Front Page Quote from Angelo Mozilo, Former CEO of Countrywide, purchased by Bank of America in 2008
“Average people got caught up in the mania of buying a house, and flipping it, making money.” “They (the public) buy a house, make $50,000….and talk at a cocktail party about it”
Beyond the foreclosures, 9.0% unemployment rate + those not looking for a job and the amount of distressed properties, the financial guru’s conclude the public as one of the reasons for the collapse of the housing industry!
This is beyond understanding. I believe Mozilo thinks that lenders make funds available and in many cases to the public WITHOUT requiring any documentation or a down payment. In his mind, “the public” didn’t have to take the financing!! Thus, the public is one of the reasons for the collapse. The arrogance is beyond belief. Also, the Charlotte Observer will not last long printing stories with Mozilo as a source.
Three years later, the housing industry remains in quicksand as a result of unethical lending practices! And, the financial industry then swings the pendulum to almost impossible lending practices. Thus no money flow and no recovery!
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