Apparently Angelo Mozilo, the CEO of Countrywide, has never made a mistake and needed help (from, say, Bank of America,) because he thinks that homeowners who are desperately trying to refinance out of their disastrous home loans and avoid foreclosure are “disgusting” if they look to the internet for help writing letters.
Mozilo, whose inbox has been flooded with EECBs (executive email carpet bombs) from borrowers, apparently meant to hit forward, but instead replied to Daniel Bailey, a homeowner who is trying to stay in his home of 16 years. Bailey signed an adjustable rate mortgage and was told at the time that he could refinance after one year, before the payments became unaffordable.
From the LA Times:
Much of the language in Bailey’s message to Countrywide was borrowed from a form letter available at the website LoanSafe.org, a coaching service for troubled borrowers. Bailey, who says he operates a photo studio, posted his e-mailed exchange with the lender on a LoanSafe forum.
His original e-mail was sent to 20 Countrywide addresses, including Mozilo’s. Such mass e-mails have overwhelmed e-mail boxes at Countrywide, disrupting its operations and prompting Mozilo’s heated response, the company said.
“This is unbelievable,” Mozilo said in his e-mail. “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”
Countrywide has issued a statement about the email:
“Countrywide and Mr. Mozilo regret any misunderstanding caused by his inadvertent response to an e-mail by Mr. Bailey. Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes.”
Countrywide Financial Chairman Angelo Mozilo’s e-mail sets off a furor [LA Times] (Thanks, Kevin!)
(AP Photos/Susan Walsh)