Mortgage Grapevine

Angelo being sued by CWIDE employees

A lawsuit by dozens of employees of Countrywide Financial Corp. names the company’s chief executive officer Angelo Mozilo and other executives for allegedly cheating them out of hundreds of millions of dollars by concealing the uncertain health of the company.
by JustplainMarvin September 13, 2007 12:00 AM

funny thing is, their stock is up 8%ish today. probably not helpful to the people that have shares they bought at $42, but at least it´s not still going down.
by arhlu September 13, 2007 12:00 AM

It is up because someone (not disclosed by Countrywide) lent them an additional $ 12 billion. They are really borrowing heavy to staty afloat. The tan man must need the cash for tanning supplies! Once they disclose the types of loans held on the books ( POA´s and 2nds that have CLTV´s from 95 - 100) they will drop like a rock.
JMHO!
by Mills Lane September 13, 2007 12:00 AM

Did you see the article on them in Origination News? They have been talking to a company that helps close down offices, liquidates furniture, etc.

With cwide and now WaMu dropping line lenders, whats going to be left? Wells Fargo, BofA and CITI are going to own the earth.
by JustplainMarvin September 13, 2007 12:00 AM

Marv,

Were you able to locate the actual specifics of the suit.
by theartofmortgage September 13, 2007 12:00 AM

Negative. It was a blurb from an obscure online broker magazine.
by JustplainMarvin September 13, 2007 12:00 AM

by theartofmortgage September 13, 2007 12:00 AM

Art,

I googled and there are a number of articles about it.

http://www.zimbio.com/CEO+Angelo+Mozilo/articles/56/Countrywide+employee+file+class+action+lawsuit

Poor old Angelo has been dumping his stock like crazy this past year.

http://www.secform4.com/insider-trading/25191.htm
by Stara September 13, 2007 12:00 AM

It´s on www.thetruthaboutmortgage.com right now, something to do with the employees´ 401K plans benig almost 30% invested into CW blah blah.

--bats
by ragingbats September 13, 2007 12:00 AM

interesting
by theartofmortgage September 13, 2007 12:00 AM

http://www.google.com/search?hl=en&q=%22v.+mozilo%22



by theartofmortgage September 13, 2007 12:00 AM

Didn´t these employees know that Mozilo was dumping his stock as fast as he could this year?
by Nobody Knows More Than Me September 13, 2007 12:00 AM

Society of Kool-Aid drinkers....
by theartofmortgage September 13, 2007 12:00 AM

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