HousingPANIC Quote of the Day

"Angelo Mozilo is not a bad man, he is a very good man"

-Disgraced Countrywide Toxic Mortgage former board member and Mozilo co-conspirator Henry Cisneros, August 2008, supporting his Don and hoping against hope that he won't be subpoenaed and charged with various financial crimes (again)

A Special HousingPANIC Message for Angelo Mozilo at Countrywide Toxic Mortgage

You, Angelo Mozilo, will come to represent all that was evil and all that was wrong with the Late Great Housing Ponzi Scheme and Mortgage Madness.

* You made fraudulent garbage loans to people you know couldn't pay them back, knowing you could pawn off your trash to unsuspecting hedge funds, investment banks, governments, pension funds and investors

* You knowingly enabled rampant mortgage fraud

* You enriched yourself to the tune of hundreds of millions by dumping your stock while at the same time you directed your company to buy back the stock at inflated prices on the open market

* You blatantly bribed public officials to look the other way, like James Johnson, Chris Dodd, Kent Conrad, Alphonso Jackson, Donna Shalala, Richard Holbroke, and who knows who else

* You ruined lives. You destroyed families. You damaged your company and your country. And you destroyed the world's trust in the American financial system.

* Above all, you did what you did so as to personally enrich yourself, at the destruction of others.

It will give us no joy to see you frog-marched off to jail. It will give us no joy when the day comes that you are finally convicted of your crimes. And it will give us no joy when you are sent off to prison for the rest of your life, probably at the same facility housing the last shamed bubble fraudster, Bernie Ebbers.

Angelo Mozilo, you are the poster boy for the Late Great Housing Bubble and Crash.

I hope it was worth it.

You are garbage. And you are going to jail for a long, long, long time.

HousingPANIC calls for a Special Prosecutor investigation of all Congressional real estate transactions, and for the resignation of Sen. Chris Dodd

Follow the money...

Follow the money...

After this whole mess is all said and done, you'll be amazed at the level of corruption found in the halls of power in DC - and your state house too.

The REIC, led by Angelo Mozilo at Countrywide Toxic Mortgage, bought our leaders, ran roughshod over the American people, and made a run for the exits when the gettin' was still good.

Dodd, Conrad Tied to Special Mortgage Deals

Senator Christopher Dodd reportedly received two mortgages under a special Countrywide Financial Corporation, a program that gave preferential interest rates to so-called "friends" of the company`s chairman.

Dodd, a Democrat, is chairman of the Senate Banking Committee.

A Conde Nast Portfolio magazine article says a total of $2,700 worth of points were waived on Dodd`s two mortgages.

The magazine said the company`s "V.I.P." program also included Senator Kent Conrad, who`s chairman of the Budget Committee and a member of the Finance Committee.

It says other participants were former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke.

A spokesman says Dodd, who`s Connecticut`s senior senator, did not seek any special treatment but did receive a competitive rate on his loans.

HousingPANIC calls on Barack Obama to dump REIC-scum ex-Fannie-Mae CEO James Johnson from VP search team. WHOOPS! Looks like that just got done...

I've been away for a bit, but saw a piece in the paper yesterday on the train about the REIC scum who found his way onto the Obama campaign - the ex CEO of Fannie Mae who just LOVED corrupting other companies and robbing their shareholders when sitting on their comp committees, while also taking obvious personal bribes from FREAKING ANGELO MOZILO!

So I was gonna do a scathing post today flaming James Johnson, and also Obama for being stupid enough to associate himself with yet another piece of should-be-in-jail REIC trash.

And then I read right now that this problem has been dealt with and the dude is gone today.

Man, that was quick.

I think Obama screwed up in such an obvious way - I mean seriously, having the former CEO of freaking FANNIE MAE on your team during the biggest housing crash in world history? Stupid, stupid, stupid. But what really grossed me out about this guy is his OK'ing of lavish CEO pay packages as he sat on the board of companies like United Health, where he green-lighted giving the CEO $1.2 BILLION in stock options.

Come on Obama. What the f*ck were you thinking? Especially since YOU'RE THE ONE WHO INTRODUCED LEGISLATION TO CUT BACK ON LAVISH CEO PAY PACKAGES!!

Anyway, nice to see this dude get tossed on his ass today. I hope President Obama will be a nice change from Bush - who when he made a mistake denied it, and kept digging, and digging, and digging some more. Obama makes a stupid mistake and POW, fixes it within hours.

Former Fannie Mae chairman quits Obama’s VP search team

Obama's failure to vet the vetter

Vetting a Vetter: Obama’s Pick Fuels G.O.P. Criticism

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.

Will Bernanke and Paulson let Countrywide Toxic Mortage fail (after BofA pulls out in the next few days)?

It's coming.

You can just feel it.

Countrywide is about to go belly up, Angelo Mozilo is about to be indicted, and BofA is about to make a run for it.

No way this deal goes through as announced. No way.

So the question is - is Countrywide "too big to fail"?

I don't think so. We're not talking trillions in counter-party risk like Bear Stearns. And we're talking about a company that everyone pretty much knows is going belly up anyway.

If you have ANY money in Countrywide, GET IT OUT AND GET IT OUT NOW.

Stick a fork in it. This orange pig is toast.

Beware Collapse of Bank of America-Countywide Deal

Angelo Mozilo is a pig. One more time - Angelo Mozilo is a big fat pig.

Countrywide CEO Made $132M In 2007 Pay, Stock Sale

Thank you Alan Greenspan, Angelo Mozilo and the realtors of America for ruining families. Hope it was worth it.

Hope it was worth it, you know, all those profits. All those commissions. All those bonuses. Meanwhile, watch for the divorce rate in the US to soar. Along with the crime rate, the domestic violence rate, the foreclosure rate, the murder rate, the unemployment rate, the inflation rate, the bankruptcy rate, ..........

Home Mortgage Crisis May Boost Divorces in U.S., Experts Say

The home mortgage crisis in the United States has spawned problems in the mortgage, real estate and banking industries, and many consumers are now facing mortgage payment increases in the coming months that could cause the number of home foreclosures to climb even higher. And all of those financial woes may be spawning another problem as well -- an increase in divorces, experts say.

Scott Daniels, an Ocala, Fla. Realtor, doesn’t need a study to tell him what he already knows -- the mortgage industry crisis is causing an increase in the number of couples who are getting divorced.

"In the last three months, we have accepted five listings which are divorce sales. In each instance, it’s due to the obligation of meeting their mortgage payments,” he wrote in a blog he posts regularly on the Internet. “Faced with pressure, these couples are blaming one another! Rather than attempt to work together to resolve the problem, they find it easier to separate. They each have in common the same exact problem: No one is able to make a decision on what price to sell for! "