Countrywide CEO: "Countrywide Has Made A Positive Impact On The Country"

Countywide CEO Angelo Mozilo thinks his company being treated unfairly by the media according to a article in BusinessWeek. At the Countrywide annual shareholders meeting, Mr. Mozilo said:

“Despite widespread and often unfounded headlines of the past year, Countrywide has made a positive impact on the country,” he said

He went on to say that Countrywide made over 22 million loans and had saved 143,000 people from foreclosure by restructuring their troubled mortgages.

“I’m very proud of our accomplishments,” Mozilo said. “We’ve made the dream of home ownership available to everyone regardless of ethnicity. We’ve helped millions of people in good times and bad.”

Not every shareholder got to speak at the meeting, including Scott Adams, “a regional coordinator with the American Federation of State, County and Municipal Employees’s pension fund, came prepared with a speech he did not get to read.”

Adams scoffed at Mozilo’s claim that Countrywide’s efforts had kept 143,000 troubled borrowers in their homes. “He said they made 22 million loans; 143,000 is not a whole lot,” he said.

At Countrywide’s End, an Emotional CEO [BusinessWeek]
(AP Photo/Ric Francis, file)

Comments

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  1. zentex says:

    dog and pony show for sure!

  2. Corporate rhetoric anyone?

  3. awolcfh5150 says:

    Someone throw this idiot out of a window from a very high place!

  4. Dear Angelo Mozilo,

    There is a reason that your company is near bankruptcy and had to be bailed out by BOA and the government just to keep from completely destroying the mortgage market. And you have a lot of nerve to be bragging about how you obeyed the law by “ma(king) the dream of home ownership available to everyone regardless of ethnicity”. I’m supposed to congratulate you because you didn’t discriminate against minorities?
    Maybe Senator Dodd will just so happen to be “standing next to the sheriff” when you call to see about getting bailed out of jail for allowing such fraudulent and unscrupulous practices to occur under your leadership.

    Sincerely,

    Someone who was lucky enough to avoid your company

  5. Sundermania says:

    He looks as if a leather bag has taken human-form.

  6. crabbyman6 says:

    Holy moly fake tanning.

  7. Myrddraal says:

    Countrywide, Greenspan, Bank of America, GMAC, and pretty much the entire financial institution have been involved in a high stakes circle jerk with Americas money for over a decade with poor practices and quasi legal lending. I say throw the hole lot of them in prison and stop bailing them out with more of our money.

  8. sleze69 says:

    Don’t worry, Angelo. You’re in no danger of defeating BoA in the worst contest this year.

  9. evslin says:

    Clearly just auditioning for his next job…

    As a stand-up comedian.

  10. We’ve made the dream of home ownership available to everyone regardless of ethnicity

    , in part because we are required to do so through fair lending and community reinvestment act mandates. Otherwise, those *****s, ****s, and ******s would still be in apartments with their…oh, is the mic still on?

  11. mgy says:

    You all can have your jokes, but I personally think the guy did a great job on Firefox 3.

  12. Jonbo298 says:

    I can’t grasp who would befriend someone that looks like him. Tanning is NOT appropriate. Also, cows would appreciate if you stopped buying leather for your face.

  13. Pro-Pain says:

    You have got to be kidding me…

  14. Bladefist says:

    Usually this is where I come in and completely disagree with everyone. But not today. Countrywide is the reason the dollar is down, the reason gas is up, and is the reason I hear the word “recession” 20x a minute.

    Currently two states are trying to sue them, and I hope they are extremely successful.

  15. Myrddraal says:

    He must have been misquoted in the article

    “We’ve made a ton of money off of the dream of home ownership that we suckered millions of gullible people into and made loans available to everyone regardless of their ability to afford these homes.”

  16. Christovir says:

    @awolcfh5150: There is a word for that: defenestration.

  17. jscott73 says:

    Wow what amazing number, you helped 143,000 out of 22 million bad loan recipients, that’s an astonishing 0.65% of serviced loans you did something about…that’s a failing grade in my book.

  18. @mgy: That was good.

    This guy isn’t.

  19. Dobernala says:

    The bit about ethnicity might be an allusion to the threats of prosecution and shakedowns from various interest groups about the disproportionate impact that a traditional banking policy of denying loans/mortgages to people with bad credit.

    Because minorities often have disproportionately worse credit, the inability for minorities, as a group, to be able to get loans is seen as racial discrimination by the banks (when in reality, they’re just checking credit on a non-racial basis).

    The threats have forced banks to adjust their standards to allow more people to qualify for loans that they would not ordinarily qualify for to placate the government and interest groups.

  20. jscott73 says:

    @Jonbo298: Who said he has any friends, apart from maybe his tanning salon attendant.

  21. Mudpuddle says:

    He must be a heavy smoker

  22. MayorBee says:

    Oompa, Loompa, Doompa de doo,
    I’ve got another lesson for you,
    Oompa, Loompa, Doompa de dee,
    If you are wise you’ll listen to me.

    What do you get when you give risky loans?
    Millions of people forced out of their homes.
    Why are you in your tanning bed so long?
    Don’t you think you’ve done something wrong?
    Fiasco is your middle name.

  23. Trai_Dep says:

    …And Enron supplied many, MANY homes (some inhabited by people of color!) with energy. Oh. Wait.

  24. he really needs to quit with the lip injections and mystic tanning

  25. DashTheHand says:

    Is this a picture from the set of the next Texas Chainsaw Massacre? Leatherface returns!!!

  26. DrGirlfriend says:

    If nothing else, at least he believes that regardless of the color of your skin, you are just as likely to be lured by the siren song of too-good-to-be-true loan approvals, and just as worthy of being swindled. Always look on the bright side of life, Angelo.

  27. chrisjames says:

    “I’m very proud of our accomplishments,” Mozilo said. “We’ve made the dream of multi-million dollar home ownership available to me regardless of skin color. We’ve helped put millions of dollars in my pocket. Good times.”

  28. Nihon no Purin says:

    unfortunately the ganguro look doesn’t work quite as well for old white people.

  29. remusrm says:

    well… i find this funny since i just talked to a buddy of mine that is a financial analyst. It seem to me that common sense is brainwashed out in business school, or in his case the MBA. I understand the schooling helps, but the common sense business is out the window. And this CEO is just brainwashed as well. The systems they have implemented and learned in school work fine, but they always seem to forget the most important thing, the human factor.

  30. Fredex says:

    We have an overtanned guy like that in Milwaukee. His name is – no kidding – Dick Bacon.

  31. @MayorBee

    Even as sad as the topic is that made me truly laugh out loud!

  32. bleh says:

    Fraud always makes a positive impact.

    On the wallet of the perpetrator.

  33. SahuaritaSam says:

    This man is the devil.

  34. MayorBee says:

    You guys, he’s just practicing for his next job…Iraqi Information Minister.
    [upload.wikimedia.org]

  35. battra92 says:

    @Bladefist: 20 times is all. I tried explaining the definition of a recession of two consecutive quarters of downward growth (when we’ve had not one consecutive even) they just throw up some sort of stuff about gas.

    By the way, that is one man in need of a dermatologist … or a prison cell.

  36. MPHinPgh says:

    I wonder is even he believes the load of $hit spewing from his mouth.

    I’ll give him this much…he MUST have balls as big as church bells (apologies to Dabney Coleman)

  37. axiomatic says:

    That guy represents everything that is wrong with corporate america.

  38. Ghede says:

    @crabbyman6: That is not fake. That is years of real tanning turning human skin into leather. It’s worse than fake tanning.

  39. Bladefist says:

    @battra92: It’s just a form of doom & gloom.

    We have had more economic growth lately, no thanks to Counrtywide.

  40. EyeHeartPie says:

    “We’ve made the dream of home ownership available to everyone regardless of ethnicity. We’ve helped millions of people in good times and bad.”

    It’s been said already, but I wish to reiterate. He should be proud that he made the dream of home ownership available to everyone regardless of whether they can afford the house they are buying, or whether they have any business owning a house in the first place. Congrats.

  41. mwwilk says:

    Keep on trucking Angelo… pretty soon, you will look like this (click link, I can’t figure out how to embed image in the comment.

    [images2.wikia.nocookie.net]

  42. mwwilk says:

    @MayorBee:
    Brilliant MayorBee!

  43. xkaluv says:

    Remember when the CEO of MCI Worldcom went on TV to declare that his company was on the up and up… at the same time the company was being raided by the SEC for fraudulent docs?

  44. nedzeppelin says:

    in all fairness, you can’t compare the 143,000 to the 22,000,000

    the majority of those 22,000,000 were people who took out a loan they could afford.

    the only number to compare it to is how many people were facing foreclosure out of those 22,000,000, a number which is not given.

  45. Norcross says:

    @battra92: textbook definition of a recession is 2 consecutive quarters of negative growth. real world definition is “everything cost more and I make the same or less”.

  46. Bladefist says:

    @Norcross: That’s called inflation my friend.

  47. carbonmade says:

    I had a hard time reading this post because his face is train-wreck scary. I have a hard time looking away because it so fascinatingly grotesque. Too mean?

  48. What a creepy ghoul.

  49. dirk1965 says:

    @nedzeppelin:

    here here! I totally agree. People simply living beyond their means to keep up with the Jones.

  50. Bourque77 says:

    I give angelo a lot of credit….for being able to say that with a straight face.

  51. Leohat says:

    Wow. Just wow. Talk about a Crowning Momement of Stupid.

  52. battra92 says:

    @Bladefist: Beat me to it. Inflation can cause a recession or a slow in growth but they aren’t the same.

    What we have is inflation and a devalued dollar. The good news is that economies go in cycles and I’m confident we’ll eventually have an upturn in spite of idiots like Countrywide, The Federal Reserve et. all.

    @dirk1965: People simply living beyond their means to keep up with the Jones.

    Reminds me of this interesting thing I read today. [www.sciencedaily.com]

    I know for one I became a lot happier when I stopped comparing myself to others.

  53. apotheosis says:

    @MayorBee:
    Outstanding.

  54. Bladefist says:

    @battra92: The problem is, young people, who forget the world started before they were born, think this is the end. I am young as well, and it sometimes feels like this to me also, but everything I hear, is the economy goes in cycles. It was worse when Jimmy Carter was prez, it was even worse during the depression. Not only do we bounce back, but we usually bounce back even better then we were before.

    With oil contracts in iraq, and the possibility of offshore drilling, getting this mortgage crisis cleaned up, and bringing the prime rate back, we’ll be kickin’ it old school. I’m remaining positive.

    And the true definition of a recession is when your neighbor is hurting. A depression is when you are hurting. I’m going to guess that 99% of the people who scream recession, are doing just fine.

  55. TheresAPartyInMyPants says:

    Giving someone a loan who can’t afford it and has not been screened has nothing to do with the American Dream. Anyway,
    he looks tan, rested, and ready to become ‘queen of the prom’ at the local penitentiary. And hey, pal, just what exactly is YOUR skin color? That word has not been invented yet.

  56. This guy has a point. I mean, cancer has made a positive impact on the country by keeping the population down, right? Ditto murder, drunk driving, etc.

  57. Techguy1138 says:

    @battra92: It’s very difficult to have a recession when you are in the midst of high inflation,or dollar devaluation.

    The growth of the economy is measured in dollars, which there are more of with inflation. So long as the dollar loses more value than the economy you can have a recession.

    Even though Zimbabwean exports have dropped full orders of magnitude their economy is not in recession due to a 200,000% inflation rate.

    Measure the growth of the US economy vs a stable investment peg such as the price of gold, oil or a bushel of wheat and you will see a different story.

    It’s all semantics, most people can readily see that income has not kept pace with prices leading to a difficulty in making ends meet. We are not in bad times but, the fat times are a memory.

  58. Techguy1138 says:

    @Techguy1138:
    “So long as the dollar loses more value than the economy you can have a recession.”

    should be

    So long as the dollar loses more value than the economy you can NOT have a recession.

  59. SinisterMatt says:

    “Countrywide has made a positive impact on the country”

    Yeah, and I’m the Queen of England.

    That is all.

    Cheers!

  60. Ckroush says:

    @EyeHeartPie: What do you expect Countrywide to do? Dobernala already summed it up perfectly…

    “…threats of prosecution and shakedowns from various interest groups about the disproportionate impact that a traditional banking policy of denying loans/mortgages to people with bad credit.

    Because minorities often have disproportionately worse credit, the inability for minorities, as a group, to be able to get loans is seen as racial discrimination by the banks (when in reality, they’re just checking credit on a non-racial basis).

    The threats have forced banks to adjust their standards to allow more people to qualify for loans that they would not ordinarily qualify for to placate the government and interest groups.”

    Thank you Dobernala… you explained it perfectly.

  61. intellivised says:

    The skin? Reminds me of those pigs ear things you give dogs.

    Just saying.

  62. ChuckECheese says:

    Just wondering: Can you use the PedEgg on your face?

  63. BlackFlag55 says:

    Angelo even looks the part of a mafia don.

  64. The mortgage holders are just as guilty as this slimebag.

    Sorry, it is true.

    Everybody is greedy. “I want” is a common theme.

    How many people got into a house that was just too much house for their financial situation? How many people where boarderline and should never have been approved?

    The mortgage companies made these actions possible. But nobody put a gun the people’s head and said “you must buy this house”.

  65. crankymediaguy says:

    We really shouldn’t be so hard on this guy. He’s obviously a burn victim.

  66. Rectilinear Propagation says:

    @MayorBee: You win!!

  67. Rectilinear Propagation says:

    What do you expect Countrywide to do?
    @Ckroush: We expect them to only give loans to people who can afford them. We expect them to not give a bigger loan than is necessary/affordable. We expect them not to give subprime loans to people with prime credit.
    Of course, ‘expect’ isn’t the right word. This is what they should have done.