Sen. Clinton tans Mozilo’s hide

Well, Expanded Criteria.. I dedicated more than 6 years of my life to my job and to Countrywide at the TX corporate locations. I was in the first round of layoffs in August. They preach “employee loyalty” but there is no such thing as “company loyalty”. I never whined about working call center rules and sweatshop hours during the labled “app ‘em and scrap ‘em” days. Just sign me..

I WORKED FOR COUNTRYWIDE FOR 2 YEARS IN NEW MEXICO ( UNDER MOZILO) A GRANDSON. WHAT A SWEATSHOP AND A CRUDDY PLACE TO WORK.

I’ll point a finger! I worked for his sorry ass at the sweatshop that was Countrywide, as a lowly processor. I won’t bore anyone with details, it would take too long…suffice it to say in the 2 years that I was there, that one branch chewed up and spit out 7 highly experienced processors. I left 20 lbs under weight (I’m only 5′2)and on the verge of a breakdown.

And it all starts at the top. I hope he fries in Hell.

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He’s selling a company he founded for 4.1 billion dollars- he’s entitled to get a fair share. Captitalism baby and right now…the not so mighty dollar. Good for him. Shame on Obama and Hillary- put them in his spot and I would guarantee they would do the same thing. Keep your fingers to yourself, its not nice to point.

In modern business it is not the crook who is to be feared most, it is the honest man who doesn’t know what he is doing.
William Wordsworth

And who was it that was pushing the mortgage companies to give out these loans? The great American Dream Act. Dream on Hillary. Government sticking there noses where it does’nt belong again.

While I don’t care much for Mozilla, as he allowed his company to write bogus mortgages, I also note that communists and socialists, such as the democratic party in this country, always hate and envy rich people, and then blame them when things go south. Unless of course they are the rich ones who snake their way into political seats, then they know it all… seems like scum rises to the top in any industry.

Love the bait and bait concept—don’t ya just? Hillary bags the indepent Brokers of America for the blindness of Americans too dense to read the 24 point type at the top of their Promissory Note that reads: Adjustable Rate Mortgage and then sets an aging Italinate kingpin in her sights for delegating his business to thousands of middle management development gurus. If I had had the foresight to videotape a training session of 300 LO’s including myself with Moz’s VP’s telling us how to lie on loan documents to foil their own underwriters — I would be a rich woman today…no tan intended!

First of all, total disclosure, I worked at Countrywide for three years and absolutely hate the company. I hate them for the way they treat their people, but as a shareholder I bet I’d love them.

Having said that, Angelo is entitled to every penny he gets. He made an awful lot of people an awful lot of money over the years and used that to negotiate a lucrative contract for himself. That contract was agreed to by the board with open eyes.

Fair is fair. If his contract contained penalties for poor performance we wouldn’t be talking about this. The real shame here is with the board. Angelo got the best deal he could for himself and there is nothing wrong with that. Don’t hate the player, hate the game.

Politicians, or the government have no business meddling in CEO pay or anyone else’s for that matter. Solutions involving government controls are the equivalent of killing the patient to cure the disease. The government cannot even keep a balanced budget.
The shareholders are stakeholders and can influence things, if they don’t like what is going on they can sell their shares and move on. Unfortunately many boards are just a good ol’ boys club, but like any other corrupt practice, the party won’t last forever. The markets will reward ethically governed companies that deliver results and punish those that under perform. No populist government intervention is required.

Mozilo and the top managers at CFC knew exactly what they were doing. I invested with a company that directly bought 2nd trust deeds from CFC. The company was located in the same office building, for gods sake.
Everyone made a ton of money for a few years. The mortgages were crap and everyone knew it. Just like the mafia, they laundered the bad debt by packaging it and selling it to foreign companies. If it wasn’t criminal. it certainly was unethical and immoral. I got my last check from them a month before they filed for bankruptcy.

Sure Hillary is trying to score some points with a ignorant citizenry, but let’s be real. The big mortgage corporations screwed a lot of people and our government was holding the K-Y

What abot Stan Oneal of Merrill Lynch. The guy got paid $160 M for leading the firm to the larget loss in history of the firm!! Has US become country of retards?! How come no one calling o O’neal for his disasterous leadership and golden parachute? Could it be his contribution to politicians?!!

It is pretty amazing how everyone is piling on this man, but you can bet that as these individuals 401K and mutual funds increased over the past few years, they did not mind. These mutual funds and 401K’s are tied to these mortgage backed security bonds as well.

I think some people are confused. A successful CEO should earn well. And Mozillo has done EXTREMELY well for many many many years. But that wasn’t enough - he sells all his stock right before it tanks and walks away with a sick severance package that he doesn’t even need. Meanwhile, shareholders and employees are screwed. There’s a fine line when healthy capitalism turns to ruthless greed. He’s clearly stepped over that line.

And I’m sick of you Clinton bashers. Last I checked, the only major scandal during the Clinton administration surrounded right-wingers trying to nail them for over Whitewater (which they found nothing) and Monica Lewinsky. Let’s compare that to Bush-Cheney shall we? Unconstitutional wire taps, an ill-advised war in Iraq, a poorly executed war in Afghanistan, questionable election fraud, the list goes on and on.

For what its worth, I’d rather have my Clinton scandals back. Hey, maybe they’ll have another sex scandal…ooh, I hope that doesn’t frighten the people Bush goes to Church with.

BTW, I’m a registered Republican and I can’t wait to keep voting for Democrats until there’s more balance in this government.

TANgilo Mozilo is a greedy crook! I work for CW (hopefully not for long) and over the last 2 years while Mozilo was in the media trying to distance himself from all of the other failing Mortgage lenders and there dirty loan habits and how they were going out of business because of it, he was allowing the same thing to happen at his company! With the Company slogan “Do the right thing” LOL common practices at CW ranged from inflating appraisals, soft underwriting guidelines, pushing an entire refinance of a home while an equity loan would have been cheaper and made more sense, just so a branch could increase it’s revenue. It even went as far as offering incentives to loan officers that were putting customers into Pay Option Arms with negative amortization. For putting customers in these tricky loans, AE’s would earn twice the points of a standard mortgage towards the “Sales Summit” trip that the top producers go on at the end of the year. Loans with 1% interest rate payment options where with every payment a home owner made there balance would actually increase because they weren’t even paying enough to cover the interest that was accruing. While he sends e-mails to the employees stressing how we should feel confident working and investing in CW and that we will weather the storm of the credit crunch, mean while he and FSL president Dave Sambol were selling off all of their stock (reference: Google/ CW insider trading)! CW likes to keep there sales force young and dumb and hungry for a paycheck. This is the first job for most of the young people working at there sales level. Lying about income and job titles, forging W2’s and pay stubs, all with managements knowledge (until they get caught) to get loans closed so they can all make there next paycheck. You would be surprised what some people will do when there paycheck is on the line especially young people who don’t understand the true scope of what there actions are doing. As “new jersey” stated in his comments most customers know what there getting into and like to blame the bank for all of there problems. They thought that there house would continue to double in value, they would get the better job, the promotion, and I guarantee you that the mortgage broker didn’t try to talk them out of it either. Bottom line, people always want to blame someone else for there problems! Mozilo may not have sold all of the dirty loans himself but when someone hires a hit man to do a job and provides the tools for the job to get done, is he not guilty of murder as well? You can have respect for the drive and determination one must have to build a successful business from the ground up but his greed is immeasurable and he is a disgusting human being! I would love to see Mozilo go to jail for taking advantage of naïve and uneducated home owners, the SEC, the tax payers that are left to clean up his mess and the honest CW employees that tried to “do the right thing” but were fired for poor performance! By the way Hillary Clinton is a scum bag just like her husband and like most politicians, will exploit any platform just to get a vote.

This is another fine example of reactionary politics used by the “Hillary” camp. Take a hot issue and throw some crazy solution at at. She has no idea how to save the economy and when I see thins like this combined with her thoughts on controlling how much CEOs make I wonder if she is a democrat or a communist?

many good observations on these blogs, but many more misguided statements.
One that stands out based on my experience if posted by anonymous:
“i have little sympathy for people who bought homes more expensive than they could afford or got into low rate ARMS. all we hear all day is “what’s your rate?”, when there’s much more to a mortgage than just a rate. they chase these too-good-to-be-true offers and then sign on different terms because they invested a measley $350 for an appraisal. honesty doesn’t pay in the mortgage industry”

All involved in the business channels have a hand in creating and or prolonging the downward spiral of the current housing debacle and severity of the housing market crash. Starting with the borrowers and up the chain, including The Fed.

The Borrowers- ignoring advice from profecional loan officers looking out for the borrowers best interests. Instead,choosing to do business with individuals whose posessed stonger conning ability but lacked integrity. For the most part, borrowers had fair understanding of plans withih their means and of the 1%/payment options and ARMS
The Loan Officers - survey the stars’s
deals. What programs dominated their production and rate the integrity of their documentation.

The Lenders: The gate keepers. 100% LTV
3-6% seller contribution on second and third primary homes purchased within 18 months subject to signed lease agreements for homes recently bought to wash payments and meet debt ratios.If individual could not afford to rent for lack of first and last month deposit, it was either move under the bridge or finance a 400k home at 1% rate, NINA.

The servicers: have they being able to contact these borrowers when payment failed to show up? Probably not at work. Any warnings to the holder of the paper?

The Ferds- Greenspan lightly touched on concerns about the proliferation of subprime in front of congress in mid 2005. Did anyone open at least ten random files?

Was there anyone in the industry that did’t know how this would end?

For those that didn’t, they should stay out of the busuiness. For those who did, hang in there and enjoy the trip. The fast buck will be back in 2010

And to “Marc” in Columbus, Ohio - you are right on as well. When a borrower comes to me and admits he is “shopping”, I try to give them the long list of things to keep in mind when listening to other lenders who make too-good-to-be-true promises. You’re right Marc - some of them will never get it. What gets me is that it’s not brain surgery, and is really not that hard to understand.

“Anonymous” said, “Honesty doesn’t pay in the mortgage industry.” You are dead-on with that! I am one loan officer who tells a borrower when they can’t afford a payment. Most of the time they go down the street (to CFC) or to an independent broker, chasing an interest rate while being hosed with thousands of dollars in fees. I won’t “state” an income that I know darn well isn’t true, and people actually get angry with me. I love what I do, but it amazes me how many dishonest cut-and-paste loan reps there are out there. My eyes have been opened in the past six months.

And don’t forget those who have worked honorably and hard for Countrywide and have seen their benefits shrink every year and now are left in the cold… while Angelo enjoys his riches.

Whitewater- knucklehead, they spent MILLIONS trying to catch Hillary & Bill, either Starr is a dummy or they’re too slick- I dont like her but the exce$$ of CEO is out of control…

I like to affectionately call Angelo, “Tan”-gelo.

I agree with Jason from Florida(previous comment) and also many others. Looks like some one is a little jealous of the rich old tanned guy. Yes we all know he banked it, I mean he only founded the Nations largest mortgage fortune 500 company and ran it since 1969.. thats all. I am sure if I did that I would expect millions in my bank account… So Hillary is pointing fingers at Mozilo only because of the housing slump. If the market was fine, Hillary would be having a campagain at his golf course in LA as his guest of honor. Naturally we need to blame anyone or anything tied to the mortgage or banking industry just because the financial sector has plummeted… That published article about forcing Mozilo to give his earned money back sounds just at retarded as I said I think casino’s in Vegas should give money to all the people that lost their money their and now they can’t pay their mortgage and are being forclosed on. “Lets sue Vegas everyone. The casinos must close and the owners must pay to the poor people who lose their fixed income checks, they must give support to the struggling Americans who work hard and gambled their paychecks”. -That sounds stupid right? But if we get a rally of people protesting to congress that because of the casino’s they lost their money so they can’t pay their bills and now want support from the rich casino owners.. you will see another article similar to America vs. Mozilo.

I think Hillary just lost hmmmm do the math B of A employees = 220,000 and CHL employees = 51,000 that’s 271,000 VOTES. Keep opening your trap Hillary on matters you know nothing about- anybody in the housing industry knows that Mozillo is not to blame and that our business is cyclical. These are 2 powerhouse companies joining forces- whoa look out once things turn around- Ken’s a genius, and Mozillo should have a comfy retirement after 40 years of ups and downs in this biz.

Mozilo didn’t creat the housing market bubble. It was Alan Greenspan gave the lowest interest rate for those greedy lenders to make use, and for those greedy house market spectulaters to play with. Mozilo is only one of those players under the rules. His severance package is another story which is the incentive for bringing a big company to the brink of bankrupcy with many employees lost job struggling in the bad economy.

Accountability is important, only if you are not a 1 percenter.

What does this mean?

Consumers seem to be bearing the brunt of this “accountability” concept by losing their homes. Employees appear to be losing their jobs because of this fiasco. Yet leaders of these “financial” institutions, including the Board of Directors who let this madness happen, seem to bear NO personal consequence for their lack of accountability and instead receive eight or nine figure “severance” packages.

To the Clinton haters (not that I blame you) - Quit focusing on the Janus-like messenger (Hillary). Focus on the message. This country is run by 1% of us for the benefit of that same 1%. The rest of us be damned for being the fools we are for doing nothing - often because we believe a moment of silence or guns actually is worth giving up something like our humanity.

There is no honest way to turn our collective American head to the brutal middle class rape that is occuring in front of all of our eyes, especially over the last eight years.

For those of you who believe in equity, transparency, ethics, morality, and accountability, please vote intelligently.

Accountability is important as long as you are not a 1 percenter.

What does this mean?

Consumers seem to be bearing the brunt of this accountability concept by losing their homes. Employees appear to be losing their jobs because of this fiasco. Yet leaders of these “financial” institutions, including the Board of Directors who let this madness happen, seem to bear NO personal consequence for their lack of accountability and instead receive eight or nine figure “severance” packages.

To the Clinton haters (not that I blame you) - Quit focusing on the Janus-like messenger (Hillary). Focus on the message. This country is run by 1% of us for the benefit of that same 1%. The rest of us be damned for being the fools we are for doing nothing - often because we believe a moment of silence or guns actually means something worth giving up something like our humanity.

There is no honest way to turning our collective American head to the brutal middle class rape that is occuring here in front of all of our eyes, especially over the last eight years.

For those of you who believe in equity, transparency, ethics, morality, and accountability, please vote intelligently.

What business is of hers. Just because she’s a Senator doesn’t make her the authority on anything. She’s just another voice. Well, she just lost my vote. She should really look in the mirror and analyze herself. Take a long look at the political contributions made to her party and her husbands election/ re-election campaign by Angelo Mozillo. Her ill-gotten gains, and mean-spirited attitude will pay in the end. We’re not ready for her! I’m not ready for her either. I guess it’s HELLO OBAMA or HELLO EDWARDS and ADIOS HILLARY. Penecillin won’t cure foot in mouth disease.

Everthing was fine and dandy while Countrywide was bringing in the revenue- you had to be a Hillary- I mean a moron, to not see this coming. Sad what this lady will do or say to try to win a vote. If your losing your house and trying to play the blame game-look in the mirror and answer 3 questions. Who signed the documents? Who was gambling that property values would continue to climb? Who mortgaged their house to pay off mounting debts to keep up with the Clinton’s, I mean Jone’s?

oo.yeah bash Hillary. she’s far better than what we got got now. GOP = gov. oppressing the people

Who did Countrywide sell these to? Do ya think Goldman had anything to do with these things? How about Merrill or Morgan or Bear… All these dufus’s knew exactly what they were passing along and all are culpable, it’s a crime and the CEO’s should all be locked up! Goldman even bet against this stuff while they were selling it!!

This is a plot to win more votes. If she cares about every day people she should go after the gas companies or the credit card companies.
She should be telling those voters that the fine print stated what they were getting into.

Are you kidding me? Hillary CLinto, one of the most crooked political figures in US history is chastising somebody over money and greed?? I’m having an anuersim from how hard I’m laughing. Mozilo is no different from any other corporate executive with one exception: he actually built the company he’s bilking for millions. AS far as know though, he hasn’t been involved in suspicious deaths and underhanded deals like the Clintons.

What about the crooked homeowners who sold there over priced homes to the poor buyers who are now in trouble? Maybe we should make those sellers give some money to the buyer! Wake up people this is America, capitalism. Mozilo has done nothing wrong, he’s payout is based on his contract. Maybe Bill Clinton should give some of his millions he gets giving speeches that is only possible because he was president of the United States. How about he serves his country by giving some of that money to help the poor homeowners who voted him into office? What do you say Hilary you absolute moron?

With the death of John Gotti in prison, the power of the mafia is apparently in serious decline. But guys like Mozilo are even worse than Gotti or Pedro Escobar or Batista.

You forgot to add in your column that the Bank of America will use Federal tax breaks to help with the purchase, so U. S. taxpayers (who may also be BOA shareholders and Countrywide borrowers) will get fleeced yet again!

THIS IS AMAZING!!! Has everyone forgotten Whitewater.. Hilary was accused of exactly what she is pointing fingers at Mozillo about!!! WOW. Definition of whitewater: Whitewater)American political controversy Re: Real estate dealings of Bill/Hillary Clinton, McDougal in the Whitewater Development Corp, a FAILED business venture in the 1970s and 1980s. David Hale, the source of criminal allegations against the Clintons, claimed in Nov 93 that Clinton, while governor of Arkansas, pressured him to provide an illegal $300,000 loan to McDougal, the partner of the Clintons in the Whitewater land deal.

While the Clintons were never charged in that case, this sounds like the pot calling the kettle black to me. She did not put her personal funds into their failing business either… She was trying to make money in THAT business,… on books that she has writen, as a Senator.. etc.. it’s the American dream right. make money. Mozillo did not do anything wrong, he has the right to choose what he wants to do with the money he earns, as do we all. Hilary is playing the game looking for Votes, and I hope people do not fall for her BS. In the Whitehouse the first time, Bill Clinton was OFFICIALLY IMPEACHED by the House of Representativeson December 19, 1998, with charges of perjury, Obstruction of justice!!!!!!! She is married to the man.. where there is smoke there is fire folks.

Thi question begs to be asked. Name one politician that has clean hands? Name one politician who has never used political influence to get something done that would make themselves look good. Maybe this time around Hillary will actually provide universal healthcare as both she and wild Bill promised the American people. I still to this day remember the interview on television. They sat there and were so convincing, well maybe to some of the stupid people that voted for her husband. Hillary will not be elected no matter what fancy scheme she tries to use. Who did Hillary attack when the Enron scandel unfolded? Where was Hillary whhen our troops were being blown up when Blow job (I didn’t have sex with hherr) Billy was President? Why wasn’t she coming out against the machine back then. Hillary remember Black hawk down? Your husband was behind the entire falled mission. You really shouldn’t throw stones Hillary. The glass really does break.
She will try anything to get herself elected. Maybe this time she really does get to speak to the spirit of Mrs. Roosevelt as she did when Bill was President. Hopefully Mrs. Roosevelt will inform her that she is a fool.

I notice Hillary is going after Countrywide’s CEO but said nothing when her good friend, Robert Reuben, Chairman of Citibank gave the outgoing CEO Charles Prince hundreds of millions to leave in disgrace as well. The silence is deafning.

Chris A: I agree we need more lenders and market liquidity, but we don’t need predatory lenders. Instead of the Fed lending cheap to banks, why not raise the Jumbo cap to $650k and have the gov’t refi distressed loans?? This would get more homes off the chopping block.

DJ: They’re hanging him out because his company screwed a lot of homeowners, and he personally has probably committed insider trading fraud. How you leave a company is just as important and how you started it. Call their 800 # and speak to one of their sleazy salespeople and you’ll see what I mean.

KK: You can’t compare the two. Athletes sell entertainment. Countrywide writes mortgages. Unscrupulous behavior actually hurts people. His shareholders should be pissed.

Tom: Bush and Cheney have been running this country into the ground.

people are actually funny. First off Hillary saying anything is for votes, her criticizing Mozilo is a way of getting everyones votes who is in danger of losing their house, or someone who feels sympathy for those individuals. Mozilo himself is a piece of garbage he knew what was going on and he just like most people looked out for himself by cashing in. These CEO packages are outrageous and need to be changed.
I myself am a mortgage broker and i can tell you from personal experience that most people knew exactly what they were doing when they were getting involved in these loan programs. They simply did not care. I have written loans that paid off tens of thousands of dollars in credit card debt only to find out less then a year later they would call me to refi them again or they would refi with someone else and pay off thousands more in debt. Now i am not saying some loan officers would not lie to their clients to make a sale and these unfortunately are the people i feel bad for. But It blows my mind how some people would not even look at paperwork and just sign away. I still receive phone calls to this day from old clients who tell me i was right and they took out a program that did not meet their needs. Sometimes i can help these people sometimes i cant. It is really sad.
Hillary though is just trying to take advantage of the current situation. What America needs now is to curb spending and lower taxes. What went along with these huge property increases was states raising taxes to make more money and too quickly spend it on social programs. I live in New Jersey and we are primarily a democratic state and too be honest i am sick of democrats saying the same damn lies. Gov Corzine is one he states he would lower taxes, first thing he did was raise sales tax. On this board all i see is people blaming Bush. You cant be that ignorant and short sighted to think the president has the power to change the economy at will. It takes years to change an economy. When Clinton left office if you actually take the time you would see our economy was in a downward spiral and it was capped off by 9-11. This downward spiral was probably caused by Clinton raising taxes. Good luck to all of you voting for her. Obama is not much better, first thing out of his mouth was how to spend to fix the economy, oh yeah his plan called for billions in tax payer money spent. This is just irresonsibilty. What ever happened to saving money and paying your bills. Its sad to think most of you people posting do not look into the person you are voting for and do not see how their plans will affect the economy in the future. You are mostly drones that only know one party.Thats party why we are in this current situation bi-partisanship is out of control. As Americans we should vote who would do the best job, not who in a particular party would do the best job. Its amazing how we forget this!

Hillary has a lot of nerve after what she got paid for Whitewater, what she cost the taxpayers for the bailout of the S&L left holding her bag, and we still don’t know where those pesky Rose Law Firm billing records are? Maybe Angelo can play “I’ll show you mine if you (Hillary) show me yours!”

Let us not forget Whitewater Senator Clinton.
Whats the saying? “Those who live in glass houses should not cast stones?”

Blame somebody! Were not politicians asking banks to give loans to lower income people so they can buys homes.
Buying homes with no means to pay avoids personal accountability. Blame CEOs. How much of Clinton income has gone to ppor people?

i am in the mortgage business and agree with the comment that too many people think they know everything and refuse help from a professional. they won’t even listen to you when you tell them the Fed Fund rate doesn’t have a direct impact on mortgage rates. they think they know more than someone who has done this for years. for that reason, i have little sympathy for people who bought homes more expensive than they could afford or got into low rate ARMS. all we hear all day is “what’s your rate?”, when there’s much more to a mortgage than just a rate. they chase these too-good-to-be-true offers and then sign on different terms because they invested a measley $350 for an appraisal. honesty doesn’t pay in the mortgage industry. Americans want to be lied to and they want to point the blame at everyone else when they make bad decisions. I do think Mozilo’s compensation is ridiculous, but this industry has so many problems, that’s just the icing on the cake.

One the problem is the government allowing too much write off of losses to improve their balance sheets and board of directors approving outrageous payout packages to executives. When these people leave their jobs, they take their money with them and shareholders are left with losses, lower dividends, bankruptcy and taxpayers has to pay for these. Furthermore encouraging corporate greed because they know that uncle sam will allow them to write off as much as they can and still walk away with millions of dollars. Basta_(*(*)*….

If Countrywide, using “exotic mortgages”, helped a million people buy homes who otherwise could not, and 10% of those loans are in trouble, that means that 900,000 people were able to buy homes otherwise out of their reach. The man ran the most successful mortgage company in America for 40 years. Can it be that he’s somehow solely responsible for the collapse of the housing market? Citibank announced a write-down of 18 billion for the quarter. Where is the congressional concern about their business practices?

Say what you like, dont forget those who got themselves into the subprime mess were driven by greed themselves, and they should not now cry foul when the tide turns the other direction. Each of us or them must take responsibilities for our or their own actions and decisions.

I have sat here and read all these comments about the “poor” consumer being fleeced by Mozilo…people are right, they should read the fine print before signing their names. However, its not the public that has really suffered by all this greed. Its the employees of Countrywide that have been taken advantage of. While Mozilo certainly deserves his fair shair for starting the company, his employees walked away with no more than 2 weeks pay when layed off. Some only one week, due to the company changing the payroll in 2006 and shorting the employees a week of pay and then making them a loan so they would have a full paycheck, only to have it deducted from their serverance paycheck. Yes, something is fishy here.

To Roman and others:
It seems you accuse of him of selling his stock on the way down and call it “trading on inside information.” I can flat out say that is not the case. I am not a fan of the “Tan Man” as we called him at Countrywide, but have monitored his stock sales for some time. He has been selling blocks of shares well before the so-called “Mortgage Meltdown” because he had so many. You may criticize him rightly or wrongly for selling the shares, but your assertion that he has only been doing that (ala Ken Lay) since it has been in decline belies your ignorance (and your lack of ability to search CNBC’s website).
P.S. Roman please post your credit report here so we can determine whether or not the reason why you get offered subprime loans is because you have poor credit.

Its plain and simiple, Home owners got greedy and expected more for the future then reality. If you dont want to read get some one to translate for you. If you sign the contract and dont understand the details it is 100% your fault. no one put the gun to their head and forced the borrowers to sign. It was selfish. Not thinking that they might get laid off or that they might not make enough in 3 years to cover the chainge in interest rate. Its not CW’s fault. I seem to beleave that everyone has a credit card that started with the zero apr and hiked after the first year, this is not any diffrent.

Why isn’t anyone pointing the finger at Greenspan? He claims he didn’t know how bad the mortgage market was. He has seven district governors, it’s up to them to know whats going on in their district. They report to him, perhaps he knew better(sic). His drip
method of quarter point increases were a joke. The mortgage meltdown is the result of all that cheap money sloshing around in the economy. Give me a break Hillary.

This isn’t about the people losing homes. It’s about a CEO who ran his company into the ground, yet is walking away with $160 million reward. People like to justify the insane sums these CEOs are paid because of the success they bring the companies. Where is Countrywide’s success? What that it didn’t go bankrupt? That it’s changing the way it does business and was therefore able to find a rescuer? This is now the norm. What was once considered a poison pill to make a company an unattractive takeover target is now standard compensation for its executives. Poison is poison. Today’s CEOs no longer have incentive to strengthen companies and economies because no matter what they’re walking away with millions. As for blaming people caught up in the subprime mess: yes, most people should suffer the consequences. But there are a good many who were victims of predatory lending. What of the ones who signed one mortgage, only to have it sold and adjusted without their knowledge and are hit with a ludicrous balloon payment? There’s a significant minority of people like that who are also victims. Wake up folks: most people are hard working, honest people just like you, vying for the American dream.

I have relatives that worked for Countrywide Financial in Florida who wrote loans. My wife and I were astonished at the amount of money they made. With little educational requirements they had a beautiful house in Florida and a even nicer vacation home in another state. My point is that a lot of people made a lot of comissions writing loans to the people that could least afford them. They could have cared less that they could have payed or not. The loans were sold in the secondary market shortly after they were closed. It was driven from top management all the way down. Everyone from the lenders to the ratings agencies to borrowers are at fault here. We need some regualtion so that we get back to the days when you didn’t get a loan unless you had a minimum of 10% down and good credit. If you don’t, too bad. What we don’t need is to have this prolonged by extending credit to bail out people that are unable to pay anyway. Or lowering interest rates enough so that the Coutrywide’s can pick up where they left off again. Let’s get through the pain quickly.

Who is Hillary anyway? Did everyone already forget that she made millions on the Whitewater deal, and people involved in that investigation were found dead? Hello…wake up America!

I remember several mortgage brokers pushing the 3 yr arm on me, In particular one I know well. Just refinance in 3 yrs! You’ll move by then anyway. I did it once then I went with 30 yr loans because I built a home in 1980 with a 17% mortgage. He yelled at me everytime I saw him. That’s a lot of pressure to say no to.

Like teh ads say”No one can do what Countrywide can do’….AND HOW!

Why is the government(especially the Clintons) involved in the business of a private company’s compensation affairs? If a board of directors pays someone XXX dollars, that is that. I don’t see congress giving there unearned checks back.

I’ve been in the mortgage industry for 11 years and am going to tell you all who’s to blame for high foreclosures rates. Foreclosures are not just a result of sub-prime loans either, their are high foreclosure rates in the prime market too.

1) the actual borrower - I always try to explain the loan programs to borrowers and educate them so they can make sound decisions. For those that take the time to listen and want to learn and be informed - they are all doing fine. For those that don’t and make the same bad choices when it comes to their personal finances and credit - they suffer. If their first round of bad decisions don’t do them in, they’ll repeat the same mistakes all the way until their in foreclosure. These type of people are doomed from the beginning because they’re plainly stupid and/or ignorant. They choose not to try and figure it out - these are the same type of people that continually trade in their car every year and consistently roll the trade-in losses into the next vehicle loan - just stupid.

2) Unscrupulous lenders and brokers - Yes, I’m pointing the finger at my own industry. Notice I used the word “unscrupulous”. As in all industries there are those that take advantage of consumers. They are in all industries - the lending world is no different. That’s why it’s important for people to become educated and want to work with people that want to educate. If consumers don’t they become what I described in #1 - an ignorant and stupid consumer (they don’t know and don’t want to know). By the way, just because you’re dealing with a bank - don’t assume you’re in good hands. Ask anyone from Ohio that had a loan from Ameribank several years back - ouch.

3) Builder’s marketing and other marketing outlets - this falls on the consumer to use some common sense here, but I need to mention this. If you think that you can really buy a home for $200,000 and only have a payment for $599 - you’re just being stupid. Builders love this ploy. Quote you an interest-only payment on an ARM (adjustable rate mortgage) product with a buy-down of the rate (which will go up) and don’t include taxes and insurance into the quote. All this stuff will be written in very small print at the bottom. - Why is this acceptable?? Consumers - wake up. If it seems to good to be true it is. These people get this home and pay $599 for the payment and add $70 for insurance and $50 for taxes. The taxes are low because the home has not be re-assessed by the county and they are only paying the land value - not the improved value w/ the home. The following year the rate goes up 1%. Also, the home gets assessed by the county and the taxes go up to $250, by the way retro active. That means you have to start paying the new assessed value of $250, plus whatever the lender has to pay up front for you since the bill is due now - not later. That will equate your tax burden from $50 to $375 or more a year later. By the start of the 2nd year your rate goes up again and your payment is probably close to $1300. Did you remember that you haven’t paid one penny towards your balance yet because it’s interest only. This is also about the time you realize that you over paid $10,000 for the home, which is really a result of the builder upping the price of the home to be able to buy down the rate for you - Yes, when they said they were paying your costs for you and buying down your rate for you - they were, but in turn you were buying the home from them for more than it was really worth to make up for it.

How about other marketing ploys. My other favorite is the fixed 1.99% loan. Small print reads 1 month ARM. Which means that rate of 1.99% is fixed for 1 month. Another good one is the pick-a-payment loan. One option is paying a minimum payment of 1.99% of the balance, though you are accumulating interest at 7% or higher. What does that mean? - it means your balance is growing. Your loan starts at $200K and grows and grows.

Like I said this is really on the consumers too because they have to wake up.

4) Lawmakers - they continually are full of ideas to fix things, but never actually have a clue how. For example: Pre-payment penalties - did you know that most states have designated a certain amount or percentage is the allowable amount for pre-payment penalties. You probably knew that. I live in Ohio and it’s 1% here. It makes sense that states should have this ability. However, I bet you did not know that if you are a nationally chartered bank, you do not have to follow that rule. That means if a lender is a national chartered bank they can charge 6% pre-payment penalties. The OCC believes it is too difficult for nationally chartered banks to follow individual state rules - so they are exempt from state guidelines. How does this make sense or serve the interest of consumers. It doesn’t. It just means that some people, some where probably got some kickbacks to help the nationally chartered banks. This isn’t a huge problem, but is an example of government’s failure to work on behalf of consumers and all lenders fairly.

Additionally, the big talk is on sub-prime loans in foreclosure. Well prime loans are bad too - usually the ones that were new build homes. And here’s a little FYI - FHA loans always have been bad. They have historically been bad loans. You don’t here about it because FHA is not a business, it’s a government program. So when they are running the department in the red - they just go get more money from tax payers. This way they can go give more loans to people that should not have loans in the first place.

Finally, I’m not saying that all loans are bad (FHA, prime, and/or sub-prime). They all have their place and uses. I’m saying that there are plenty of people that are partly to blame and it’s all coming to a head at one time.

Should I as a person that originates loans not do a loan for someone if I think they are making a bad choice? Maybe. However, am I discriminating. I try to explain what I think they should be doing and why - but honestly - at least 1 in 5 just don’t get it and being brutually honest here - they’re not going to.

We also live in a capitalist society which springboards corruption often - however, what would be the alternative.

If you read this whole long comment - get this one thing out of it. Become informed and ask questions of your lender. If the person on the other end doesn’t seem forthcoming about wanting to share all the ins and outs of the mortgage world - move on to someone else.

So when does the customer take a little bit of blame. I am glad this guy is rich he did what he needed to do to make money by the book. consumers asked for it and he gave it to them. As far as I care they can all lose their homes. I just don’t care about stupid consumers

She provided the proof for why I would NEVER vote for her - is spite of her “35 years” of working “for the people” - she cannot see a man having to give up the company he birthed 40 years ago because of the adversity in the market reactions. Are people in loans that they shouldn’t be? Of course, but I agree that they can’t cry foul just because they are upside down or having a payment they cannot afford. Senator Clinton is the typical life-long political figure - rake in the money from your life, but criticize the upper class that pays the bulk of the revenue they receive to spend! Outrageous behavior, but not beyond what would have been anticipated.

Two Jack asses going head to head

What is she doing as opposed to making sanctimonious noises? I guess that is her extensive experience in “I feel your pain” while doing nothing substantive.

This resembles the Rocky Hull Fire Tonasket, WA and the CEO of Tonasket Outfitters / Rosetta Solutions Inc… CEOS living High on the Hog all the while people in the lower eschelons go without!!! May G-d bless them with Zechariah 5
as he has Ken Lay and Jim West!

GREED! It is the greed of the lenders as much as the greed of the borrower. Also the borrower either didn’t or refused to fully understand the ramifications of the loan provisions. Prudent money management by the borrowers would have led these people away from the risks associated with the ARM’s. They are as much to blame as the lenders and nobody is deserving of a Government bail out with respect to this issue!

I am a mortgage broker. I have been doing this for sometime and I can tell you IT IS ALWAYS MY FAULT!!!! I keep talking to and hearing about people who claim they DID NOT KNOW their loan was going to adjust??? REALLY, so the documents they signed at closing that I have on file IN MY office describing not only when the loan will adjust but HOW as well, mean nothing. No one wants to talk about the $700 I saved them on their monthly payments or the 20k I gave them at closing…only 2 yrs ago? God forbid they mention the fact that I tried to give them a fixed rate but they liked the rate on the adjustable better because they swore all they needed was 2 years of timely payments to clean up their credit, then ahh then they would be able to qualify for the loan they truly deserve, a real conforming 30 yr fixed.

Give me a break. If the borrower does what they are supposed to do, pay their bills and the ADMINSTRATION DOES NOT SEND US TAILSPINNING INTO A RECESSION, these loans work provided the borrower uses them the way they were meant be to used.

Congress needs to hurry to ensure Mozillo gets a larger tax break!

I obviously feel bad for those who have lost or are on the verge of losing their homes, but Mozilo isn’t to blame for that. People need to learn to take accountability for their actions!

As for Countrywide investors—Any responsible investor would have exited their long position in Countrywide at the first hint of a sub-prime mortgage / credit crisis. Also, insider trading information is public information. If one were to see that the CEO of a company was dumping shares, why on earth would they hold on to their own??? Again—accountability! A little bit of research can go a long way.

Waitaminute!

This nonsense is only possible because Congress basically guarantees the obligations of Fannie Mae/Freddie Mac, which unloads most of Countrywide’s mortgages onto the financial market.

Eliminate the Congressional guarantee and the unguaranteed purchaser will be far, far more careful.

Just like the Savings & Loans.

Hillary should stick to politics (”Senator” would be OK by me)because she obviously doesn’t know the mortgage business and particularly the character and back ground of Mr Mozilo. Countrywide has employed multiplied thousands of people and helped many millions (yes, millions)obtain home loans for decades now - and Hillary wants to blame him????

I’m pretty smart, I think. I wouldn’t dare buy a house I couldn’t afford. I wouldn’t buy a house and complain about the ongoing expenses that are associated with it.

It is like this. I wouldn’t buy a Rolex and still complain about filling up my Hummer.

This mortgage stuff is stupid. People buys home they can’t afford to be impressive to people who don’t matter. Of course you will lose your house in time.

Clinton is crazy. Bill collects checks from the government and doesn’t work for it. Okay he put in 8 years, but what about the guy who works 20 years and still doesn’t qualify for a pension.

Mozilo getting money is up to BOA, Countrywide and their shareholders. The thing that Congress doesn’t get is that they don’t own the company, shareholders do. If I own 51% of a public company, as much as it is public; it is in my control.

I don’t think anybody in Mozilo’s positions would refuse the offer and say, “No, I made $20 million last year. Take this money. We don’t have to go by our initial agreement. We can’t act as if the contract was never signed.” Please

This guys Mozilo is the latest incarnation of Ken Lay. Gee, was it coincidental and just plain good luck that he disposed of millions of shares of company stock mere weeks ahead of the public’s knowledge of the impending mortgage meltdown. Poor guy, the next year he was only paid around $160 million, ranking him something like the 7th highest paid CEO in America. But, why stop there? Might as well tack on this severance package worth around $100 million. This guy ought to be skinned in the manner in which he encouraged skinning all those thousands of borrowers his company claimed to be “helping.”

All these homeowners that now say”I didn’t know what I was getting into…” and therefore should not be responsible for ARMS or subprime mortgages should then be placed under the care of a guardian because they are not capable of comprehension or responsible for their own actions. If they won the lottery would they understand those circumstances? I think so. These are the same people that were bragging at family barbecues about how they made 25% on their house in a year and cashed out to take a cruise.

Everyone is blaming on others…who will correct it??

Face it, Wall street has more power than Congress. There’s to much money being spread out to people that are only interested in short term investments. The days of CEO’s looking out for the well being of the company 10 or even 5 years down the road is non existant. All they’re trying to do is keep the stock holders and the wall street analyst happy. They boost the stock value with short term ideas or creative accounting, then bail out to the next gig with a healthy severence package and could care less when the shrt term goals devastated the long term viability of the company. As an example, look at the car industry, everybody wants to blame the union for the rediculous retirement packages that the manufacturerers couldn’t possibly pay out to an aging workforce. But management agreed to it, met their short term goals and paid no mind to the fact that any freshman in college taking accounting 101 could figure out that there wouldn’t be any money to pay all the retirees.

Atleast Hillary has the guts to publicly chastise these egotistical corporate criminals on national TV. No comment there Obama??

One of the most successful Hedge Funds is directed at the housing markets failure. At an entry fee of $6,000,000 who has the capital to invest. Only a very selectt few taht incldues our duly lected senitors and congressmen. They have known all along the crash was coming. BOA as well and they are playing both sides of the fence. Federal Reserve, SEC, etc all know what has been going on. The public should lynch are duly elected officials and or public officials who have turned a blind eye. There is no $6,000,000 monetary instrucment that serves the US public. Hedge Funds serve the hedge investor which happens to be 50% of congress or better…

Why do our gov’t leaders always cast blame on successful CEOs (easy target maybe)? Where were Clinton, Waxman, Schumer, and Frank for the past four years as the mortgage industry grew in response to low interest rates and hungry institutional investors? I’m sure we could find dozens and dozens of Congressional leaders who made millions on real estate during this period. Why didn’t Clinton and the Dems tell the American consumer to live within their means? The American consumer must learn to take responsibility for their own actions.

Ha! Hillary and those others politicians have run America into the ground, they have no room to talk. Ask any of them to donate their next book deal to these families who made bad decisions. If you really want change vote for Ron Paul, the rest are just a bunch of beggers.

We pay star athletes 100’s of millions of dollars and don’t complain when the team ends up in last place and they don’t even make playoffs? He is losing EVERYTHING!! He started the company from nothing to now see it all fall apart and go into someone else’s hands - anyone one of you would do the same thing he has been doing. We are so quick to criticize and apparently Hillary is no different.

He started the company in a storefront, ran it successfully for 40 years, employed tens of thousands of people, and before the meltdown made mega bucks for the investors (who weren’t complaining when those exotic loans were bringing in more cash) . So one bad year out of 40 and it’s time to hang him out to dry?

IF CLINTON THINKS THESE ARE THE BAD GUYS then I would like to know who she thought was going to make loans to all of her followers that couldn’t own a home before Countrywide and other lenders made this possible. And Countrywide has now paid the price (in losses) of making this possible. UNLESS YOU ARE LIVING ON MARS, you would understand that we need lenders right now. Lenders are already scared to lend because of the market. We don’t need to scare more lenders off because of our ignorant law makers/candidates. No lenders equals no buyers, equals more inventory, equals more food stamps and gov’t programs.

Someone has to run these companies and they should be paid to do it. Perhaps Hilary would like to run the company for free or even better we could give everyone in America a free house and she could take credit for it.

A few more thoughts:
1. Many consumers were fleeced by Countrywide so this has some legislative merit because we’re talking about big money and impact on many thousands of consumers.

2. Mozillo should be investigated for insider trading. His timing was just too good. Those trades better have been pre-planned well in advance or this smells bad.

3. I don’t why folks are slamming Hillary in the comments? Can someone actually explain WHY this has somehow lowered their opinion of her??? I, for one, think there are too many executives screwing their shareholders and screwing the public while getting massively rich in the process. Why blame Hillary for slamming them?

You would think the politicians would appreciate the extra taxes Mozilo has to pay.

Anyway - the man was way overcompensated for what he did, or did not do. Lots of style, no substance.

I don’t know what she is bitching about. She gets paid very well for doing very little!

both the companies and borrowers are to blame for this mortgage crises. lot of people speculating and a lot of financial concerns like citigroup, countrywide, wash mutual, investment capitalists packaging junk to sell to people with lots of risk. now we’re seeing the downside.

i would also blame bush and his era of easy money and the credit card he has used called the national debt to buy america good times.

how he heck are we going to service $10T in debt? he has doubled the national debt since 2002.

i hope everyone realizes that we will all be dead and gone when payback arrives. your kids and their kids will not only face the music for bush spending but also ss, medicare, medicaid..

energy policy? not with cheney and his secret energy meetings. 10-20% oil price is speculation and 5-10% is bush’s big mouth.

get ready for $4-5 gas. europe has been over that for decades.

mac, i agree with you that the solution to overpaid execs doesn’t lie with congress. regardless of the absurdity of mozilo’s riches, it doesn’t seem like most people are so outraged about rich-but-failing ceos that they want the whole thing legislated. still, the whole thing does make for good copy.

Darn! I liked Hillary and was planning on voting for her. Now I see she’s playing the blame game just to get sympathy votes. This changes things. It’s time to take a better look at Obama.

Take a look at the insider trading on Countrywide Financial stock for the last year and you will see that Mr. Mozilo sold all the way down from the 52 week high (250 Million worth) until he “fleeced” Bank of America into investing 2 Billion at $18 bucks a share. Which incidentally he promptly sold the rest of his shares before the stock headed to $5.00. Now they are giving him a 100 Million severance package. Not Bad, 350 million for bankrupting a once prosperous lending institution. Where can I get a gig like that? He should be in Jail.

All of you are hilarious!!! You all wouldnt be supporting a $10 million buyout if your house was lost because of coutrywide. Surily there will be reprocusions to this buy out when he goes infront of Congress to discuss his pay. Yeah, at least one person associated with Countrywide is making money . . . How about all those investors, out millions now with no way to recoup because of the buying of the company.

This guy is just one of many top US executives who have sold their souls to massive unconscionable greed. They care less about the “low-lives” who work hard each day to barely freed, cloth and house their families. These evil ones have never learned good from evil. US Capitalism is out of control.

You people that want to bash Hillary will twist any event to do it. This is not about her. She and other Dems are right to challenge Mozillo. WTF? He sells most of his stock before the company’s stock tanks and now he gets a massive severance package to boot. No one is saying CEOs, especially a founding CEO like him don’t deserve to do well. But this is egregious, no? The company is hanging on by a thread and many homeowners were swindled into subprime mortgages by Countrywide that qualified for conforming loans. He has made enough money and should walk away from the company with some dignity. This is just plain wrong. Its unfair to Countrywide’s shareholders and to the thousands of homeowners screwed by Countrywide.

I can tell you I’ve personally spoken to Countrywide on numerous occasions and every time, they have tried to push a subprime product my way. I had to explicitly remind them I wanted a 30yr fixed rate product. These guys are sleazy and he’s the biggest sleazeball of the whole company. So right-on to Hlllary for sticking it to him.

cb, i congratulate you on your huge initials but must beg to differ with your snubbed-by-mozilo thesis. the problem with the guy is that he was taking down millions while running the company into the ground. while we all must applaud entrepreneurs and stuff like that, this guy has simply been fleecing shareholders and homeowners and everyone else in sight. also, what’s with that tan?

I don’t see how Mozilo’s compensation is anybody’s business except that of Countrywide, BoA, their respective boards of directors and shareholders.

What does congress have to do with all this?

After this series of articles by Colin Barr it is quite apparent that he has either been snubbed by Mr. Mozilo or he is extremely jealous of his financial compensation. There are very few CEO’s within the Fortune 1000 that don’t have a “golden parachute”. Wise up Colin Barr, your indignation is transparent. Was there no real news for you to write about?

An example should be made of Mozilo. I refinanced 2 years ago, I was offered mortgages that I called suicidal. These mortgages would have worked if the world was perfect, but it is the job of Mozilo to realize that the world is not perfect.

I agree with the last few comments!!! I was in the mortgage business until all the buyers decided they were smarter than someone who had done it for years and would not listen when I advised them to take the fixed even though the rate was slightly higher. You would not believe how many people went to another lender because I would not write the bad loan they wanted (adjustable arm, option arm, etc). If they could understand they need to make that clear, the forms are all titled when you sign them and an arm mortgage has a legal size document that states ARM clearly across the top.

It is the home buyers greed and ignorance that is causing the problems. Loan companies did not hold guns to their heads to buy houses that were too big or too expensive. They could have bought smaller homes or rented. Unless it was flat out fraud where the companies lied, it blame falls on the home buyers, not the financial institutions.

It’s become the American way and Hilary Clinton is one of the worst purveyors - blame everyone else and take no responsibility for your own actions. If you signed the mortgage you made a contract, now own up to it. Mr. Mozillo’s compensation has nothing to do with that.

Hillary and the rest of those rich Congressman & Representatives have NO room to talk. They have stolen hundreds of millions of dollars from the consumer and you dont see them offering to pay and help the consumer out. This is ridiculous and this man deserves the compensation. He started this company from the ground up and millions benefited from him. As to those who lost their home, read the documents you sign & quit trying to buy and make a quick buck. This not Angelo’s fault but the consumer only, who should pay for their own mistake. Kudos to Countrywide for all that they have done ! We love Countrywide !

Obvious calculated pandering by Ms. Clinton … but what is so unusual about that? Its been well established that she will say ANYTHING to get elected. Only the most ignorant and uninformed buy her populist message, but, then again, that’s her target audience anyway.

If she would like someone to blame, it would be the board of directors for the company. If shareholders had a problem over the past 35 years, they have had plenty of opportunity to voice their disapproval.
Personally, his compensation is obscene, but he did start the company. What is lost in these compensation programs is that often times the CEO/COO’s are in bed with the board.

Mozilo has been selling shares in his company for many years and plans to give much of the money away to charitable causes when he dies. He built this company from one office over thirty years ago and unfortunately got caught up in the sub-prime mess. How has Hillary contributed to society? How many workers has the employed?

What’s wrong with all this people, this guy made a lot of money for him and Countrywide investors for the last several years. Now things got out of hand because we are uneducated about responsible credit and living within our means. It’s time for people to assume their responsibilities and stop trying to beat the neighbor as to who has the most toys. WAKE UP AMERICA

When would people take responsibilty for their actions ? These papers signed all documents. Either do a bailout or stop blaming others for your actions.

Mr. Mozilo did not create the appetite for sub-prime mortgages on Wall Street, nor did he provide guns to be held to the head of potential borrowers. Maybe Hillary will be willing to go in front of a panel and answer questions about her gains ala White Water or the Chicago Stock Exchange? Dont hold YOUR breath!

This is one of the reasons that the housing market is in such trouble. For the average person, “people” make the contracts and up front costs so difficult to understand and manage, that most people are just not comfortable purchasing a house. The subprime situation is only part of the problem. There is not one company out there that will handle the house purchase from start to finish, make it easy on the seller and buyer while looking out for both parties while doing it. If they would do lower costed closing costs, better terms and more affordable interest rates, more would buy homes. Also, it is extremely difficult for someone to purchase a house one year and it fit their needs the next. Things change, people change, that is why so many automobiles (used) are traded in and sold daily. Of course, that is another subject, but it is a little bit easier to move to another vehicle because of needs changing. Make it easier to buy and sell and the housing market will skyrocket - CJ - Ohio

In this day and age people are no longer responsible for there actions. We can always find some one to lay blame on besides the responsible party. Its unfortunate that people are losing there homes. My Father taughtme to get by as cheap as I could no matter what kind of money I made. And to this day I have done just that. if i were to loose my job I could get by on my saving for 5-6-7 months… not many could do that in this day and age…. !!!

Hillay is attacking Countywide for giving out loans exactly like the one she and Bill got to buy their NY home in 1999. The difference is that back then only the “priviledged” got sub-prime mortgages..

Hillary needs to add up all of the money she and bill will get as they are to receive their paychecks for the rest of their lives even out of office. They also get a hefty pension for not even putting in ten years work in a job as well as many of the perks at tax payer expense because Bill is an ex-president. You can’t tell me that there aren’t people out there who think that Bill or Hillary didn’t screw up their lives who didn’t even have a contract to tell them what was happening.

A home mortgage is not kindergarten! Take responsibility for your actions! Underwriters might need to start considering IQ in the approval process!!

He deserve his monies that is do to him . He created this company from scratch . If you were eduacated and got a job offer from a company to be a CEO , when you singed you contract and the company offer a great money package to you once you resign . No matter how good or bad teh comapny is doing that money is owed to you . I woudl give a dime back .

AGREED!!!!!

thank you homeowner, i hate how every guy doing his job gets a bad wrap. if anyone points a finger it should be at themselves. i am 24 yrs old bought a house 1 year ago. i understand my loan and understand what i can afford. i qualified for 1 million dollar home when i started looking at homes. i had little to no down… i wasn’t going to get a million dollor house because it would have caused me too much stress. so i ended up moving a litttle further buying a 475k home and even though, the market hasn’t gotten better, i will be fine because i can afford and pay my bills….

Well, she just lost my vote. She should really look in the mirror and analyze herself. Take a long look at the political contributions made to her party and her husbands election/ re-election campaign by Angelo Mozillo. Her ill-gotten gains, and mean-spirited attitude will pay in the end. We’re not ready for her! I’m not ready for her either. I guess it’s HELLO OBAMA or HELLO EDWARDS and ADIOS HILLARY. Penecillin won’t cure foot in mouth disease.

borrower’s need to take responsibility for their actions. If they don’t understand a mortgage contract, they should hire an attorney to review it, like I did.