He Said to Me, You’re Going to Enjoy This. I Said, I Doubt It Very Much.
Poor Angelo Mozilo…yes, Angelo is that dude you see on TV who is trying to be just like George Hamilton. Ok…maybe I am just jealous of that tan. Angelo is the CEO of Countrywide Financial. You see, Angelo is out claiming he is a victim of a market that has gone against his business of mortgage lending…thus wreaking havoc for him and others in his industry. Here is my take Angelo. YOU CREATED THE PROBLEM…AND YOU KNOW IT!
I have firsthand knowledge because there wasn’t a week that went by in the past year that I received an offer from you to refinance my 10 year fixed mortgage into an inerest-only mortgage. In fact, I had it out with one of your salespeople who insisted I was nuts to have a 10 year 4.75% mortgage. And now you whine? After handing out money to people who should have not received the money in the first place…now you are whining? Sorry, I do not have any tears for you. I have no tears because while all this has been going on, you have sold approximately 4 million shares of your own stock in 07…and it is only August. I am sure you will say it was for diversification purposes like every CEO trying to offload his stock as fast as they can…but sorry…can’t help you with that one.
We also have to wake up today to Hank Paulson telling us the economy will be fine and people are just reaccessing risks. I have 2 words for this guy and they aint “happy birthday.” This dude is the poster child for all the leverage…all the derivatives…all the crap the system is now dealing with…AND HE IS THE MOUTHPIECE TO CALM THINGS DOWN? Listening to him is like watching Michael Vick give a dog training seminar to PETA. It is like Barry Bonds telling you how to gain muscle naturally.
August 27th, 2007 at 8:24 pm
I have had a similar experience with Countrywide. I have a 15 year fixed at 5% with them. I received multiple telemarketing calls a day, until I asked to be added to their do not call list. I continue to receive weekly mailings from them. They want me to refinance at a higher rate and to take out the full amount of equity I have in the house.
Maybe part of Countrywide’s financial problems are the telemarketing and mailing costs of harassing their current customers.