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Angelo Mozilo: Douche

Angelo Mozilo of Countrywide: Douche
Time Magazine named Angelo Mozilo as one of the top 25 people responsible for the financial crisis we are currently deep into here in these great United States. I chose this former boss of mine, and financier of two of my homes, as one of the top 25 people responsible for my own current financial crisis. I lost one home, and am currently in the process of battling to save my other one. Here is the story of the one I lost:


To: Bank of America and Countrywide Home Loans 
From: Kevin Leland 6 Marshall Circle Coventry, RI 02816 
Re: 1010 Main Street, West Warwick, RI 02893
Congratulations! You've won a beautiful, 1500 square foot, three bedroom, 2 ½ bath colonial home with a rainwater irrigation system, reclaimed heart of pine wanescott and floors, whirlpool tub in the master bath, travertine marble floors, granite counter tops, Anderson bay window (also reclaimed) that my father, my son and I built with our own hands. You claimed your prize by foreclosure. I call this beautiful house we built your “prize winnings” because when you collect something of value without doing a friggin' thing to earn it, that means you either won it or you stole it. 
I don't want to call a douche-bag like Angelo Mozilo, co-founder of the whale mortgage company Countrywide -a thief. Whales live and thrive by gulping up millions of tiny little fish, i.e.; overworked, underpaid, underemployed, unemployed, uninsured, mortgage paying, tax paying, struggling American home owners. Oh yeah, I left out: Former homeowners. It takes $400,000,000.00 and free luxuries like California Country Club memberships to feed a gulping sperm whale like Mr. Mozilo. How big of him to refuse that 10% severance package. Just take a look at this guy: Mozilo Testifies Before Congress
 His face looks like a shifty-eyed camel vagina shriveled up from too much sun exposure. We Leland's were sporting some good tans the summer of '07 when we built all those stone walls on his property -while he was golfing. I used to work for Mr. Mozillo. Not just building a house for his company, but also as a loan officer for Countrywide. Uh-oh. I saw first hand how Countrywide does business. Ohhh...The stories I could tell! Will tell. Because I didn't do any of that sub-prime crap. My hands are clean. As a matter of fact, I went against company policy, and refinanced customers who already had a loan with us. This was called, according to my manager: “eating our young” So much for doing what they could to help poor folk afford their mortgages. I said “no, it's keeping our kids under our own roof” -I was paid ½ commission for these portfolio refinances; and eventually asked the “do you want to quit or be fired?” question. Here at countrywide, we'll have none of that "being fair to our customers" malarkey.
What did the crash cost Mozilo? He got out just in time. Hmmm...Inside information? Nah, damn good foresight! We were supposed to move into this beautiful house I built when it was done, but could not afford to because I was under financed throughout the construction, and of course undervalued when complete...This house lost over $140,000.00 in value while we were building it. My primary residence that Countrywide also held the mortgage on, also lost well over 50% in value. It's now worth $140,000.00 less than I owe on it, but it's my home and I'm grateful to still be barely hanging on to it. I have many good ideas about how I could help us out of this mess -and give this sad story a happy ending. If only I could get through Countrywide's voice jail and speak to a real person authorized to make human decisions. 
Customer service still sucks, huh? Unless of course you were a VIP friend of Angelo Mozilo, like Senator Dodd. Even now that you are Bank of America?  I hope Bank of America is ready to polish up the tarnished image of this bastard child that Mozilo sired and they adopted before he ran off into his solid gold sunset of retirement. When you hire analysts to figure out how to prevent as many people as possible from getting any of the money you got from the government to help these people Mozilo screwed over, your not helping your reputation. 80% of the mortgages done by Countrywide were fraudulent. 80% fraudulent. Can you say forensic audit? I thoughtcha could. 
I'll warn you right now BofA, don't make our very capable President, Mr. Obama along with a couple hundred million pissed off, but still hopeful American people behind him, straighten your asses out. You better toe the mark, and that includes your offspring. We're individually poor and stuggling, but our collective funds in $10's and $50's got us represented in the white house, and it will again..."yes we can!" -Collectively, we are richer and more powerful than you, and we're watching closely. 
  • We are watching closely to see how Skank of America is spending the first $8.7 billion to settle predatory lending charges against Countrywide filed by 11 state attorneys general.
  • We are making sure you schleps aren't fitting out anymore million dollar offices where you can sit your fat asses in your big leather chairs and foreclose on our houses.
  • We are getting legal representation so you can't just flush us out of the system, while we are striving for  loan modifications to stay in our houses.
  • Our homes, that is, not the bogus collateral you created.
  • We'll make you sharpen your pencils and do the deals that help the people you got in trouble.
  • We will never let you frustrate us into dropping our cause...We know that is your strategy.
We've learned what happens when so-called professionals work for commission. I understand that a professional, you know, a guy who wears a tie and makes people sign papers, does what brings credit to his profession, in this case, the mortgage profession:  Lending money for interest and holding real estate assets as collateral. A professional woman does what is right for her client and she acts as an agent in their best interest. Not everyone understands how mortgages work, and they count on a professional to tell them what's right for them. For all this honorable crap...and number-crunching and phone talking; they should get a professional's salary. 

Ironically, Countrywide set itself apart early in the game by putting their loan officers on salary. However, other lenders were pulling ahead of them. As soon as they changed to a commission structure, they shot to the top and became the Country's largest mortgage loan originator, and largest inflater of the housing bubble. My next post will expose the commission game, and how things factored to cause the downfall of the industry...no wait, the industry still thrives, of course, it's too big to fail. The commission game led directly to the downfall of many good people -in bad mortgage deals, that the so-called professionals put them in. Some of these professionals were making $60,000 in one month, in commissions. 


To get real help out from under your upside down house...Sounds like a Dr. Suess Title, huh? Give me your contact info, and tell me your story...I'll hook you up with professional, real-professional helpClick here





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I’m not a reporter or a journalist who is prevented from making myself part of the story. I’m a blogger, and these stories are a part of me. Therefore, expect me to be making more than a cameo appearance in them. I know I’m not the only one out here who has had a life. I welcome anyone with a good story to share a guest spot. I will help anyone with a good scoop to investigate. Bring it on! (I’ll share revenue) No slander, no gossip -just true, emotionally riveting, newsworthy drama.