July 28, 2008

HousingPANIC calls for the immediate arrest of former Countrywide CEO Angelo Mozilo for documented judicial bribery (amongst many, many other crimes)


How many smoking guns do the feds need?

How much longer will we have to wait until this scumbag is arrested?

At this point, I believe a citizen's arrest may be called for, if the US Justice Department, the SEC, the FBI or the California Attorney General are all unwilling to do their jobs. Maybe Angelo bribed all of them too?

Angelo Mozilo will go to jail HP'ers. Eventually. For a long, long, long, long time. Take that to the bank. And watch for bit players like Richard Aldrich, the California judge that Mozilo bribed, to do some time too.

Here's the latest excellent expose from Portfolio. Also watch this report on CNBC.

Angelo's Many "Friends"

The Countrywide V.I.P.-loan scandal went far beyond a few members of Congress. An exclusive look inside C.E.O. Angelo Mozilo's secret effort to curry favor with lawmakers, politicians, and others who could influence the company's fortunes.

In January 2004, Richard Aldrich, a California state appeals court judge, decided to refinance his 8,200-square-foot house next to a Jack Nicklaus-designed golf course at the Sherwood Country Club in Westlake Village. He turned to a prominent Sherwood member: Countrywide Financial chief executive Angelo Mozilo.

Aldrich’s application was assigned to a loan officer named Robert Feinberg; the judge was seeking a $1 million loan and a $900,000 line of credit. By email, Feinberg alerted Mozilo that the credit line was “above what guidelines allow.”

Mozilo responded, “Go ahead and approve the loan, and close it as soon as possible. Don’t worry about this deal, it’s golden.
” Countrywide further waived half a point, or $5,000 on the million-dollar loan. (Homebuyers can reduce their interest rates by paying points, which are equal to 1 percent of the value of a loan.)

That wasn’t Aldrich’s only contact with Countrywide. At the time he refinanced, a class action lawsuit against Countrywide was pending before the appellate court, brought by borrowers contending that the company offered an inadequate payment to settle allegations that it charged excessive fees for credit reports. That August, Aldrich was part of a three-judge panel that unanimously rejected the borrowers’ appeal.

According to a person familiar with the case, Aldrich did not disclose his relationship with Countrywide to the plaintiffs or offer to recuse himself. California’s judicial code of ethics states that judges cannot accept gifts or favors from donors “whose interests have come or are reasonably likely” to come before them, nor can they take out a loan at better terms than are available to other borrowers. Reached by phone, Aldrich denied receiving a below-market loan and hung up.

10 comments:

Anonymous said...

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Kieth let it go bro, It's obvious now that Mozillo is a made man. They used him and a few others to complete this scam. Let's call it mass transfer of wealth. Break the middle class, kill the dollar, bring on the Amero, invite mexico and strong arm Canada. Welcome to the the NAU. Got Real ID?

RayNLA

Anonymous said...

Mozilo's sister defends him:

http://www.huffingtonpost.com/lori-mozilo/vilified-what-you-dont-kn_b_113215.html

Anonymous said...

Richard Aldrich sounds like the one who should be going to jail in that tale.

Anonymous said...

Mozillo has too many pols and judges in his pocket. He is like the mob in NJ, rail all you want about it but it will get you nowhere, and if you make too big a scene, it might just get you dead.

Devestment said...

Richard Aldrich, a California Court of Appeal judge, went to Countrywide in 2004 to refinance the loan for his 8,200-square-foot house in Westlake Village; his application, assigned to loan officer Robert Feinberg, sought a $1-million loan and a $900,000 line of credit, the magazine reports.

I guess I am in the wrong business and should consider public service.

Anonymous said...

"HousingPANIC calls for the immediate arrest of former Countrywide CEO Angelo Mozilo for documented judicial bribery (amongst many, many other crimes)"

Hi Keiffer. You've been living overseas too long. Rich people here in the USA are above the law.

Anonymous said...

NOTHING is gonna happen to these guys. Get over it.

BMW Driving Sex Machine said...

Mozilo's family connections go way back to his childhood. His father's knickname was "The Butcher" in the NYC neighborhood he grew up in.

happy jack said...

I fear that if you keep on ranting and raving about mozilo he may bring the fight to you

he has billions to fight with

how much do you have ?

AuAgPb said...

Sweet Baby Jeebus Keith. How many times do I have to say it? Angelo is BULLETPROOF. Got it?

Hell, even Schiff agrees with me.