Wednesday, September 03, 2014

Touchy and Feely

And all of them, rather inappropriate. Anthony Mozilo spent much of the 1990s and early 2000s building up Countrywide into being the nation's number one Ponzi Scheme subprime lender...(strike the strikeout). So, on reflection how's he feeling? One would think if he is not a sociopath, sort of bad. So you know how this will go.
Six years after he lost control of the largest mortgage lender in the U.S., and days after news that the U.S. Attorney’s Office in Los Angeles plans to sue him, the Countrywide Financial Corp. founder is baffled by a new effort to punish him, proud of past triumphs and incensed by criticism.
Oh those accomplishments.
He remains a defender of Countrywide, even after Bank of America Corp., which bought it in 2008, agreed last month to pay more than $16 billion to end probes into mortgage-bond sales on top of about $55 billion in fines that came before. Mozilo doesn’t understand why he and his firm, blamed by lawmakers and authorities for lax underwriting and predatory lending, have been seen as villains. Photographer: Jay Mallin/Bloomberg Angelo Mozilo, former chief executive officer of Countrywide Financial Corp. “No, no, no, we didn’t do anything wrong,” he said
Yes, he didn't do anything wrong...and never earned a dime he doesn't think he deserved.
Mozilo's compensation during the United States housing bubble of 2001–06 has come under scrutiny. During that period, his total compensation (including salary, bonuses, options and restricted stock) approached $470 million.
But still what a guy.
Two of his friends, former Countrywide director Robert J. Donato and fellow mortgage-industry veteran Howard Levine, praised his spirit. Levine, a friend for at least 50 years, said Mozilo gives a $5 bill to each homeless person he sees on New York’s Fifth Avenue when they visit from California.
[cross-posted at Firedoglake]


Katy Anders said...

When I worked at a Legal Aid place that helped people facing foreclosures, Countrywide was really infamous. Every single case we ever won due to wrongdoing or improper procedures was against Countrywide. It was pretty shocking.

DanF said...

And he didn't even wipe his ass with the fivers before hand. What a fucking mensch.

grouchomarxist said...

Only a fiver? While he was pulling down something like $90 million a feckin' year? What an incredibly cheap bastard! He could have dropped a Ben Franklin every minute of every day for the entire year and still had 40 million bucks left to subsist on.

And yet, people say mean things about him. Go fig.

pansypoo said...

not punishing these vampires with prison was a big mistake.

Anonymous said...

"...Mozilo gives a $5 bill to each homeless person he sees on New York’s Fifth Avenue..."

How many do you think this putz "sees" from inside his tinted-windowed stretch limo? How many homeless does he think there are on 5th Ave.?

What a weasel.

kingweasil said...

“I don’t have a job, so I have to earn some money, and I do it through investments,” he said. Real estate is still the best option, he said. “Tides go in and out. This is just another tide.”...that poor bastard...fuggetaboudit.

Anonymous said...

Sociopath level: Cheney

Anonymous said...

$470 million, gives a fiver. Mighty 'white' of him.