countrywide: Countrywide's chairman shows his contempt for borrowers!
- 05/27/08 11:25 AM
It was going to happen sooner or later, but Countrywide chairman Angelo Mozilo, finally let slip - almost literally - what he really thinks about his borrowers who have found themselves in trouble. You see Mozilo received an e-mail from one such borrower - essentially saying "I'm in trouble - how can you help?" and instead of hitting "forward" to send his answer to another executive at Countrywide, Mozilo hit "Reply". And this is what he said: "This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the … (13 comments)
countrywide: Countrywide to face criminal charges?
- 03/08/08 01:25 PM
Tomorrow's New York Times will report that the FBI has begun a criminal investigation into the country's largest mortgage lender - Countrywide Financial Corporation. The investigation is apparently about suspected securities fraud and is part of the FBI's continuing investigation in the mortgage market. The Times is citing unnamed Government officials suggesting that the investigation is into whether or not Countrywide misrepresented its financial condition and the soundness of its loans in securities filings. The investigation is at a very early stage and it is unknown if any charges will follow. The times quotes Countrywide spokeswoman, Susan Martin, who told the newspaper that "we … (29 comments)
countrywide: Florida subpoenas Countrywide
- 02/02/08 01:56 PM
Florida's Attorney General in investigating Countrywide Financial for possible unfair and deceptive business practices related to its home loans. And so in light of this, the State has now issued a subpoena demanding documents and other information describing procedures the company used to determine how buyers qualified for subprime loans when those people clearly had shaky credit. Attorney General Bill McCollum told a press conference this week that the State had received numerous complaints about Countrywide as well as other lenders. In addition to how the lender qualified buyers, McCollum also wants to know how the company treats customers who find themselves in trouble … (10 comments)
countrywide: California and Illinois launch investigations into Countrywide
- 12/15/07 01:33 PM
The Attorney Generals in both California and Illinois have both launched investigations into the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender. At the heart of the investigations is why Countrywide lent money to people who quite simply could not make the payments on the loans they took out. "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 how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division according to the Associated Press. Meanwhile Countrywide has said its loan production … (5 comments)
countrywide: This week's Home Team Radio Show
- 10/20/07 10:45 AM
Well it's that time again when I bring you all up to date on what will be heard on tomorrow's Home Team Radio Show which airs every Sunday at noon on 540WFLA right here in Central Florida - and don't forget that you can tune in even if you are not in Central Florida by going to http://www.540wfla.com/ Of course we will be talking about property taxes with the State once again seeming to be bogged down by political infighting amongst the Republican controlled Senate, House and even the Governor's Mansion. Last time we were here they produced something that was so … (0 comments)
countrywide: Is the SEC investigating Mozilo and Countrywide?
- 10/20/07 08:57 AM
A report earlier this week suggested that the SEC was paying special attention to Countrywide and its founder and CEO, Angelo Mozilo. Apparently the investigation is part of a larger look the SEC is taking at a dozen or so companies in connection with the subprime crisis, but it is having a much closer look at Countrywide and Mozilo. Certainly part of that investigation has to include the issue of Mozilo dumping $130 million of his own company's stock in the first six months of this year. Apparently North Carolina's state treasurer Richard Moore last week asked the SEC to investigate Mozilo's stock sales, claiming … (2 comments)
countrywide: This week's radio show
- 09/16/07 01:02 AM
My radio show will air today at 12 noon Eastern on 540 WFLA in Central Florida. You can always pick it up on line at www.540wfla.com This week I will be talking about THREE listings that each come with a brand new Mercedes 300 Sports Sedan. The car can go to the new owners or the agent. I will also be discussing Florida's latest "Special Session" - this time to fix the budget and asking "are these in violation of our Sunshine Laws?" We will obviously be talking about the latest finance industry problems, not least of which will be Countrywide facing a … (4 comments)
countrywide: Countrywide employees file suit against the lender
- 09/12/07 09:45 AM
A lawsuit on behalf of it's employees has been filed against Countrywide Financial Corp. claiming the mortgage lender failed to warn its employees about the depth of its financial troubles, resulting in heavy stock losses in their 401k retirement accounts. The lawsuit was filed yesterday in the U.S. District Court in Santa Ana, and seeks class-action status. It names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan. With 12,000 people losing their jobs I am of course tempted to ask why Mr Mozilo still has a job? The company was surely acting on his … (5 comments)
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It was going to happen sooner or later, but Countrywide chairman Angelo Mozilo, finally let slip - almost literally - what he really thinks about his borrowers who have found themselves in trouble.
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