Angelo (Agent Orange) Mozilo, Former Countrywide CEO, Claims He Doesn’t Know What ‘Verified Income’ Is


Angelo Mozilo, Former Countrywide CEO, Claims He Doesn’t Know What ‘Verified Income’ Is

Another day, another corporate titan suffering from devastating amnesia. This time, the memory-loss patient is none other than Angelo Mozilo, the former CEO of Countrywide Financial.

Deposed in the landmark lawsuit between the monoline insurer MBIA and Countrywide/Bank of America, Mozilo professed not to know the difference between “verified” income and “stated” income. He also made some incredible remarks regarding his notorious “Friends of Angelo” lending program, in which, among others, political figures like North Dakota Senator Kent Conrad and Connecticut Senator Chris Dodd received Countrywide mortgages on highly advantageous terms just because they were tight with the CEO.

As chief of Countrywide, Mozilo headed the single most corrupt subprime mortgage lender in America during the period preceding the crisis. Charged with mass fraud and headed for trial in October of 2010, Mozilo and the SEC ultimately settled four days before opening arguments were set to begin in Los Angeles. Ultimately, Mozilo got away with no jail time, paying a $67.5 million settlement, $20 million of which was covered by Countrywide, which by then had been acquired by Bank of America, a major bailout recipient. Just in the years between 2000 and 2008, Mozilo made over half a billion dollars – $521.5 million, according to one corporate research firm.

If you were going to assign blame to any single person for the financial crisis, Angelo Mozilo would rank right up there with people like Lehman’s idiot CEO Dick Fuld, deranged credit-default-swap peddler Joe Cassano of AIG’s Financial Products unit, and deregulatory pioneers like Bob Rubin and Phil Gramm. Mozilo’s role, however, was probably the single most shameful, as he represented the conscious decision of mortgage underwriters to abandon lending standards in order to claim ever-larger chunks of market share.

Rest here…


4 Responses to “Angelo (Agent Orange) Mozilo, Former Countrywide CEO, Claims He Doesn’t Know What ‘Verified Income’ Is”
  1. Greg Collins says:

    This guy is the scum of the earth while in Ca. right after a meeting with the Deputy A.G. while investigating Ameriquest, Well Fargo and Countrywide Ventura county Sheriffs where Countrywide and Mozillo are located tried to ram our vehicle over an embankment and took our vehicle under the pretense of being unlicensed. Police and judges from coast to coast have threatened, attacked, falsely arrested, destroyed evidence etc. since 1999 over the issue of my suits,investigations, exposure and reporting of banking, insurance and securities fraud. I was placed under investigation for undisclosed reasons in Jan 2005 and have been held under “house arrest” since then with no formal explanation. We live in a fascist police state ruled by these banking crooks.

    My case is made that much worse because my family set up the scam as part of an estate scam and I suspect money laundering/tax evasion scheme, they know the banking crooks, lawyers, judges, and politicians personally and golf with them do business with them. A third of my mothers face book friends are Congressman and Senators she was trying to force me to pay her $50,000 in cash restitution for giving her stretch marks and varicose veins during childbirth and demanded I sign over my construction company to her as restitution for depriving her or a career by being born. My family had made numerous threats to strip me of my assets, vehicles, driving privileges etc. and have me thrown out into the street and that’s just what happened. I have a safe driving award and yet charged with being an unlicensed driver at the same time. I never got a loan with Ameriquest and they sent me a 90 days late foreclosure notice 30 days after a cash out refie I never agreed to or signed for. Truly these scum are under the direction of Satan himself I know by first hand experience.

  2. Louise says:

    If you haven’t seen perjury, now you have. they will all perjure themselves. If you are a banker, you are most likely a liar, a thief, a con man, and a future felon.

  3. bobbi swann says:

    If you’ve never seen evil, well my friends, you’ve seen it now! He can hold his right hand up and swear to God but his loyalty is to Satan. Our whole entire government encompasses evil throughout. Though we MAY have a few solid semi-honest politicians I would venture to say that 85% or more don’t have an honest bone in their body.

  4. Sarah says:

    Maybe the guy is senile? The stress of not-being-prosecuted probably puts some mileage on his well coiffed, sun tanned trunk. Weren’t those commercials relentless in 2006? Urging everyone to “Countrywide” themselves. Our leadership and enforcement were either asleep, on the take, enablers or too busy running the gopher wheels in their own careers. Besides, we still have a war of terror that needs ‘principal’ payments.

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