The Buyers Made Us do It.
Angelo Mozilo is quoted as saying Countrywide Financial has done nothing wrong, and he’s done nothing wrong. In a article today in The New York Times states "To this day, he says his beleaguered company did nothing wrong during the loose-lending craze that is now unraveling nationwide with record foreclosures and mountainous losses. Instead, Mr. Mozilo considers himself and his company to be victims of financial forces beyond their control."
Mozilo remarked at a recent conference sponsored by the Milken Institute is quoted "That borrowers forced lenders like Countrywide to lower their mortgage standards."
Mr. Mozilo who built Countrywide into the nation’s biggest mortgage lender, has long been accostomed to doing things his way. Mozilo chossy about who he talks to declined the interview with the New York Times.
Nell Minnow a corporate governance watchdog gives Countrywide’s board an F and would give a lower grade if there was one. Citing overpaying the chief exec has taken home $410 million since 1999. Also mentioned was the companies antitakeover defenses and poor risk management.
1 response so far ↓
1 PTaylor // Jun 30, 2008 at 7:12 pm
Countrywide wants to blame the consumer for them lowering their standards. That is the most desperate excuse I have ever heard in my life. They are supposed to be the professionals and they are the ones holding the money yet they blame the consumer for their bad practices. I have a mortgage with Countrwide and at least every other month I get marketing material soliciting me to apply for a home equity loan but when I call I realize it’s not worthwhile because they charge such high fees. I usually then inquire about refinancing and again they turn me down flat saying my equity is not enough, this is absurd. They are only concerned about making money off consumers equity, forget about helping the consumer when we need them most.
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