Mozilo Unbowed Says Countrywide Was ‘World-Class Company’

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“I have no regrets about how Countrywide was run,” Mozilo said. “We were a world-class company in every respect.”

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Mozilo Unbowed Says Countrywide Was ‘World-Class Company’

Dec. 13 (Bloomberg) — Countrywide Financial Corp. co- founder Angelo Mozilo said under oath last year that he had “no regrets” about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children.

Mozilo, who led the lender blamed by lawmakers and regulators for contributing to the housing collapse, spoke in a June 2011 deposition as part of a lawsuit between his firm, which was bought by Bank of America Corp., and MBIA Inc., according to documents filed this week in New York. MBIA, once the biggest bond insurer, claims Countrywide committed fraud by securitizing loans that were riskier than promised.

The crisis was “not caused by an act of Countrywide,” said Mozilo, 73, according to a transcript of the deposition. “This is all about an unprecedented, cataclysmic situation, unprecedented in the history of this country. Values in this country dropped by 50 percent.”

Rest here…

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Comments
2 Responses to “Mozilo Unbowed Says Countrywide Was ‘World-Class Company’”
  1. Wayne says:

    I haven’t paid my Mortgage Loan since it was Countrywide … as far as I am concerned they owe me for two years of payments. To this day no one knows where my Note or Original Paper work is.

  2. Stupendous Man - Defender of Liberty, Foe of Tyranny says:

    He isn’t credible. Just orange.

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