March 9, 2009

Tick. Tick. Tick.


Former Countrywide Financial Corp. CEO Angelo Mozilo and possibly other high-ranking former executives with the mortgage giant likely will face civil fraud charges from the Securities and Exchange Commission, according to attorneys familiar with the case.

19 comments:

upthecreek said...

he will work a plea agreement with the feds..(he will get 1 year TOPS)
He is in Poor health

bye bye Angelo

Ross said...

Is this a domino or a drop in the bucket?

Anonymous said...

Never lay a glove on him.

Anonymous said...

Are Federal Regulators To Blame For The Crash?

Darrel Dochow was the west coast regional director at the Treasury Department's Office of Thrift Supervision, which is tasked with the job of regulating savings banks and savings and loans.

OTS's official mission is "to supervise" such companies "to maintain their safety and soundness."

The problem is that Dochow may not have done exactly that. In fact, he seems to have done the opposite.

Dochow was removed from his job in December after an internal investigation found that he had allowed IndyMac Bank to backdate a transaction, yielding a falsified report that let it be rated as "well capitalized."

As we now know, IndyMac subsequently collapsed, making it the second-largest failure to date.

Treasury's inspector general, Eric Thorson, ominously noted in a December letter to members of Congress that IndyMac was not the only example of legerdemain: Dochow's agency let other banks cook the books too.

http://www.cbsnews.com/blogs
/2009/03/05/business/econwatch
/entry4846306.shtml

Paige Turner said...

RE:Former Countrywide Financial Corp. CEO Angelo Mozilo and possibly other high-ranking former executives with the mortgage giant likely will face civil fraud charges from the Securities and Exchange Commission, according to attorneys familiar with the case.

I can't speak for Angelo Mozilo, but his high-ranking former executives have formed PennyMac:

"Our company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Calabasas, California."

Now that Countrywide has wrecked the economy with all of their shady loans, they are now in the business of buying back those loans at fire-sale prices.

Countrywide made billions in loan fees with their original government-guaranteed loans and passed the losses on to the US taxpayers.

PennyMac will now buy up these bad loans dirt cheap and make more billions as they collect re-financing fees before palming these new shady loans off on US taxpayers.

The PennyMac website looks very inviting:

"PennyMac is a different kind of mortgage company, dedicated to delivering high quality service complemented by creative solutions that address your financial needs during good as well as challenging times. PennyMac offers you straight answers and clear guidance—with responsive customer service built on openness, integrity and respect. We are pleased to help you manage your home loan."

So there you go. PennyMac's "openness, integrity and respect" was built on its Countrywide foundation. "Straight answers and clear guidance..."

It's enough to make you throw up.

So much for Countrywide executives facing civil fraud charges from the SEC.

P.T.

Anonymous said...

Arrests or you get this:



Bomb explodes outside Citibank branch in Athens

ATHENS (AFP) -- A bomb exploded outside a Citibank branch north of Athens early Monday, causing significant damage but no apparent injuries, police said.

The bomb had been placed behind the bank in the suburb of Psychiko. Two cars were also damaged in the blast, a police source said.

Mitesh Damania said...

ROFL. Love that added touch to the pic. Pure genius.

Shutup anonymous'es. (Seems like there's more than one of them.)

Anonymous said...

Yo Queeferino,
Nobody is sending me anywhere. I am BULLETPROOF.

Hugs and kisses.
Angelo

Anonymous said...

"Mitesh Damania said...
ROFL. Love that added touch to the pic. Pure genius.

Shutup anonymous'es. (Seems like there's more than one of them.)"

FUCK YOU.

Anonymous said...

"...Dochow's agency let other banks cook the books too..."

America talks a pretty good game.

Perhaps that's our best attribute: Indignant Superiority Complex.

We get pissy when anybody dares to suggest we're not above reproach.

Anonymous said...

It is good to be rich in America. When you are rich, you are above the law. Don't believe me? Just ask Mozilo.

Anonymous said...

They'll take away his oranges for life!

alex3191 said...

Oh my God !! is this possible ? i will celebrate with two strippers all night long , when this will finally happen :)

Mitesh Damania said...

Maybe Obama can talk with Mozillo. You know talking will work...

WASHINGTON – The Obama administration vowed Monday to keep up military surveillance in waters off China and protested to China about what it called harassment of an American ship doing that work last week. The Pentagon charged that a Chinese intelligence gathering vessel and four others "shadowed and maneuvered dangerously close" to the USNS Impeccable surveillance ship in the South China Sea on Sunday, then threw obstacles in the water as it tried to leave.

JAWS said...

The SEC seems to be the fox guarding the hen house if ya ask me.

Anonymous said...

cope on, the guy was just trying to help the poor and needy in our society to achieve the amercian dream of owning your own plywood structure.

he should be treated as a hero no a criminal. little is more noble for the democrat party than raising the living standard of the working poor, even if they can't afford it.

lensam369 said...

I don't know if anyone actually read the article... It's pretty vague. The reporter heard it from a friend who heard it from a friend.

Don't get me wrong, it would be great if this guy would get put in a tiny cell with a big dude; but i think for now it's just wishful thinking from the author.

Oh well...

Anonymous said...

"...high-ranking former executives have formed PennyMac..."

How about Comstock/Gary Clark?

Guy's fingerprints were all over Indymac.

Anonymous said...

Serious Pump & Dump Tuesday.

Its' ALL rigged.

I WANT MY CHEESE!

MIXED RACE MIRACLE WHERE ARE U?