SEC Recommends Fraud Charges Against Countrywide's Mozilo (Finally!)

From http://www.businessinsider.com/sec-recommends-fraud-charges-against-countrywides-mozilo-2009-5">The Business Insider:



Talk about a fall from grace for 'Oh Tanned One' Angelo Mozilo.

The man who was once lauded as the greatest friend to the homeowner for happily extending credit to anyone with a pulse is looking at possible civil fraud charges from the SEC, reports WSJ.

Mozilo, who sold Countrywide to Bank of America (BAC) before the crisis had fully revved up (brilliant), faces all kinds of legal headaches, including charges of Fraud in Florida (They're blaming Mozilo for their housing bubble, which is, ahem, absurd).

Among the issues the SEC is concerned with: The timing of Mozilo's stock cash-outs prior to the BofA sale. The SEC may not be good for much, but they sure know how to ding someone for well-time stock sales.

coy...

If they're going after Countrywide, their going to have to cast the net a lot farther to catch all the enablers of the various scams that contributed to the melt down. It wasn't just one guy that did Countrywide, and you can't have a one person conspiracy.

where they occurred. He did it by having his employees approach homeowners and motormouth them into refinancing their houses for a much higher price than they were actually worth. That pumped all the comps in the area. That's where the bubble largely came from.

If the homeowner spotted the scam, he just kept refinancing and then skedaddled with pockets of cash when it all fell apart. If he didn't and wanted to stay in his home, he's screwed.

Why did they do this? They got paid every time they wrote paper and then just passed the usually bum loan down the line, laundered into "investments" that we've seen screw every institutional investor out there, from banks and brokerages to pensions and even whole countries.

This was the most amazing fraud scheme this country has ever had the misfortune to survive. As it unravels, Mozillo will have plenty of company in prison.

Now we'll have to let the pot smokers out to make room for men who actually hurt us, all of us.

and we ALL knew what was going on.

:puke:

We're SHOCKED, SHOCKED, I tell you!

From 1932...

"Reckless fools lost first because they
deserved to lose, and careful, wise men
lost later because a world-wide earthquake
doesn't ask for personal references."

--Edwin LeFevre

and goes to special place