Saint Angelo
Started by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
Discussion about
Anyone read this "sympathetic" story? The timing can't be a coincidence... http://www.newyorker.com/reporting/2009/06/29/090629fa_fact_bruck http://online.wsj.com/article/SB124580072182144565.html let's try to remember http://www.sec.gov/litigation/complaints/2009/comp21068.pdf On the insider trading charge against Mr. Mozilo, the SEC complaint contended that from 2006 to 2007 he sold $139 million... [more]
Anyone read this "sympathetic" story? The timing can't be a coincidence... http://www.newyorker.com/reporting/2009/06/29/090629fa_fact_bruck http://online.wsj.com/article/SB124580072182144565.html let's try to remember http://www.sec.gov/litigation/complaints/2009/comp21068.pdf On the insider trading charge against Mr. Mozilo, the SEC complaint contended that from 2006 to 2007 he sold $139 million worth of Countrywide stock "while in possession of material, nonpublic information concerning Countrywide's increasing credit risk and the risk that the poor expected performance of Countrywide-originated loans" would eventually prevent the company from continuing its business model of selling mortgages into the secondary market. Analysts say it's unlikely a board member like Cisneros would have had a major say in company decisions. There's a widely held belief that Mozilo ran the company he founded as he wanted. "This is Angelo's company," said Paul Miller, analyst with Friedman, Billings, Ramsey & Co. "The board didn't do very much to rein him in." [less]
and remember this his how it works....
ttp://bizcovering.com/management/the-control-fraud-theory/
http://blogs.reuters.com/felix-salmon/2009/06/22/regulatory-arbitrage-anecdote-of-the-day/
http://www.sec.gov/news/speech/2009/spch060409rk.htm
and california....
http://ag.ca.gov/cms_attachments/press/pdfs/n1582_draft_cwide_complaint2.pdf
i'm with countrywide and i want to help...
http://www.nytimes.com/2007/08/26/business/yourmoney/26country.html?_r=3&pagewanted=1&hp&adxnnl=0&adxnnlx=1188101402-68ofS7yetm66U8LWQms3zQ
few weeks ago, the former sales representative priced a $275,000 loan with a 30-year term and a fixed rate for a borrower putting down 10 percent, with fully documented income, and a credit score of 620. While a F.H.A. loan on the same terms would have carried a 7 percent rate and 0.125 percentage points, Countrywide’s subprime loan for the same borrower carried a rate of 9.875 percent and three additional percentage points
The monthly payment on the F.H.A. loan would have been $1,829, while Countrywide’s subprime loan generated a $2,387 monthly payment. That amounts to a difference of $558 a month, or $6,696 a year — no small sum for a low-income homeowner.
$1 Trillion to minorities and low income borrowers. Anyway you call it it's subprime lending. Lending at above market rates to people who can't afford to pay you back. This does not sound altruistic...
Mr. Cisneros' tenure on the Countrywide Board since 2001 coincides with
the company's launch of the We House America $1 Trillion Dollar Challenge,
a campaign to fund $1 trillion in home loans to minorities and low- to
moderate-income borrowers, and to borrowers in lower-income communities, by
2010. As of August 31, 2007, the company has funded approximately $789
billion toward that goal.
Finally, cloths to match the face. He's going to look good in orange. Some guys have all the luck.