Thursday, May 22, 2008

What's Really Disgusting at Countrywide

The other day Angelo Mozilo, who happens to be the CEO of Countrywide Mortgage Company, received a letter from a homeowner asking for some help in avoiding foreclosure on his home of 16 years. Mr. Mozilo accidently hit "reply to sender" instead of e-mailing the following response to his staff, thus sending the following "here's what we can do to help our customers" message directly to the homeowner:

"This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting."

You think that's disgusting, Mr. Mozilo? I'll tell you what's disgusting:

According to congressional figures, in the third quarter of 2007 and in the fourth quarter of the same year, Mr. Mozilo received a $1.9 million salary. He also received $20 million in performance-based stock awards and sold $121 million in stock.

Now that's disgusting.

Entire article here

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