Nahhh…Countrywide didn’t have their own appaisers come into markets and inflate appraisals. Underwriters just assumed 1960 block homes were worth $600,000. Just “FUND ‘EM”!
Originally posted on Justice League:
Now that is the joke of the day…
Six years after the financial crisis and the government is still seeking justice for the financial pain and meltdown of America’s economy.
But according to an article in Bloomberg, the Countrywide CEO Angelo Mozilo, seen as one of the main culprits behind the subprime crisis and speaking in a rare interview, is baffled by a new effort to punish him.
Remorse for heading a company that made so many bad loans? Not a chance.
Instead, Mozilo said he is proud of his past triumphs and it his critics who are misguided:
“You’ll have to ask those people, ‘What do you have against Mozilo, what did he do?’” Countrywide Financial co-founder Angelo Mozilo said. “Countrywide didn’t change. I didn’t change. The world changed.”
“No, no, no, we didn’t do anything wrong,” he said, adding that a real estate collapse was…
View original 108 more words