Skip to comments.Fraud charge for Countrywide boss
Posted on 06/04/2009 3:40:57 PM PDT by LurkedLongEnough
Angelo Mozilo, former boss of Countrywide Financial, has been charged with civil fraud and insider trading by the Securities and Exchange Commission. He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007.
Mr Mozilo has denied doing anything wrong. Two other former executives have also been charged with civil fraud.
The SEC published extracts from e-mails sent by Mr Mozilo. "The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales," he wrote on 26 September 2006.
(Excerpt) Read more at news.bbc.co.uk ...
What a shame.
"...In June 2008 Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Finance Committee Chairman Kent Conrad, and Fannie Mae former CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo..."
Funny. No mention of his political affiliation. Hm.
They need to prosecute Chris Dodd as well.
exactly. friends of Angelo need to share his misery.
Thanks to Dodd, Countrywide and other lenders made a killing on subprime mortgages......er, make that "affordable housing"..... That ill-fated move created the housing bubble, the Wall Street meltdown, and our economic calamity, necessitating (first) the $700B TARP.
Obama's $$$trillion dollar stimulus was structured to enrich Dem states, dispersed in a manner to keep Dems in control. In Conn, most of the stimulus money went into cities: Hartford, New Haven, Bridgeport, Waterbury (homes of large insurance companies who make large campaign contributions).
HOW DODD'S DEAL MIGHT HAVE GONE DOWN For nearly a year and a half, Countrywide failed (or declined) to secure its interest in Dodd's home by taking the ordinary and essential step of presenting the documents to the local town clerk and recording them in the land records. The escrow company that handles the transaction always does that once the monies are wired.
JUST WONDERING Why would someone instruct the escrow company not to record the Deed? Actually on a refi, the deed would be in Dodd's name and the recording would be a lien by Country Wide. (A) Was the mortgage non-existent? (B) Were wired monies a payoff "laundered" as a mortgage? (C) Were the monies diverted-----maybe wired to a Conn casino account?
RECAP The escrow company that handles mortgage transactions always records the deed once the monies are wired. Why would someone instruct the escrow company not to record the Deed? Was the mortgage perhaps non-existent? Were wired monies a payoff "laundered" as a mortgage? Wired monies could be a smoking gun. Were the monies diverted-----maybe wired to a Conn casino account?
NEED TO KNOW Dodd (and his wife and family) are probably enrolled in high-roller comp programs at Conn casinos (and/or in other gambling venues). These programs show every nickel high rollers bet---including wins on which high rollers may not have paid taxes.
Casinos are very tightly regulated. They are more than happy to cooperate with authorities---to protect their licenses. Casinos would also have records on the amount of untraceable casino chips Dodd (his wife and his family) received-----maybe gifts from his pal Angelo.
Authorities should also inquire if Dodd wire-transferred--- or if Angelo and other sub-prime lenders--- wire-transferred monies into Dodd's casino account........and if taxes were paid on these monies.
CONTACTS: Connecticut Division of Special Revenue (Gaming Control Board)
WEB SITE http://18.104.22.168/search?q=cache:EPdMRVRy8g8J:www.ct.gov/dosr/
Division of Special Revenue (casino control)
555 Russell Rd.
Division of Special Revenue (casino control)
P.O. Box 310424
Newington CT 06131-0424
Another possibility: Dodd, his family, and Angelo, may have used NETeller Plc to illegally convert monies that were then transferred offshore---to overseas gambling companies, for their personal use later. NETeller is an Isle of Man-based payment processor for gambling Web sites (suspected of having operations in the US Virgin Islands---a notorious money-laundering bank haven).
Have the Feds looked into whether these sweetheart deals were reported as income? Could also involve mutiple conspiracies including theft of public property and official records
REPORT TAX FRAUD AND TAX LAW VIOLATIONS HERE:
TELE IRS TOLL-FREE 1-800-829-0433----you may remain anonymous.
Fiduciary negligence---signing off on falsified statements can be reported here:
http://tips.fbi.gov/ (you may remain anonymous)
So will he give up the 90 million lotto winner that ran Freddy May or is he the fall guy? Two years in jail, pardon from O and millions in his bank account.
Sounds like he’ll be just fine.
How sad is that. The level of corruption in the Democrat party is appalling.
I do not identify myself as a Republican anymore, I identify myself as a conservative. Even still, the level of corruption is nowhere nearly equivalent with both parties.
If they could have nailed the Republicans with real scandal and corruption during the Bush years, they would have done it. But the best they could do was to attack some guy toe tapping in a bathroom, and get another guy on a trumped up perjury charge. (Duke Cunningham was a thief, though...)
In this administration, you can’t be considered unless you are as corrupt as the day is long, or you managed to cheat on your taxes.
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