Today, June 30th, is the last day Countrywide will exist as itself.
Tomorrow it’ll be Bank of America.
Did you know Countrywide started in 1969?
No, I wasn’t lending back then, I was 10 years old.
Yes, Countrywide has received it share of bad press recently.
Deservedly or not, they’ve also done some good things.
- Was the B of A merger a thinly disguised Fed orchestrated bail out?
- Does Countrywide deserve everything they get?
- Should Angelo Mozillo spend a little time behind bars?
All interesting and compelling questions.
I can’t help but think of all the good Countrywide also accomplished.
http://www.veoh.com/videos/v14592821kaHBM9cr
How many people would have enjoyed home ownership if it wasn’t for Countrywide?
What do you think?
Mortgage Industry Professionals. Like what you see?
SUBSCRIBE for free by RSS or email, and never miss a post!
{ 3 comments… read them below or add one }
My husband works for Countrywide. His real estate agents love him, his past clients refer to him, he is by all accounts very very good at what he does (yes I’m prejudiced but I can back it up - $50 mil a year +/- speaks for itself). Yet sometimes when a Realtor recommends him the buyer says something like “it will be a cold day in Hell before I use Countrywide….”
Mozilo has done his employees no favors.However, to answer your question about how many families were helped I can forward this exerpt from his letter to the employees this morning. “Over the past 40 years we have created over 200,000 jobs, provided homeownership opportunities to over 20 million families, built a servicing portfolio of $1.5 trillion and substantially increased the homeownership rate among minority families.”
Self-serving? Undoubtedly. True? Hope so.
Good stuff Gina!
Reality on Wall Street is pretty cruel. Doesn’t take into consideration past good deeds. Fact is that Angeloz Mozilo, for all the good he’s done, is also one the main characters in the subprime mortgage drama. Besides, he’s pocketed a big chunk in exchange for his efforts, while his shareholders were left holding the sack. Can’t say that arouses much sympathy from me.
Leave a Comment