Saint Mozilo demands to be worshiped
With Bank of America shelling out $17 billion in the historic settlement with the federal government to make up for their wrongdoing in the housing crash, it is no secret that they did their best to shake off the sink of Countrywide Financial, which they acquired in 2008, filling their coffers with endlessly bloated and undocumented bad mortgages, and over $40 billion in litigation and settlement costs. Ouch.
Two years ago, before a judge, Countrywide CEO, Angelo Mozilo, said that homeowners are to blame for the mortgage crisis.
Now that the glut of toxic loans are coming to a close and Bank of America is left holding the bag, Mozilo tells Bloomberg that not only is Countrywide not at fault, he says he has no regrets.
With an off-putting use of the third person, Mozilo said of the mortgage crisis, “No, no, no, we didn’t do anything wrong. Countrywide or Mozilo didn’t cause any of that…”