Countrywide execs have started a new gig where they are buying distressed mortgages from the Feds, probably on loans they made, for pennies on the dollar.
You may remember Angelo Mozilo. He had a “friends of Angelo” club that gave our special loan terms to people like senate banking chair, Chris Dodd.
These guys probably should be in jail or at a minimum publically flogged.
http://www.nytimes.com/2009/03/04/business/04penny.html?_r=1&ref=todayspaper
I’m fond of the idea of categorizing stuff like this (the special loans for senators) as treason.
which would allow us to hang both Mozilo and the senators that accepted the special loans.
More on the firends of Angelo
http://www.portfolio.com/news-markets/national-news/portfolio/2008/07/16/Countrywide-Deals-Exposed
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*In retrospect, Mr. Kurland said, he regrets what happened at Countrywide and in the mortgage industry nationwide, but does not believe he deserves blame. “It is horrible what transpired in the industry,” said Mr. Kurland, who has never been subject to any regulatory actions. *
But lawsuits against Countrywide raise questions about Mr. Kurland’s portrayal of his role. They accuse him of being at the center of a culture shift at Countrywide that started in 2003, as the company popularized a type of loan that often came with low “teaser” interest rates and that, for some, became unaffordable when the low rate expired.
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If you look in the dictionary under “scumbag”, his picture woud be next to the definition.
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If you look in the dictionary under “scumbag”, his picture woud be next to the definition.
Well I looked, and I didnt see any picture at all. I also noticed there was no entry for the word “gullible” either.
If I can buy something for a penny and sell it for a dollar - damn right I will. That my friend is called being smart and getting ahead. Everyone has ideas, some even have good ideas - but the smart take advantage of them there ideas!