sets off a furor - He calls a borrower's plea for help a "disgusting" example of form letters inundating the Calabasas mortgage lender.

Apparently clicking "reply" when he meant to hit "forward," Countrywide Financial Corp. Chairman Angelo Mozilo ignited an online furor Tuesday by describing a mortgage customer's plea for help as a "disgusting" example of form letters inundating the Calabasas home lender.

Mozilo's e-mail rocketed back to the customer, Daniel Bailey Jr., who had asked Countrywide to modify the terms of his loan so he wouldn't lose his home of 16 years.

36 comments:

Anonymous said...

Great, now they're sure to pass bailout legislation

dopes said...

Be sure to send Angelo this link:

http://wcvarones.blogspot.com/2007/10/blog-post.html

DOPES!

keith said...

this story is getting good play now

usatoday
gawker
wall street journal
la times

Time to call in the crisis PR folks I'd say.

Here's Gawker:

America's Most Villainous CEO Finds The Little People 'Disgusting'

Angelo Mozilo is the CEO of disastrous mortgage lender Countrywide, and one of the most overpaid, reviled, and villainous business executives in America today. He's drawn huge salaries even as his company led to the way for the subprime mortgage collapse. So you might expect the guy to be surrounded at all times by a team of highly-paid image consultants, ensuring that every word out of his mouth in some way helped to resurrect his shattered reputation.

Wrong, bitches!

With a classic "Hitting reply instead of forward" move, Mozilo inadvertently let a desperate homeowner (and the world) know what he thought of his plea for help: "Disgusting.":

http://gawker.com/392370/americas-most-villainous-ceo-finds-the-little-people-disgusting

gutless and lazy reads handwriting on the wall said...

This is a political disaster for anyone who DOES NOT want public bailouts. Nothing will motivate Congress more than this.

Anonymous said...

Memo
All Employees
From: Angelo Mozilo
Date: Oct 4, 2007
RE: Protect Our House

Recently we announced the Protect Our House campaign in order to improve our company's image. The success of this campaign depends on participation of all employees. Any employee refusing to wear the sporty blue "Protect Our House" wristband will therefore be subject to dismissal. Thank you for your understanding.

P.S. My naked orange body is rolling around in piles of hundreds of millions of dollars from the stock I've dumped. Enjoy your day.

Anonymous said...

This is pretty huge news right here:

Neocon Government Insider Admits 9/11 was an Inside Job

Go on read it people. Don't be a lazy fool and wave your hands in the air and ignore it. Just read it and learn a thing or two about the crazies that are running the country right now.

Do it!

The Big Karma said...

I guess $100 million doesn't buy a good CEO these days. And people make arguments that these CEOs make this kind of money because they "deserve it." Mozilo has pillaged from the company coffers, he's definitely a crook, but an unindicted, rich one at the moment.

P.S. Funny Memo ...

Anonymous said...

Why are we blaming Angelo Mozilo for the fact that some chump can't repay his debts?

Reality said...

For once, I actually sympathise with Mozilo. The borrower can cough up all the stuff that he bought with the money, plus turn the clock back and undo all the vacation trips before getting his loan terms annulled.

Alternatively, he can just walk away from the house, and be thankful that we already have a bailout called bankruptcy and that we do not have debtors' prisons.

Faramir said...

Where is Arlen Specter? The good Senator was so quick to hold hearings on juiced baseball players, and to inquire into the Patriots' Spygate, yet does nothing about Tangelo's massive economic bomb?

We have the best Congress money can buy...

Anonymous said...

Exactly! This email may actually cause Ameriduh to rise up and take the side of the bailout legislation! Legislation that would help countrywide more than the borrower. Tail...meet dog.

Anon said...

advocacy@countrywide.com, customer_service@countrywide.com, pressroom@countrywide.com, david_bigelow@countrywide.com, angelo_mozilo@countrywide.com, lisa_riordan@countrywide.com, elizabeth_moyer@countrywide.com, sarah_perek@countrywide.com, chris_oltmann@countrywide.com, gabrielle_williams@countrywide.com, maheshika_ruwanpathirana@countrywide.com, adrienne_ely@countrywide.com, raquel_robinson@countrywide.com, linda_turner@countrywide.com, daniel_whitehead@countrywide.com, melissa_guerra@countrywide.com, mary_archer@countrywide.com, aline_ramirez@countrywide.com, kacie_miller@countrywide.com, patricia_mckenzie@countrywide.com

keith said...

What cracks me up is this Angelo quote:

"counseled by some other person or by the internet"

My question is:

Who exactly is "the internet"?

Anonymous said...

Make no mistake...this WAS NOT a mistake.

Anonymous said...

From the LA Times article link: Another correspondent countered: "I am tired of hearing borrowers complain that they didn't understand what they were signing. . . . If borrowers want the freedom to take out credit for hundreds of thousands of dollars, they are equally responsible to not sign something they don't understand."

Unfortunately, common sense like this person's quote is being lost in the rush to slam Mozillo. Don't get me wrong, Mozillo is a snake, but I'm sick of the sympathy for idiot borrowers.

Jacob said...

meaning they just found a form letter on the internet.

Sounds like they are receiving a lot of similar sounding emails.

Now my question is this, the owner bought in 92 for probably a very small amount of money, relative to what it would cost at the peak. Had a loan for 16 years and should have had a lot paid off.

So he now has an ARM? So how much did he cash out when he refi'ed? And now after getting the benefit of all that money he wants a deal on his mortgage?

Anonymous said...

What is also disgusting is that after 16 years the customer has no equity left in his house. He took that equity and spent it and now he's crying to the CEO? The CEO and the customer have a lot in common - they're both disgusting in that they took money from CFC shareholders that is never going to get paid back.

eric in vegas said...

The episode about Angelo Mozilo and Countrywide will be the greatest American Greed ever.

Anonymous said...

http://gawker.com/392370/americas-most-villainous-ceo-finds-the-little-people-disgusting

__________

Couldn't find it either USA or WSJ. Sent the link to Drudge.
If he posts it, Mozillo the gorillo will be toasted too a nice burnt orange.

A line from a movie last night tho. When you go after monsters, be sure you don't turn into one yourself. I need to remember that.

Anonymous said...

Wow, just checking out that forum

All these tales from former smug 'home owners' has vindicated my decision to rent all these years while being made to feel like a third class citizen

http://tinyurl.com/4c7fzx

Does my glee at their suffering and gnashing of teeth make me a bad person?? :)

Anonymous said...

How can someone get to such a lofty position and still be rather stupid is beyond me but I see it all the time.

CEO's of these large corporations but an IQ slightly above that of a bucket of warm piss.

How does this happen?

Anonymous said...

Tangilo is a moron. He chumped alot of people w/ his toxic loans that any reasonable person would have know would explode & pull down the FB/HD. Now he is surprised they all want modifications so they can keep their homes. Its still a decent revenue stream, just do the mod and move on tangilo. You & your comapny cannot afford to be the poster child for this disater and YES you can afford to make the mods to reasonable rates/terms. If you don't then your just going to have to convert to being a huge residential RE holding company of overpriced assets that you cannot sell, and have to rent them all out. I say this guy bailey is the type of person you want to work a mod out with because it keeps your company from suffering a loss and getting a reasonable return.

Anonymous said...

CFC's response from the PR Department:

Late in the day, the lender issued this statement: "Countrywide and Mr. Mozilo regret any misunderstanding caused by his inadvertent response to an e-mail by Mr. Bailey. Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes."

This just doesn't work anymore. The dissemblement, the misleading statements, the lies, feints and misdirections.

No one is buying the bs anymore.

"Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes."

That's just a lie. Enough with this lot.

Orange wonder does it again said...

"Tangilo is a moron. He chumped alot of people w/ his toxic loans that any reasonable person would have know would explode & pull down the FB/HD. Now he is surprised they all want modifications so they can keep their homes. Its still a decent revenue stream, just do the mod and move on tangilo. You & your comapny cannot afford to be the poster child for this disater and YES you can afford to make the mods to reasonable rates/terms. If you don't then your just going to have to convert to being a huge residential RE holding company of overpriced assets that you cannot sell, and have to rent them all out. I say this guy bailey is the type of person you want to work a mod out with because it keeps your company from suffering a loss and getting a reasonable return."

If these idiots were smart enough to do this from the beginning, we would not be in the mess that this country is in now. Or better yet, they could have made loans to people that could afford them. However, if they were dumb enough to loan money to peope without money, at least take your loss quickly by modifying the loans, then from that point on make decent loans and consider the mods a legacy event. No, their solution is to become RE holding companies of overpriced assets of which their own stupidity made them overpriced in the first placed. A great example of morons causing their own problems. Problem is, now the rest of the economy has to suffer while these stooges continue to get paid bloated salaries. I am sooooo happy that Tangelo is such an idiot, he was starting to fade out of the spotlight, and now he is back in. Maybe this will rejuvinate calls for prosecution and we can finally get this orange waste of air out of society.

Anonymous said...

Anonymous Anonymous said...

How can someone get to such a lofty position and still be rather stupid is beyond me but I see it all the time.

CEO's of these large corporations but an IQ slightly above that of a bucket of warm piss.

How does this happen?

May 21, 2008 10:48 PM
----------
I don't know, but I think you've just insulted the bucket of piss.

Anonymous said...

"How can someone get to such a lofty position and still be rather stupid is beyond me but I see it all the time. "

---

Rat cunning. Thats all you need. Leave the smart thinking to your employees.

LibVet said...

to anonymous at 10:35 PM,

The LoanSafe site you posted is, well, it's like some sort of pornography.

This one just kills me.

"We were stated income and our realtor told her broker friend we were going with someone else , found out through her who was underwriting the loan and hand delivered by courier our taxes"
http://tinyurl.com/5v4f9o

It looks like this fellow got busted trying to misrepresent his income and the only way he could get the deal done after that was to pay a higher interest rate. Now he's fucked.

Imagine that.

Tyrone said...

I e-mailed half the BOD a while back. Possibly moved them into repairing this dump they owned (10 miles from HQ). BWAHAHAHA

Exurban: CW Home, P.1

Exurban: CW Home, P.3

Anonymous said...

All those borrowers over at Loansafe are claiming to be victims of unscrupulous banks such as Country Wide.

One poster states

"Those who choose to stand in judgement and condemn us for what we to do to save our homes and take care of our families have obviously never endured what we have. We do not claim to be perfect or to have made only correct decisions. We are responsible or we would give up and do nothing. We only want a fair chance to right a wrong."

http://tinyurl.com/3vlp8x

Do there arguements have any merit at all - were they victims?

Anonymous said...

"What is also disgusting is that after 16 years the customer has no equity left in his house. He took that equity and spent it and now he's crying to the CEO? The CEO and the customer have a lot in common - they're both disgusting in that they took money from CFC shareholders that is never going to get paid back."

Yes, and these are the people the bailout is going to save. All of those vacations and cars this guy went through - or the bad investments he made - you're about to pay for them all. Think there's no link to $135 oil, as that $135 is monopoly money anyway? Think again!

Anonymous said...

"Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes."


Go watch "It's a Wonderful Life"

In the movie poor Mr. Bailey (yes like in this letter! You can't make this stuff up!) is picked on by Mr. Potter. The Orange One is the real life version of Mr. Potter (not the wizardly Harry one, the other one).

Anonymous said...

"Do there arguements have any merit at all - were they victims?"

In California, yes. My understanding is that the law in California was deliberately made to allow people to walk away from their mortgages on the basis that people making the loans are the smart ones and people getting the loans are dumb (or at least relatively uneducated and unsophisticated) so it is the smart ones (the banks) that should eat the bad mortgage if it turns out to be a bad one.

The idea was to encourage the banks to only make reasonable loans (otherwise they would be looking at a bunch of forclosed property they didn't want). The law is working as planned also. The only problem is that the banks made stupid loans anyway - I guess they have been counting on a taxpayer bailout this whole time. Since it looks like they will get one, I guess the banks are the smart ones afterall, just like the California legislators thought.

Sarahstryker said...

LOOK, you knuckleheads.. I have had it with your holier-than-thou attitudes claiming to be above all the victims of the subprime mortgage crisis. You better be careful what you say, because "what goes around, comes around" holds true in many, many situations-- and it very well could happen to you and I drive that point home HARD in my short film, "Predator".

Don't believe me? Just wait till you get that pink slip or a family crisis literally brings the roof crashing down on your head and you end up like Dan Bailey, pleading with your lender for help.

I too am a LoanSafe member and can tell you unequivocally that these lenders (Countrywide, Option One Mortgage, WaMu, Wells Fargo, IndyMac, etc.)aren't called predatory lenders for nothing.

And why do you think the Feds have them under the microscope, if we borrowers are responsible??? Try and come up with a good response to that.

Anonymous said...

Sarahstryker said...
And why do you think the Feds have them under the microscope, if we borrowers are responsible??? Try and come up with a good response to that.

Sarah, this is simple. They are pandering to the deadbeats to get their support and to be seen as "compassionate" by everyone else. Unfortunately, the rest of us see the struggling borrowers for what they really are: a collection of deadbeats, failed gamblers, greed mongers, frauds, and/or just plain irresponsible idiots who couldn't be bothered to do their homework before making the biggest financial decision of their lives. As a result, you do not deserve one dime of taxpayer assistance, and this will backfire on the clueless politicians who don't wise up.

corvinus said...

Comparing Angelo Mozilo to Marie Antoinette is insulting to Marie Antoinette.

She had NOTHING on Orangelo. (In addition, I believe her "let them eat cake" quote is an urban legend.)

Anonymous said...

I feel sorry for the first time home buyers or those who just wanted to upgrade.

I dont feel sorry for those who bought investments or those who paraded around with their noses in the air at "those renters" who may have been living in the neighbourhood.

This one is for you :)