Countrywide CEO Angelo Mozilo, aka Orangezillo. As chief executive of the biggest mortgage originator in the U.S., he purposely directed borrowers from all walks of life into risky, expensive and exotic loan products. Just after the bubble popped in 2006, he cashed in $138 million of his options in his company, while simultaneously instructing the company to undertake an aggressive buyback program of its own stock. Here are some of Orangezillo’s other feel-good hits (besides the serial tanning): After almost entirely destroying his own company’s value, Orangy used his governmental connections to orchestrate a sale of Countrywide assets to Bank of America for pennies on the dollar. The result will be a near-complete wipeout of all shareholder value and the loss of 7,500 Countrywide jobs. Extended special “VIP” loan terms to U. S. Senate Banking Committee Chairman Christopher Dodd, among others,who is now charged with shepherding the housing bailout through the senate. Did Bank of America actually author the bill? Helped a Las Vegas “casino owner” get a special loan despite the owner’s failure to qualify. Said casino owner is now substantially under water on his mortgage. Thanks, Orangy! Over-achieved so completely in fraudulent lending, that two state AGs have sued Countrywide. California Attorney General Jerry Brown shed his “Governor Moonbeam” tag with the harshest indictment of Orangy. Failed to distinquish “Reply” from “Forward” and responded to a troubled borrower’s email by calling him “disgusting” and blaming the Interwebs. Lots more to come…

Countrywide CEO Angelo Mozilo, aka Orangezillo. As chief executive of the biggest mortgage originator in the U.S., he purposely directed borrowers from all walks of life into risky, expensive and exotic loan products. Just after the bubble popped in 2006, he cashed in $138 million of his options in his company, while simultaneously instructing the company to undertake an aggressive buyback program of its own stock.

Here are some of Orangezillo’s other feel-good hits (besides the serial tanning):

  1. After almost entirely destroying his own company’s value, Orangy used his governmental connections to orchestrate a sale of Countrywide assets to Bank of America for pennies on the dollar. The result will be a near-complete wipeout of all shareholder value and the loss of 7,500 Countrywide jobs.
  2. Extended special “VIP” loan terms to U. S. Senate Banking Committee Chairman Christopher Dodd, among others,who is now charged with shepherding the housing bailout through the senate. Did Bank of America actually author the bill?
  3. Helped a Las Vegas “casino owner” get a special loan despite the owner’s failure to qualify. Said casino owner is now substantially under water on his mortgage. Thanks, Orangy!
  4. Over-achieved so completely in fraudulent lending, that two state AGs have sued Countrywide. California Attorney General Jerry Brown shed his “Governor Moonbeam” tag with the harshest indictment of Orangy.
  5. Failed to distinquish “Reply” from “Forward” and responded to a troubled borrower’s email by calling him “disgusting” and blaming the Interwebs. Lots more to come…

Jun 29 2008

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