That’s right: It couldn’t happen to a “nicer” guy....Mozillo finally gets some comeuppance.
Just reported: Anthony Mozillo, former CEO of Countrywide Mortgage (now part and parcel of Bank of America) has settled with the SEC for violations of defrauding investors of the looming certainty of the mortgage meltdow. The fine: 67.5 Million. And, one of the largest ever given to a corporate executive.
The fact that Mr. Mozillo agreed to pay this fine through negotiations with the SEC should be very obvious to the American public. Mr. Mozillo and his attorneys (as well as Bank of America and the SEC) know that bringing him to trial would have absolutely opened up the opportunity for more criminal charges (from investors, consumers and nearly every other entity attached to purchase of Countrywide loans).
Without a doubt, Mr. Mozillo is widely regarded as evil incarnate by people within and outside of the mortgage industry. Except possibly Senators Dodd (Chairman of the Banking Committee) and Senator Conrad (Chairman of the Budget Committee and a member of the Finance Committee) who both received preferential (and illegal, per then guidelines of FNMA) Fannie Mae loans through their direct connection to Anthony Mozillo.
Both Senators refinanced properties through Mozillo’s (and Countrywide’s) V.I.P. program in 2003 and 2004. The loans in question allowed for significant reduction in costs to outright waiving of fees for the elite V.I.P. member. And, in some cases, loans that were outside the allowable loan limits for FNMA were closed (and sold) to the mortgage giant.
The SEC and Congress decided our illustrious Senators and Mr. Mozillo did nothing wrong in these related transactions (of which I am still left scratching my head) so there were never any consequences for any people involved in Countrywide’s V.I.P. program).
Besides lying to the SEC and Countrywide investors about the looming meltdown of the mortgage industry it is also important for the American consumer (both in and out of the real estate industry) to understand how Mr. Mozillo fleeced the American Homeowner through Countrywide’s loan product offering and loan officer compensation program.
In the mortgage industry it is widely known (required and legislated) that a mortgage professional has a fiduciary responsibility to their client to provide the best financial advice for the client (not the loan officer). This is not simply a “PollyAnna” viewpoint, but evidenced by the fact that (in ethical organizations) a consumer is going to pay a loan officer compensation based upon doing a loan with the loan officer.....ANY loan.
But, at Countrywide the loan officers were encouraged and enticed to steer consumers to the “1%, negative amortization loans” by dramatically increasing their commissions and their performance ratings within the corporation. Simply put, a loan officer’s standard of living and continuation with Countrywide was based upon his/her ability to “sell” the consumer on this specific product (without consideration for benefit to the consumer).
While I am pleased to know Mr. Mozillo will be deprived 67.5 Million of his “hard earned” (give me a break!!!!!) spoils from the meltdown of the mortgage industry, I certainly take no solace in this settlement. Rest assured, the millions (billions?) Mr. Mozillo “earned” through the boom years ensures that the fine is a mere pittance and his lifestyle will not be remotely affected.
In my humble opinion Mr. Mozillo should be playing checkers with Mr. Madoff. As yet, he has not paid his debt to the American public. Perhaps the further investigations into the foreclosure crisis will continue to reveal how Mr. Mozillo (and other Banksters, to be sure) helped fraud American consumers all the way to the bank.
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Deborah "Dee Dee" Garvin
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I think there should be something more painful for his future than a loss of $67M. Even if that amount is painful to him, it's not enough to appease the public.
Deborah - We've grown far to lenient on white collar crime in the U.S. While I understand the reasoning behind settling such cases, I'd like to see more of these "criminals" incarcerated. That might serve to deter such actions in the future. Taking away only a portion of their ill-gotten gains does little to discourage similar crimes in the future.
Carol, It certainly does not appease me. I made a decision to never work for Countrywide more that twenty years ago....and have never regretted it. The ethics of the corporation (and it's senior management) was non-existent long before the melt down. Thanks for the comment.
John, Thanks for the comment...and we could not agree more. Obviously, I am not a fan of Mozillo....in fact I do, indeed, think he and Madoff are cut from the same cloth. I sincerely hope the dust does not settle for him for some time to come.
I have often thought these people need to be strung up like horse thieves. The damage they have done is worse than any murder. They have ruined the lives of many people and damaged this country.
However, what would also be fun is to just strip them of all their wealth and give them menial jobs and a small ranch style home in the suburbs. Make them mow their own lawns and live like the rest of us poor middle class bums they seem to feel so much better than.
I would say he just got away with murder!
It doesn't seem enough. Too little too late for so many people. Is he really going to live it rough now? Margaret C.
Gene, When I was writing this post I wondered if I was being too blunt in my disgust for Mozillo's contribution to the nightmare in finance....glad to know I am not alone in my revulsion of him...and others.
Ellen, Pretty much....in so many ways. He contributed to murdering the hope and faith of many, many people.
Margaret: Seriously doubt his days on golf courses and lounging on yachts is in any serious jeopardy.
I have a few choice words here but will refrain myself. This guy should be locked up and the key thrown away. With every penny he has going to assist in this debacle that has been caused from bastards monsters like him. I think checkers with Madoff should be limited to 1 hour a year, Christmas Day.
Deborah ... I'm glad I still had some 'suggests' left!! I heard him "testify" in a "hearing" televised on CSPAN a while ago . . . brought tears to my eyes. POOR GUY. He said somethng about having kids he needed to send to college. Which was why he sold off to B of A. HA HA HA
I say, let it all hang out. The American citizens are entitled to all of the dirty laundry that is now forever covered up by this settlement.
Of course there was a settlement; there was no other choice for the snake-oil salesman and the government scoundrels whom which he was in bed.
Well, this news is certainly welcome. Money isn't apologetic, though, and it doesn't reform or undo criminal behavior.
you had the VIP loans, but dodd and conrad also fell under the F.O.A. program
That's; Friends of Angelo (an actual designation)
but they did nothing wrong, they just got real good deals.
And no jail time. What a shock! Not. If we did that as everyday people, we would get jail time.
Deborah- We should have used water boarding on him instead to get him to spill all the beans. Like Lenn says, let is all hang out! This protectionist crap is disgusting. He and Dodd need to be in jail. Amazing what they all get away with.
I certainly believe that the SEC knew all along about Madoff but this was the opportune time to use him as their decoy so we will all scream, "hang him" while banksters with MERS have committed a scam, scandal and the ultimate ponzie scheme of all time. Well, second to the new one they are all concocting- the carbon credit exchange! Katerina
Deborah,
Great blog -- if there isn't punishment in this life maybe the next!!
Cheers
Gordon
Deborah...
There will be more fallout as time goes on, but in intrigues me that the politicians did not even get a slap on the wrists.
Deborah,
What was the old saying, 'He is not worth the salt in his bread'. I would like to institute a chain gang down in the swamps of LA for him to work out his debt to society in. Now as for those lying Senators...
-Brent
Deborah--For a person who has written some truly amazing, and thought provoking,posts in the past, this is your "finest hour". Angelo Mozillo is one of the most evil financial people in the history of America. You neglected to describe, [you couldn't get it all in] the tawdry history of IndyMac Bank [a Mozillo creaton]which was brought down by lies and innuendos and cost many innocent people many dollars.
The mortgage industry will emerge from this mess, but everyone needs to know what really happened so we do not permit it to happen again.
Thanks for enlightening us.
Countrywide and B of A need to step it up and provide service. They advertise like there great but the facts are they are not and they had this coming.
Deborah: Thanks for the post. Mozilo's days aren't over with. He may still be criminally prosecuted. Either way he has been disgraced. Perhaps that's enough. He joins a long line of crooked businessmen who will forever be remembered for the collapse of not only their company but the mortgage market as well. Again, thank you. I'm not sure anyone feels sorry for him!
Angelo receives a slap on the wrist (will a $67 million payment diminish his lifestyle? - probably not).
The Senators get away with it, for now.
But there is a Judgment Day coming, when these criminals will stand before the Great Judge, and they can explain to Him why they betrayed and stole money from working class people.
I wish there were someway for the citizens of the United State to charge the Senators and Representatives with crimes committed. What these so called leaders have done and continue to get away with is ludicrous.
Stephanie, I know that you know all too well the harm caused to so many people (even those with stellar careers in the mortgage industry) by the like of A$$ Mozillo. I have difficulty being civil about this one, however. Thanks for your thoughts!
Carla, Thanks for the suggest! I appreciate it much....I did not see him on CPAN but I do not believe sociopaths like Mozillo have a conscious (add him to the list including Madoff and Simpson......those two finally got their due...perhaps a day will come that Mozillo will also).
Lenn, I would love to see it all hang out...though I suspect this settlement will buy a lot of silence. The debacle is much like an iceberg. The American public is only seeing 10% of the whole situation....it is bad, horrible...but what they cannot see is even worse.
Agent Aaron, Wow, there are so many things I could say to agree with your comment....but, none are appropriate! LOL!
Elizabeth, I agree. It would be nice if the SEC had to be accountable for what they do with these ill gotten gains. Provide mortgage relief for millions of Americans? That MIGHT help with the apology!!
Jay, I am well aware of the Friends of Angelo program. And, much more. Hey, this post could have been a book (or a series)! There is plenty more garbage......and, believe me, I don't know the half of it. The fact that same said friends have led the pack for "fixing" financial reform in this country should scare you and every American to death....sorry, I do think they are not innocent....I am hoping there is sarcasm in your comment!
Jackie, If ordinary people tried his tricks on ONE person we would get jail time, lose our license and never be able to originate another loan or sell a dog house! Amazing!
Katerina, Waterboarding! I like it! Not only is Dodd not in jail...but Dodd has set the rules that have (and will continue to) thwart the stabilization of the housing and finance sectors. And, yes, I agree with you that the SEC knew about Madoff long before the bust.
Deborah,
A small contribution from the over $500 million that he earned. I hate these plea bargains.
Rich
He got off easy, I think. I'd rather have him settle than bear the cost of a trial, which I think would have been very expensive, and at least they got a guilty plea out of him and any piece of pie is better than none.
Bank of America is paying $45 million of the settlement! Mozilo is getting off with a slap on the wrist. The good news is that there are still many shareholder suits pending against him and other Countywide execs.
Let's see. From 2001 to 2006, Anthony Mozilo's total compensation at Countrywide was approximately $470 million. See this item in the New York Times, $406 million apparently from selling Countrywide stock including $129 million in the 12 months before it collapsed. For a broader view, see the Wikipedia article
Of the $67.5 million fine, Bank of America is paying $45 million. So that leaves Mozilo on the hook for $22.5 million.
Hmmm. $22.5 million in fines and he earned $470 million during that time period. Let's bring that down to numbers we can understand. Suppose you earned $50,000 a year. During a 5 year period, you'd have earned $250,000.
But it turns out you'd been doing some bad things. And after dealing with the appropriate authorities you agreed to pay a fine. Your employer (broker) pays most of it, but you're stuck with about a third. So the total fine is $35,904. And your share, the amount you have to pay, is $11,968.
OK. $11,968 is going to sting. But it's barely more than a slap on the wrist. (And you might not have been able to save too much of that $50,000 a year. I'll bet Mozilo has able to stash away some of what he earned, though.)
And that's what Mozilo got. A slap on the wrist.
Well the lesson contiues to braodcast the same old message....for enough money, you can beat the systems....In Mozzilo case...$60 million
Well the lesson continues to broadcast the same old message....for enough money, you can beat the systems....In Mozzilo case...$60 million
It's a flat out joke - Mozilo probably spent almost that much last year at the tanning salon.....
Deborah, I heard on a newscast that a substantial portion of the fine is being paid by Bank of America who owns Countrywide. He did pay still millions himself but it still seems like a HUGE slap on the wrist other than barring him from leading public companies. Donald's point above is well taken. The shareholder pending lawsuits is what will be the hassle for him for years.
Gordon, I do absolutely believe "what goes around, comes around"
Richard, I am not sure "intrigues" is the word that works for me....disgusts is way more like it.
Brent, Next to Katerina's waterboarding idea (or maybe combined with?), I think a chain gang in LA is a great idea. They could be fixing the mess still left by Katerina.....about time, I think.
Elliott, Thank you kindly!!! As mentioned above, if I ventured into IndyMac (and many others, mind you) I would be writing the Deborah Garvin's financial version of "War and Peace"!!! However, you are 100% correct....CW is only part of the destruction of the likes of Mozillo. Appreciate your comments!
Chuck, I won't even get started about BofA.....believe me, it was not a twist of fate that these two banksters ended up in bed together. Birds of a feather, as Grandma used to say.
Paul, I think you are correct that no one feels sorry for him. But, I don't think disgraced goes far enough the likes of him. Forgive me, but I think it is my decades in the mortgage industry and my complete commitment to my career and fellow employees and brokers, loan officers and consumers that cuts me so deep about Anthony Mozillo. The likes of him disgraced not only himself, but disgraced and destroyed the lives and careers of many, many stellar mortgage professionals. No one talks about that. Not only were our jobs and careers destroyed but we have been designated the worst of worst....not to be trusted. It is painful, on so many levels....and 67.5M does not heal the wound.
Fred, Of course you are correct! And, outside this post, I need invest no more time hoping for comeuppance for these peeps....the Universe will handle in due course.
Scott, I concur completely.
Rich, The ONLY advantage of this plea deal is that the American taxpayer would have paid to play in court for a very long time. And, Mozillo has plenty of money to play until we (the public) have none left.
Nancy, There is nothing I would like better than seeing him do time...but it is not "they" that would pay for it. It is you and me...and our children and grandchildren. We have already jeopardized this nation with enough debt....for that reason alone I am glad for the plea deal. I just wish it has stripped him clean!
John, With any luck at all the reminder of his life will be spent in judicial misery.
Donald, Nice analogy....I am sure Mozillo has plenty of dinero left. Remember, he isn't even banned from re-entering the mortgage industry!!!! Now, there is a terrifying thought!!!
I think that there are many more people who should receive hefty fines for this mortgage mess!
Richie, Of course, you are correct. Unfortunately so, but correct.
Steve, Probably correct. At least he looks like the lizard he is!! LOL
Gary, The pending lawsuits are the only silver lining in this cloud....may they continue for decades.....
Vicki, Believe me, there should be a "Hall of Shame" for the execs who were the masterminds behind this mess.
Now if we could just put Dodd and Frank in the slammer...
David, Now there's a thought!
Deborah, wow, what an excellent post. Reading it is like reading a suspense. You can't miss a line.
definitely sarcastic, they should have been and still should (at least) be removed from their positions.
throw da bums out!
Hi Deborah, This guy is the poster boy for corporate greed ! Hopefully there will be adaquate media coverage also.
Jon, Thank you, sir!! Appreciate you being here~
Jay, I thought so!! (Whew!!!) Thankfully, Dodd is retiring....of course, I think he is retiring to avoid the reality that he would be voted out of office.
Bill, If we rely on the media for truthfulness and accuracy, we are all doomed. (IMHO)..most are in the pocket of some bank, politician, group, etc...and tell the American public exactly what they want us to know. The truth has little to do with it.
Deborah,
Great post. I agree with the trend of the posts the fallout is just beginning. i agree with John we are too lenient on white collar crimes. Look at Jeff Skiling and Andy Fastow from Enron. Jeff is trying to get more leniancy that has been done under the radar. Thousands of people lives are damaged when this happens, you know the saying the easiest way to rob a bank is to own or work for one. In the mid 80's I worked for a ski resort that was "owned" by a S & L. I was green and naive but my gut told me they were doing something wrong so I quit without a job. 10 years later the FDIC came calling for me to testify against the 3rd partner, ironically I was working at Enron at the time; so I was older and wiser; whe he heard they had gotten a hold of all the old employees he pleaded out and received jail time. So one for good guys.
Yolanda, Wow, I remember the S & L debacle well. I was working in retail banking at the time. Wasn't that the first of the bank type bailouts? The difference, though, is that the government stepped in an protected consumers deposits as well. In other words, the $$$$$ didn't solely benefit the banksters. And, Enron? Another nightmare for millions of employees and stockholders. It is truly difficult not to feel that is truly them against us, as in Wall Street against Main Street. Thanks for your comments!
Deborah, great informative blog. It is amazing what some of these people can get away with. These characters need to be in prison. They have ruined hundreds of thousands of peoples lives.
Damon, I agree completely!!! Thank you for your comments!
$67 Million is unfathomable to me, just as is the sheer number of lives it represents that this jerk and others ruined.
Evelyn, To me as well. But, chump change to this particular jerk.
Just the fact that he can afford to pay 67.5 million is a shame in itself. I would love to see him really pay for his wrong doings.
Gabe, Considering BofA is picking up most of the tab, trust me...he could pay this many times over. thought: Is BofA using TARP money to pay for this...which would mean WE are actually paying for Mozillo? So wrong on so many levels!!!
Deborah,
When I read about these activities and how our elected are getting away with things we mere "citizens of USA" would never be provided I have to step back for fear of my emotions getting the better of me. I heard the other day that it took just a few days for candidates to raise millions of dollars for the Texas governors race and yet we have a hard time raising money to take care or our own during disasters like Katrina and the Gulf Oil spill. I need more patience and wisdom it seems. Thank you for the informative blog.
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