Democratic Underground (Free subscription) | 07/01/2008
Source: [b]LA Times[/b] [b]Angelo Mozilo will step down Tuesday as the head of Countrywide Financial Corp., the company he founded 39 years ago and built into the largest mortgage lender in the U.S. A victim of the mortgage meltdown, Countrywide is being acquired by Bank of America[/b]. The mort...
New York Post (Free subscription) | 07/07/2008
Angelo Mozilo was forced to turn over his $37.5 million severance, and now employees of Countrywide Financial might have to do the same. Workers at the battered mortgage giant fear new owners at Bank of America will soon force them into a...
DealBreaker (Free subscription) | 07/07/2008
Countrywide CEO Angelo Mozilo promised at the last CFC shareholder meeting that Bank of America " will reap the benefits of what we have sowed ," if finding out what it feels like to be ass-raped for an eternity is considered a benefit, which it is in some cultures. B of A is not the only one receiving a backdoor surprise as a result of the official July 1 takeover, however. The Post...
Independent Sources (Free subscription) | yesterday
The folks behind the always funny HelloRocky.com have adopted an investigative journalism slant and hit a bulls-eye with this piece on Senator Dodd and the “Friends of Angelo”: The pompous dunderbutt just crafted a bill to provide $300 billion in taxpayer loan guarantees to Countrywide Financial Corp. and others. While this was going on it [...]
Star Tribune (Free subscription) | yesterday
Revelations that Dodd and Sen. Kent Conrad, D-N.D., the Budget Committee chairman, got preferential mortgages through a "VIP" program for friends of former Countrywide CEO Angelo Mozilo were especially damaging for Dodd, who heads the Senate Banking Committee and is a leader pushing the housing rescue package through Congress.
The Earth Times Online Newspaper (Free subscription) | 07/07/2008
... 7,500 jobs over the next two years, amounting to three percent of the combined company's workforce.Angelo Mozilo, who stepped down as Countrywide CEO last week, gave up $37.5 million in severance pay and other fees he stood to gain from the mortgage lender's sale to BofA.BofA could not be immediately reached for comment.(Reporting by Ajay Kamalakaran in Bangalore; editing by Sue Thomas)...
The Housing Bubble Blog (Free subscription) | 07/02/2008
... General Bill McCollum said in a complaint filed yesterday that the company and its founder, Angelo Mozilo, had violated the state’s deceptive trade-practices law.” “‘Subprime loans were approved for borrowers who were not qualified and could not afford such loans,’ McCollum said in the complaint, which seeks unspecified damages for consumers hurt by the company plus $10,000 fines...
Fool.com (Free subscription) | 07/01/2008
... pay packages, and, of course, a never-ending parade of antics by its Hawaiian Tropics model CEO Angelo Mozilo.What's done is done. While Bank of America has been chipper about the acquisition all along, the amount of about the deal is enough to make a fighter pilot queasy. Bank of America has its own mess to sort through aside from Countrywide, making anything that can be considered...
