Mr. Mozilo, you greedy putz. You made your bed, now lay in it, bed bugs and all!
No government bailout for these lenders or their clients. It’s their problem, NOT the taxpayers.
Angelo, Angelo, Angelo! Why on earth should I, JoeTaxPayer, pay one dime to bail out your poor business decisions, i.e. lending money to those who could not afford it?
Hey, Angelo! The government didn't twist your arm to make questionable loans; deal with it! The folks who got snowed are the ones who may be worth helping, not slickster mortgage brokers.
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“Angelo Mozilo, chief executive of Countrywide Financial, on Monday strongly criticised the US government’s response to the collapse of the subprime lending market, saying there had been “zero” effort to tackle the crisis. “
That idiot caused it and now wants federal, free, money to bail his ass out. Let him rot.
Housing was, is and never will be a problem.
Sincerely
The Toddsterpatriot!
TFB. If these dopes can’t run a clean business without riping people off, they deserve to go out of business. If we ran our computer repair business like these guys did, we’d have been run out of town on a rail many years ago.
Granted, people are stupid, but there is no way in HELL that the government should bail out these idiots. The Lenders OR the Customers.
Let the Free Market do it’s thing, and those of us with ready cash to buy a McMansion for a song can do so right now. (I have NO desire to own a home bigger than the one I have now.)
Plenty of my relatives made a killing in real estate when the market crashed in the 1930’s, and in the years to follow they rolled those homes and land purchases into bigger and better things for we future generations.
Cash is King, Baby. Always has been, always will be. :)
Actually, the government has done a few things.
FHA rules were altered...that’s the primary change.
Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the “most significant FHA initiative in more than a decade.” It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush’s proposed change would extend the nothing-down option to borrowers with blemished credit.
(snip)
exerpt:
http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm#
From USATODAY 1/20/04
It was government action that made this problem a crisis. Now this guy wants them to do more.
Mozilo belongs in prison. He quietly sold 200 million of his own Countrywide stock in increments, while telling one and all how bullish he was.
No sh*t, Sherlock!
This guys a criminal, and should be in Jail... its not governments responsibility to bail you out of the fallout from your greed and lies.
It is however their responsibility to prosecute and punish you for your crimes.
SEC, where the hell are you on CFC?????
My wife and I were talking about the housing situation this morning. The bigger the swing in values, the bigger the risk. People were literally making as much (or more) on the appreciation of their homes via refinancing as they were on their jobs. That is HUGE. Problem is, when things go the other way they can find themselves “upside down” on their home loan.
It’s one thing to be upside down on a car loan. It is quite another to find that your home is worth $100,000 less than you owe - and your loan is about to reset.
Big risk means big swings - in BOTH directions.