Talk about getting phased out of the business completely. Angelo Mozilo is done. His career is done. His career in court, however sounds like it could be a different story. There are many people in this country that say that Angelo's drive and determination to be #1 in the industry led to the dramatic, Enron-esque collapse of his empire at Countrywide Home Loans.
The thing that really chaps me is the word on the street that Mozilo single handedly manipulated the loan structure for some of his "high profile" clientele. By manipulate, I mean that he gave them the best deal in the country. Unreal, rates... and the appraisals...even more unreal. Some of these restructurings that he made happen included massive cash out refinancing with obscenely exorbanent appraisals in ridiculously short periods of time. One particular instance took place a mere 4 months after the initial financing. Only the appraiser declared the house to be worth several hundred thousand more dollars that the previous appraiser noted just 4 months after the purchase took place.
Something smells funny doesn't it? That's right...It's Mozilo...
What ticks me off personally as a consumer is that Angelo is giving the sweetheart deal to someone that probably doesn't need it. He just wanted to put his financing cape on and play superhero for someone. In the process, he pissed off Americans accross the country, in the nation's capital, and made a mess that it will probably take the rest of his life in order to clear it up...if at all.
Thanks for all the good times Angelo. I am glad to see that we are finally turning the page.
No comments:
Post a Comment