It Takes a Pillage by Prins Nomi

Author:Prins, Nomi [Prins, Nomi]
Language: eng
Format: epub, pdf
ISBN: 9780470555958
Publisher: John Wiley and Sons
Published: 2009-10-02T07:00:00+00:00

In other words, his company’s failures weren’t related to the actual mortgages it sold. Note Mozilo’s use of the word complex. Complexity comes up as one of the most overused excuses for executives’ rise and the economy’s subsequent fall.

Mozilo’s e mailed response in May 2008 to a mortgage holder who wrote to Countrywide asking for a loan modification was a bit blunter. Mozilo was annoyed that his customers were questioning his firm’s methods. “This is unbelievable. Most of these letters now have the same wording. Obviously, they are being counseled by some other person or by the Internet. Disgusting,” Mozilo wrote and then accidentally hit “reply” instead of “forward.”15

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