Interesting email response from Angelo Mozilo to a guy losing his home. Looks like Angelo Mozilo hit the reply button instead of forward. What a dummy Mozilo is. But now we know his true feelings (as if we didn’t know already).
Hey, Angelo Mozilo worked hard to build up Countrywide only to see it fail. While shareholders were left holding the bag with almost worthless shares even with Bank of America saving Countrywide from bankruptcy. Mozilo was too busy worrying how he’s going to survive without his Countrwide piggybank that’s paid him hundreds of millions of dollars while giving big loans to the undeserved. I guess Mozilo didn’t realize there would be a price to be paid for the short term benefits of getting rich off the intial loan fees for loans that had no chance of being paid within 30 years. Tell me why CEOs deserve to be paid so handsomely again? If anyone wonders why home prices shot up so suddenly in 2002-2005, Countrywide and other stupid banks’ irresponsible loan practices are a huge cause.
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.
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