Angelo Mozilo, who made news this week with his startlingly candid assessment of the nation’s housing market, is…
To pay tuition when he attended Catholic high school, he got a job with a mortgage company during t…
More than 50 years later, Mozilo is still in the mortgage business, running Countrywide Financial, the largest U.S. lender. He co-founded the company in 1969.
Given Mozilo’s background, it’s not surprising to find a couple of other self-made people on Countr…
NBA legend Oscar Robertson, “The Big O,” was raised in an Indianapolis housing project. Henry Cisneros is from a middle-class Texas family and attended Catholic schools, like Mozilo. Cisneros is a form…
Mozilo’s board also has elements of privilege. Kathleen Brown, for example, is the daughter of one California governor (Pat) and sister of another (Jerry). She’s married to Van Gordon Sauter, former president of CBS.
Mozilo’s pay, which has to be approved by his board, has come under attack by shareholder advocates…
This week, in a remarkable three-hour conference call with analysts and reporters discussing Countr…
He said the problem of mortgage defaults has extended beyond the weakest borrowers, the so-called s…
He likened Countrywide to a huge battleship headed in the wrong direction and said it would take a …
All of that was pretty well reported in the media and led to a sharp drop in Countrywide’s shares a…
Mozila, who helped create the modern mortgage industry, said the delinquencies so far among the com…
The reset tsunami won’t be as large as many expect, Mozila said. But if his observations are correc…
Also, keep in mind that this mortgage turmoil is occurring in an overall strong job market. If unem…
On the web
Mozilo wins even if Countrywide profits plummet – Reuters
Countrywide Financial Q2 2007 Earnings Call Transcript – Seeking Alpha