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Government to sue former Countrywide head

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Mortgage Professional America | 21 Aug 2014, 10:30 AM Agree 0
After years of grumbling that the government has held few individuals accountable for the financial meltdown, it looks like Uncle Sam is taking a shot at one of the collapse’s chief architects
  • Former Countrywide Manager | | 21 Aug 2014, 10:58 AM Agree 0
    Let it go, he paid his penalty.
  • dirkallenmtg | | 21 Aug 2014, 11:08 AM Agree 0
    When are they going to start investigating Wells Fargo and the people in that organization? Notice how they are going untouched? Looks like Warren and these govt. agencies are in bed together!!! Mazillo and Stump created this whole mess and yet only one goes punished. Jamie Dimon does not take any govt money in bailout, keeps the company afloat he got his ass handed to him, but he did the right thing by not putting a burden on the tax payers by taking the bailout.

    They must need more money for the Obama care debacle so this is where they are trying to get it from!
  • wake up america | | 21 Aug 2014, 11:13 AM Agree 0
    Really!!, What about Barney Frank and Chris Dodd who were overseeing this for the government and their agency's. How about all the scum that's in office right now. IRS chief, Eric Holder, Hillary Clinton, a our Prez. This is a joke!
  • Dominick F Sammarone | | 21 Aug 2014, 11:22 AM Agree 0
    lol… 8 years later? Good luck with that. What will that cost the american tax payer…
  • BillyJimBob | | 21 Aug 2014, 11:49 AM Agree 0
    Mozillo will settle with out any admission of wrong doing , The Govt will collect an additional 30 million in fines and they will keep 29 million and spread the ONE MILLION DOLLARS to the rest of the PEOPLE to help with the ongoing blah blah blah
  • Seriously Disgusted | | 21 Aug 2014, 12:25 PM Agree 0
    Yeah! Finally!
  • Karen Whitman | | 21 Aug 2014, 12:26 PM Agree 0
    It would be nice is some of the 7 billion would go back to the people who got mortgages from Countrywide.
  • Gordon Schlicke | | 21 Aug 2014, 12:33 PM Agree 0
    Mozillo began taking money out of Countrywide well before it blew up. This may have been within the law but it does raise the question of whether or not he saw what was coming. To the extent he was aware of the harm Countrywide was doing he may be liable. Otherwise his actions are no worse than the Wall Street traders who when they discovered the mistake kept on trading rather than stopping the entire process in its tracks. The courts are consistently finding in favor of those who were hurt so the system is doing the best it can to make things right. What is terribly wrong is that those in Congress who set the stage for this travesty escape from any blame. T'was ever thus.
  • Porch Dog | | 21 Aug 2014, 12:42 PM Agree 0
    Just remember this. The mortgage industry is made up with little bitty whores and big slutty ones.
  • Cookie VP | | 21 Aug 2014, 01:03 PM Agree 0
    having been in the mortgage business for 30 yrs, I laugh at these attempts(?) to get all of these execs. They all knew exactly what they were doing, flaunted it to all, got off with no criminal charges, changed the business for everyone across this USA, made huge amounts of cash, and laugh at the attempts to get them. They know they have immunity. This is an attempt by this administration to show some kind of power toward the "evil bankers" , so some of the civilians will say "Look at what Obama and his administration have done". BOA will pay 17Billion for countrywide's fraud. They were forced to buy those mortgages, and Mozillo gets off with a finger slap, laughing all the way home from his attorney's office. The gov't's strategy is transparent, sadly, nothing else they do IS!! We are all pawns in their game.
  • Griff | | 21 Aug 2014, 01:25 PM Agree 1
    I can agree with a lot of posts here. Dodd, Frank and Cuomo should be sued for destroying the housing industry. As to suing Mozillo or any big banks, the gov't is just taking the money and making out like a bandit. It does absolutley nothing to help housing and sure does not put any money in consumers' pockets. It would be nice to see all of them locked up for about a decade and all their assets wiped out like they have wiped out the livlihoods of so many.
  • LA | | 21 Aug 2014, 09:55 PM Agree 1
    To former countrywide manager, why don't U give me $535,000,000 and I'll be glad to give you back 67.5mil allday long and that's a no brainer, he should have went to jail for few years to pay for his crime cuz the fine he paid was with stolen monies and an insult, he made out like a bandido with over 460mil while people all over the world were burned for trillions of dollars and screwed our economy and that goes for all the big banks who were in on it like B of A, Chase, Barclays, Citibank or corp and wallstreet etc etc etc and what's funny they tried to pin it on the MTG brokers
  • Taylor D | | 28 Aug 2014, 11:56 AM Agree 0
    There are some really great posts here.

    This will all make sense if you understand that the Federal Reserve (AKA Central Banksters) is NOT a Gov entity. It is privately held, and they (along with Central Banks in other countries, which are also disguised as "owned by the government") hold the "right" to print our currency. This keeps countries in debt, which is then passed on to the citizens via higher taxes. The Central Banks are all "held" by member banksters and are above the law. The history is really quite something, and it was a real eye opener to discover it via a video, The Money Masters. (You can look it up on the internet, if you are so inclined.)

    Have been in and around banking and mortgages for over 35 years. This included the the time when mortgages were 18%, and the S&L crisis. In the early 80's, Charlie Knapp, CEO of Financial Corp of America (State Savings, Stockton California, who bought American Savings from Mark Taper, which was a privately held S&L) was ultimately sentenced to several years in prison for soooooooo much less than the likes of Mozilo, Soros, etc.

    Criminal Prosecution should, but never will happen with this more recent, outrageous mess. The "Good Ol' Boys Club" is very much alive and well in the banking industry. Paying lip service to the "crisis" by prosecuting the small fish, while the sharks just smile makes this obvious. I really have to laugh at how it was blamed on Mortgage Brokers. True, there were a lot of shady folk out there, but we all know that these mortgages never got final approval without the banks underwriters and their own guidelines (created in partners with the Wall Streeters).

    Like drug companies who factor into their new drug pricing future claims for nasty side effects and deaths, same with the banks. It all gets past down to the "end users." Haven't you noticed that banks now charge more fees for simple accounts? We all know that Frank Dodd and the CFPB is costing consumers a boat load. Nearly all of the "consumer protection" laws are lobbied by those who have the most $'s to gain. Follow the money.

    Bankers have the game set up so they always win. I don't care how big the settlements are, the banks all have it factored in so they just pass it along to the public. Might look bad on the books, but I wouldn't be at all surprised to find that the banks all made huge profits on this mess. Meanwhile, the American Public is also paying for all of the prosecution. After all, somebody darned well pay for all those golf green fees by He Who Shall Not be Named! (Don't vent on me with this latter. The bank mess was very much equally supported by both parties - it's just that one of the two is more openly in favor of capitalism.)
  • gary H. | | 02 Sep 2014, 09:46 AM Agree 0
    Although I have never been a supporter of Jamie DImon you have to understand that Chase was big enough not to take the bailout. Banks that didn't want the money were forced to take this or be closed down by financial stress outlines put forth by the board who of course Jamie sits on. Want seems tot be the problem is that it is and has always been about money. Put the offenders in jail don't make deals for payouts to the government that never goes anywhere but a black whole. Frank and Dodd were the engineers who sat with Dimon and others in privacy and concocted a way to legally violate Sherman Anti Trust Laws. Anyone know that Barney Frank owns an AMC???
  • Brad Dilligaf | | 02 Sep 2014, 10:08 AM Agree 0
    Cannot prosecute ex post facto.

  • Frace Cabuñalda Marteja | | 07 Sep 2014, 07:55 PM
    Deleted by moderator
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