WALL of SHAME – Angelo R. Mozilo – Countrywide engineered Billions of worthless mortgages

Angelo R Mozilo, CEO Countrywide Financial

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Angelo R. Mozilo (born 1938 in New York City) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008 [1].

He is the son of a Bronx butcher. He received a Bachelor of Science degree from Fordham University in 1960 and holds an honorary Doctor of Laws degree from Pepperdine University.[citation needed]

In 1969 he and his former mentor David S. Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Calabasas, California in Los Angeles County. Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.[2]

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realised in the 12 months ending August 2007.[3]

“Friends of Angelo” VIP program

Further information: Countrywide financial political loan scandal

In June 2008 Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Finance Committee Chairman Kent Conrad, and Fannie Mae former-CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being “Friends of Angelo.”[9][10] Senator Dodd received a $75,000 reduction in mortgage payments from Countrywide at allegedly below-market rates on his Washington, D.C. and Connecticut homes.[9][11]


~ by behindthematrix on October 12, 2008.

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