Yo, Angelo, You Might Be Full of It . . . But You Look "Mah-velous"!
Meet the CEO of Countrywide Finance, one of the biggest lenders in the USA for people seeking to buy a home.
In a Reuter's newswire story from yesterday, Mr. Mozilo shows that he is not altogether cognizant of the abuses his industry has pushed upon American homeowners.
Countrywide Financial Corp Chief Executive Angelo Mozilo on Monday said regulation in the subprime mortgage industry will help crooks while hurting lenders and the housing market.
"It's better for the crooks," Mozilo told Reuters before speaking at a Mortgage Bankers Association conference in Manhattan.
"It's only the good people who have to comply. Regulation, in my opinion, has caused part of the problem. When they attacked the pay option and interest- only loans, that really put a dent in a lot of the product, which is perfectly good product."
Mozilo also said current guidelines proposed by regulators will exacerbate problems in the housing market.
"The reason why people can't sell their houses is there is (sic) no buyers around," Mozilo said. "And there are no buyers around because they can't get the financing."
Now let me get this right: the lending industry is filled with crooks and white collar slime who've taken advantage of ignorant working class folk who could no more afford a $550,000 home in 2001 than they could in 2005 when they were pushed to just forget the 24 pages of the loan application and sign on the dotted line.
But all of a sudden, these swine have sprouted halos and angel wings and now these pigs really can fly?
Let's get real here, Mozilo. You and your cronies went on a feeding frenzy during the Housing Bubble. You sharks handed out loans to anyone who could leave vapor trails on a mirror held under their nose. And now you want to blame the problems of your business on there not being enough buyers because the government is stepping in and ruining your Ponzi Scheme by actually tightening up on things like falsified No Doc loans? Is your brain connected directly to your rectum Mr. Mozilo? I ask, because your thinking sure is stinking.
Mozilo, if you ever lose your job, you could go to work spinning the Big Lie for Fox Network, Muqtada al-Sadr, Vladimir Putin, Rush Limbaugh, CNBC, Hillary Clinton, Alberto Gonzales, the NAR, the Neo Con side of the Republican Party, Fidel Castro or Hugo Chavez. Take your pick, you're a lock and a crock, Mr. Coppertone.
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