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)