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The New ?Cold? War
2010-10-18 22:41:00 Return to the battle for Arctic oil: What does Putin mean by maintaining a ?zone of peace?? The ?other? 20-bagger Arctic investment idea? far from any conflict zone. Treasury dithers on China, and Poof! miraculously shrinks the 2010 deficit. Countrywide saga nears end: Mozilo slithers away with $67.5 million fine. World?s fourth-richest man moves into his 27-story spread.
Roger Lowenstein takes Mr. Media to 'The End of Wall Street'
2010-04-22 22:15:00 By BOB ANDELMAN The sky is falling! The sky is falling! What?s that? The sky has already fallen? Damn, I hate being late to the party. Apparently, it?s old news that the world financial system was on the edge of collapse over the course of recent years and those fat, rich bastards on Wall Street?and President Obama?s right, it is fun to hate on them?nearly sent us all into oblivion. But what you may not know is who and what brought this mess upon us. That?s where financial journalist Roger Lowenstein fits in. Lowenstein?s new book, The End of Wall Street?which entered the New York Times and Wall Street Journal bestseller lists at #1 upon publication?is a perfectly timed dissection of what happened and who?s to blame. Lowenstein even starts the book with a handy roster of the play?s characters so it?s easy to keep track of the villains. And his timing on this show is perfect, since less than an hour ago, Obama was at Cooper Union in Manhattan, addressing the titans of W...
By: Mr. Media
A HousingPANIC Angelo Mozilo tribute: "Oompa, Loompa, doom-pa-dee-da. If y
2008-05-23 01:00:00 Oompa, Loompa, doom-pa-dee-daIf you're not greedy, you will go farYou will live in happiness tooLike the Oompa Loompa doom-pa-dee-doCountrywide?s Mozilo Calls Borrower?s Plea ?Disgusting?FOXBusinessCountryw-ide's Mozilo stinks at mortgages & emailBaltimore SunIn reply to e-mail, Countrywide CEO criticizes plea for loan helpUSA TodayCountrywide CEO Mozilo's e-mail sets off furoreReutersMozilo on distressed borrower's appeal for help: "disgusting"Los Angeles TimesMOZILO'S HEARTLESS E-MAILNew York PostCountrywide, Mozilo in Hot Water Over Troubled Borrower FlapHousing Wire
By: Housing PANIC
Orangeman...Disgusting
2008-05-21 21:49:00 In an email inadvertently sent as a reply, instead of a forward, Countrywide(CFC) CEO Angelo Mozilo passed the following message on to a borrower seeking a payment workout:Angelo_Mozilo@countrywi-de.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.The response was publicized by the LA Times and is now all over the news. Different interpretations are being assessed as to what is "disgusting"...the borrowers hardship letter, or the fact the borrower could find a sample hardship letter online.I think the disgusting factor is that Mozilo could even make this mistake. Further, his response is that of the old guard, unfamiliar, or in denial, that freedom of information online is reducing the mystery factor of real estate, whether it be loan rates, homes for sale or in this instance how to craft a hardship letter.Mozilo is not alone. The real estate industry has been painf...
LET THEM EAT CAKE! Angelo Mozilo (Angelo_Mozilo@countrywide.com) has just
2008-05-21 17:47:00 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.co-m wrote: This is unbelievable. Most of these letters now have the same w...
By: Housing PANIC
Countrywide loses $893 million for the quarter while Angelo Mozilo cashes i
2008-04-30 08:39:00 Seriously, if BofA completes the CFC acquisition, you'll know something funny is going on with Hank Paulson and Ken Lewis. Countrywide is AIDS, Chlamydia, Genital warts, Herpes, Gonorrhea, Hepatitis and Syphilis all rolled into one. BofA would be dealing with lawsuits, losses and employees going to jail for years and years.Watch for the other shoe to drop soon here. And watch for the FBI to announce formal charges against Countrywide execs, and Angelo Mozilo by the end of Summer.And oh, get your popcorn.Countrywide Financial Corp. said Tuesday it lost $893 million in the first quarter, as rising loan defaults amid a deepening housing downturn forced the nation's largest mortgage lender and servicer to sharply increase its provision for loan losses and book other credit-related charges.Shareholders saw their stake in the company dwindle as Countrywide shares lost 80 percent of their value by the end of 2007. Shares had hit a five-year peak of $45.03 in February of that year.Meanwhi...
By: Housing PANIC
Angelo Mozilo is a pig. One more time - Angelo Mozilo is a big fat pig.
2008-04-26 22:48:00 Countrywide CEO Made $132M In 2007 Pay, Stock Sale
By: Housing PANIC
Thank you Alan Greenspan, Angelo Mozilo and the realtors of America for rui
2008-04-20 11:48:00 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 SayThe 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 hav...
By: Housing PANIC
FLASH: ANGELO MOZILO OF COUNTRYWIDE ARRESTED
2008-04-01 19:02:00 Los Angeles (AP) - Angelo Mozilo, the founder, chairman and CEO of Countrywide Mortgage, the nation's largest mortgage lender, who says he committed no crimes at the scandal-ridden mortgage company, has been indicted on criminal charges and will be taken into custody later today, The Associated Press has learned.The FBI and SEC have had Mozilo and Countrywide under investigation for various charges including insider stock trading, knowingly enabling mortgage fraud and various Sarbanes-Oxley violations for months, and the indictment was expected."The arrest of Angelo Mozilo if true is the beginning of the end for the corrupt Real Estate Industrial Complex" said NAR Chief Economist Lawrence Yun reached today by the AP in a phone interview. "We at the National Association of REALTORS(R) hope to see all of the guilty parties rounded up, including our disgraced former Chief Economist, David Lereah, along with most of our 1.2 million members. Mozilo should be just the start."FBI spokesm...
By: Housing PANIC
Hoofy and Boo ask Angelo Mozilo to stay out of the sun
2008-02-23 09:55:00 window.onload= function(){movieload(49,400,350-,'container');}
By: Housing PANIC
It's time to arrest Angelo Mozilo and get on with it
2008-02-04 07:12:00 Envision the day Angelo Mozilo is arrested, and frog marched out of the raided Countrywide headquarters.Envision the day Angelo Mozilo is sentenced to spend the rest of his life in prison, after having his assets seized.Is the world any better after this? Millions will have still lost their homes. Millions will have lost their jobs. Families will still have been ruined.And one Orange Man wearing an orange jumpsuit will sit in a lonely jail cell.What a waste.But let's go ahead and get on with it. ARREST ANGELO MOZILO. THE HOUSING CRASH NEEDS ITS BERNIE EBBERS. WE NEED OUR KEN LAY. AND THE INSIDER TRADING KING OF MORTGAGE FRAUD ANGELO MOZILO IS IT.
By: Housing PANIC
The Conscience of Angelo Mozilo
2008-01-29 01:43:00 Angelo Mozilo's behavior concerning his severance package from embattled mortgage lender Countrywide (CFC) reminds me of a toddler caught stealing candy from a store. Somehow Mozilo thinks that if he puts back the money, nothing bad will happen to him.If you recall, Mozilo was slated to receive $115 million in cash and stock plus perks after selling the troubled lender to Bank of America (BAC). The outcry of the largess in the face of the credit crisis prompted The House Committee on Oversight and Government Reform to "invite" the CEO to testify about - tens of millions of dollars in severance payments and other compensation. I request that you be prepared to provide your perspective on this reported pay package.I suppose Mozilo thinks that if his pay package disappears, there will be nothing to testify about. The question of his sudden stock sales all last year in the face of mounting company losses seem like an interesting topic to me and I'd love to hear what the House commi...
Who Says There's No Justice?
2008-01-19 21:22:00 In an abrupt turn of events yesterday it seems Angelo Mozilo, CEO of Countrywide Financial (CFC), is looking at his "golden parachute" turn to a lead parachute.Last week, Bank of America (BAC), announced it would buy the troubled mortgage lender for $4 billion in stock, bailing out the company suffering from the mortgage crisis and providing Mozilo with a $115 million compensation package for running the company into the ground.It appears B of A has had a change of heart. The Wall Street Journal reported yesterday the deal with Countrywide could go south unless the terms of the deal are renegotiated.Countrywide Financial Corp. shares dropped nearly 10% Friday amid growing investor fears that Bank of America Corp. could walk away from its agreement to acquire the struggling home-mortgage lender. Countrywide shares were at $4.96 in 4 p.m. composite trading on the New York Stock Exchange Friday, a 12-year low, down from $5.48 Thursday and $6.33 on Jan. 11, the day plans were annou...
Disgraced and corrupt toxic loan CEOs Angelo Mozilo, Charlie Prince and Sta
2008-01-16 12:57:00 I hope some congressman with guts asks them about knowingly enabling mortgage fraud. I hope to see Angelo take the fifth. I hope to see Waxman ask The Orange One about having CFC buy shares on the open market as he was dumping them. I hope to see rage, disgust and the threat of more investigations from our congressmen, who are supposed to represent US of course. But since the fix is in, and these companies (Countrywide, Merrill and Citi) and their organizations (NAR, NAHB, NAMB) are the top donors to our corrupted congress, I'm not holding my breath.But who knows. Maybe in an election year congressmen choose their political careers over their masters.Former Citi, Merrill CEOs face grillingHouse Democrat Henry Waxman calls on recently canned executives with ties to the subprime debacle to explain their compensation.WASHINGTON (AP) -- A key House Democrat wants to grill top banking industry executives about how much they're getting paid on their way out of companies scorched by ...
By: Housing PANIC
France 1789. America 2008. Louis XVI. Angelo Mozilo. When will we hear
2008-01-12 10:38:00 Mozilo shouldn't just be worried about the SEC. He shouldn't just be worried about irate laid-off Countrywide employees. He shouldn't just be worried about CFC shareholders who lost everything. He shouldn't just be worried about the thousands and thousands who got pushed into toxic loans so he could earn higher commissions. And he shouldn't just be worried about his future boyfriends in jail.No, with his level of naked greed and corruption, he and others in the REIC and government should now be worried about the guillotine. Now we just need a Robespierre. The good news is that the prosecutors were able to seize Bernie Ebbers assets and ill-gotten-gains during his downfall, and I hope that they'll be able to do the same with The Orange One. This is just sick.Lavish Payout, Perks for Failed Mortgage CEO - His Severance Package Includes Jet Use, Country Club Dues and a Hefty PayoutAngelo Mozilo, the co-founder and public face of troubled mortgage giant Countrywide, is elig...
By: Housing PANIC
And then the noose around Countrywide Toxic Mortgage's Angelo Mozilo drew t
2007-12-14 11:48:00 Too bad the government only started investigating Countrywide's crimes after the damage had been done. Where were they in 2003? 2004? 2005? 2006? The mortgage fraud at Countrywide (and others) was just so OBVIOUS. They called them f*cking liar's loans for a reason. I hope they don't just investigate Countrywide. I hope they open criminal investigations of Mozilo and all of his co-conspirators, and the mortgage fraudsters themselves.Frog marches! HP'ers want frog marches!Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender, officials said Thursday.The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford."We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and ...
By: Housing PANIC
You thought HP was tough on Angelo Mozilo? You won't believe what thestree
2007-11-28 08:37:00 America doesn't like corrupt and greedy CEOs. Especially orange ones.
By: Housing PANIC
I think dirtyscottsdale.com found Angelo Mozilo's son
2007-10-29 22:08:00 Can I show you something in a no-down, no-doc, teaser-rate, negative-am?
By: Housing PANIC
Will Countrywide Toxic Mortgage's Angelo Mozilo resign tomorrow after annou
2007-10-25 11:33:00 I think so.Here's the internal memo from yesterday Angelo sent to soon-to-be-former Countrywide employees. Message from the CEOMessage to all employees from Angelo Mozilo, Chairman and CEO.There is no question that all of us at Countrywide and all those involved in the financial services industry have been impacted by this unprecedented world wide credit crisis. Over the past 40 years, since the founding of our Company, there have been many global and domestic events that challenged the will, the tenacity, the strength and the character of the Countrywide family. Each and every time we have risen to the occasion and, in fact, we have led not only our Company but also the industry through many periods of crisis.During this time, I have received many kind messages from employees throughout the country. I want to take this opportunity to thank all of those who have expressed their support for me personally, and to convey my deepest appreciation for all members of the Countrywide fami...
By: Housing PANIC
FLASH: Angelo Mozilo, CEO of Countrywide Toxic Mortgage, under SEC investig
2007-10-18 06:57:00 Finally.One step closer to jail for The Orange One. One step closer to Enron and Worldcom for Countrywide.My only question is - what took so long? This guy pumped up his earnings and stock by putting homedebtors into higher-commission toxic loans when they could have qualified for standard mortgages, then he had Countrywide do stock buybacks when he was dumping shares as fast as he could based on inside knowledge of their impending collapse. Angelo Mozilo is a liar, a conman, a thief and the physical representation of unregulated greed run amok during the housing bubble and crash.(yup, still short CFC via Oct puts)SEC Probes Countrywide CEO's Stock SalesSEC Reportedly Examining the Stock Sales of Countrywide Financial CEO Angelo R. MoziloWASHINGTON (AP) -- The Securities and Exchange Commission is examining stock sales of the chief executive of Countrywide Financial Corp., the nation's largest mortgage lender, a person familiar with the matter said Wednesday.The informal SEC inqui...
By: Housing PANIC
Here thestreet.com staffers mocking Orangelo Mozilo of Countrywide Toxic Mo
2007-10-12 21:59:00 Funny video at thestreet.com. Wish I could embed it but here you go.How's Angelo Mozilo going to spend that $100 million?"Tanning - he's gonna go tanning""I believe he's putting it in Countrywide CD's""He's buying nothing but Crystal!""I'm pretty sure he'll contribute his earnings to the Ron Paul Presidential campaign"Lots of great negative press on The Orange One in the MSM today. Glad they're paying attention now.CNBC: Countrywide's Mozilo: Was He "Wrong" To Sell Stocks?International Business Times: Countrywide (CFC) CEO the Next Martha Stewart?NY Post: COUNTRY-FRIED - COUNTRYWIDE BIZ SINKS AS MORALE HITS LOWYes, like Mozilo I'm short CFC
By: Housing PANIC
Hi. I'm Angelo Mozilo of Countrywide. I duped homedebtors into signing up
2007-10-11 00:38:00 Any questions? Good. Oh, I also had my company buy back stock with shareholder money to prop up the price as I dumped it. Any questions? Good. Oh, I also laid off thousands of Countrywide employees as I was enriching myself. Any questions? Good. (note - just like Angelo I'm still short CFC)Some executives might be tempted to establish plans to sell stock when they anticipate the stock price might fall in a coming quarter, perhaps because a big customer has warned it intends to renegotiate a contract. And erratic trading also looks suspicious, even though that could occur because the stock misses a target price for months at a time. But the suspicions are especially keen, the panelists said, when executives modify, suspend or terminate their plans. For example, a pension is suing Countrywide Financial after CEO Angelo Mozilo sold more than $50 million of stock through a 10b5-1 plan he had modified about the time when regulators were scrutinizing subprime loans. "I think it...
By: Housing PANIC
Countrywide's CEO, Angelo Mozilo, Continues to Sell Company Stock
2007-10-10 01:48:00 Mozilo reported on Tuesday that he sold 139,918 shares Monday for $20.14 by exercising stock options that he recieved at $9.94 providing for a profit of $1.43 million. Mozilo's pre-arranged trading plan had prevented Mozilo from selling any of Countrywide's stock below $28 dollars a share; however, his plan stipulates that for any unsold shares as of October 8th, then those shares would not be restricted to the price floor and may be eligible for sale in 20% increments. Mozila reported that the reason for him selling is to pay for his grandchildren's education, and reported that his prearranged plan allows him to sell off his stock as he gets closer to retirement.
Orangelo Mozilo's Countrywide Toxic Mortgage launches hilarious PR campaign
2007-10-04 10:32:00 Oh, where to start? Orangelo's PR consultants are trying to pump up his soon-to-be-laid-off employees by making them take "loyalty oaths", while oddly wearing green (why not orange?) "Protect our House" wristbands and launching a crisis-management PR offensive aka "crusade". They've declared "NOW IT'S PERSONAL" and "WE'RE NOT GOING TO TAKE IT!".No, I am not making this up.Seriously, I am not making this up. As a matter of fact, here are the super-secret leaked talking points (pdf)Here's HP's message to Orangelo:Orangelo, you screwed America by pushing toxic loans on the ignorant masses because they paid you more than conventional loans. You earned huge commissions as you insider-traded your company's stock while directing your company to buy shares on the open market to prop up the price.You are a pig, you are a leech, and you are the representation of everything that is wrong with American business today. Now indeed it is personal - and there are millions of Americans w...
By: Housing PANIC
Will Countrywide Toxic Mortgage's Angelo Mozilo go to jail?
2007-10-02 04:23:00 A) YesB) NoC) Not soon enough Here's another couple of stinging exposes of The Orange One by Bloomberg and Krugman at the NY Times. Nice to see (again) the MSM catch up to HP. I especially liked the point that the damage caused by Mozilo to Americans (and foreign investors) is SIGNIFICANTLY worse than anything Ebbers or Lay did. SIGNIFICANTLY worse.Note I'm short CFC via Oct puts.Countrywide CEO sold big as stock dropped - Quick changes in Mozilo's trading plan raise red flags, experts say. The mortgage firm says the sales were in line with company policy.As the mortgage industry swooned in late 2006 and 2007, Countrywide Financial Corp. Chief Executive Angelo Mozilo cashed in stock options valued at $138 million -- vastly expanding his wealth even as his shareholders watched their stock shrink in value."There is clearly no legal prohibition of altering your plan," said David Priebe, a Bay Area attorney who has helped set up more than 50 of such plans for executives. "But the...
By: Housing PANIC
Countrywide Mortgage's Orangelo Mozilo gets his very own cartoon!
2007-09-26 11:57:00 Nice to see the stock market recognize the stench coming from America's Toxic Lender too... (yes, I'm short CFC and The Orangeman)...Sorry Helicopter Ben. Even you can't save Countrywide!Thanks frothy for the lead
By: Housing PANIC
Angelo Mozilo has sold $355,658,743 in Countrywide Mortgage stock, selling
2007-09-13 07:16:00 The worst part of Angelo's insider dumping is that while he was dumping, as CEO he directed the company to (get this) BUY CFC shares on the open market to keep the price propped up, under the guise that it was "in the best interest of shareholders" to buy back shares (using debt). Uh, Angelo, bad news, but buying CFC shares on the open market was THE SINGLE WORST THING YOU COULD HAVE DONE FOR SHAREHOLDERS. From the July 28 CFC call after being questioned on dumping while CFC was buying:Angelo Mozilo: Yes, well, if you think like that it's -- I don't think like that. The buybacks were done because we thought it was in the best interest of shareholders.The decision to buy back stock is a collective decision, really emanates from the financial operations of the Company as to what is the best return for the investment of the shareholders, invested capital for the shareholders. So it is totally unrelated to any of my issues relative to the sale of stock.Disclaimer: F*ck yes I'm sho...
By: Housing PANIC
HousingPANIC's "Angelo Mozilo Stupid Quote of the Day"
2007-09-08 10:29:00 ``It was impossible to anticipate the credit crisis we've seen on a worldwide basis"- Countrywide's Angelo Mozilo, after dumping $425,000,000 of CFC shares, either lying, or who must not have had access to HP, Contrarian Chronicles, Peter Schiff, Robert Shiller, The Economist or hundreds of other sources who predicted EXACTLY what we're seeing today. (Yes, I'm short CFC, and thanks to an HP'er for the new Mozilo get-up!)
By: Housing PANIC
Here's Countrywide Mortgage's Angelo Mozilo trying to defend why he sold $1
2007-07-28 09:35:00 It's funny reading this on the same day that Qwest's former CEO Joe Nacchio was sentenced to six years in Federal prison and $52 million for insider trading and pumping up his numbers while he bailed out. Deja vu all over again? Hey, nobody saw it coming, right Angelo? And for a CEO to be desperately selling as the company he runs is doing stock buybacks to prop up the price, man, that stinks to high heaven. Ronald Redfield - Redfield, Blonsky & Co.: Were there any buybacks during the quarter? Do you find, Angelo, with all respect, you selling a material amount of shares into buybacks? You previously mentioned you own 10 million shares. How many shares do you currently own, not including options?Angelo Mozilo: I don't know the answer to that question. I own -- including options, I think around -- I think it is around 11, 12 million, something like that. The sales of the stock had nothing to do with buybacks because that 10b5-1 agreement was made well over a year ago.Ronald Redfie...
By: Housing PANIC
Countrywide?s CEO Angelo Mozilo?s Sells Off Stock
2007-07-26 00:13:00 Dean Foust, fellow Atlanta resident, has a great post on the CEO of Countrywide who has been selling his shares since December. Now, before people go off half cocked, what he is doing is perfectly legal, but the CEO who has held onto his shares for 39 years selling them just before the company takes ...
Countrywide Mortgage's Angelo Mozilo, after desperately unloading his stock
2007-07-25 08:14:00 Countrywide Mortgage's Angelo Mozilo had this quote yesterday:"As I try to walk through what happened there and could a lot of this have been foreseen ... nobody saw this coming," Mozilo saidAngelo, Angelo, Angelo...Have you never read a bubble blog? Have you missed the thousands and thousands of articles on the housing bubble and crash? Have you or any of your employees never taken an Econ 101 course? Have you never left your office and seen the sea of for sale signs? Have you never seen the countrywideforeclosures page?Angelo - HP calls bullsh*t. You saw this coming. Your minions saw this coming. And you sold hundreds and hundreds of millions of dollars of your stock as fast as you could.Why? Because you saw this coming.And you might want to look outside in the parking lot. That's probably the Securities and Exchange Commission coming too...
By: Housing PANIC
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