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Mortgage Grapevine

Interesting read: Countrywide Mozilo emails from 2005-2007

http://www.scribd.com/doc/82947585/Never-Seen-Before-Mozilo-E-Mails-Posted-by-Piggybankblog-com


Why this clown isnt in jail is beyond me. For as much as he thought Countrywide was a stellar company they had no clue on pay option ARMS. Funny how Mozilo thought there was nothing inherantly wrong with them in 2005 and in 2007 couldn't get out fast enough. Also how he portrayed the broker as the bad guy if it werent for the brokers pushing his loans he would have anywhere near the company he did.

Never did one POA and never saw the benefit unless you lived in CA.
by sfranny January 8, 2013 3:45 PM


Far from defending Angelo or CW but I'd be careful of ex post facto condemnation.

..or the subsequent defense of (a segment of) the broker community.

We're past the demonization Scott. Time for the adults in our industry to take over.


by BuySide January 8, 2013 4:17 PM


Big hero of mine, the mighty Mo.

There wasn't a god damn thing wrong with the loans nitwit.
There was a problem with the potus himself almost mandating that the miserable Fuck of a borrower be accomodated in every possible way.


A message from those of us with balls to the frannys of The world.
You didn't lose, cause you weren't even invited to the game.


Weaksauce.
by turdly January 8, 2013 7:41 PM


Time for the adults in our industry to take over.


by BuySide January 8, 2013 4:17 PM

Ok cold hearted bastard TVOR here.

Are you speaking about the adults originating all those Harp2 regardless of LTV lenders Buyside?

A lot of industry leaders today including a HUGE mortgage banker doing lots of radio ads say there is a refinance option for those borrowers owing $300k on a $150k home.

Are those the adults we talking about Buyside that are taking over?




by the voice of reason January 8, 2013 7:43 PM



tvor, relax. he's referring to the real adults who work the real loans for buyers...the panhandlers schlepping refi's will dry away in the wind when rates go up...

you've not seen that happen before I take it


by Dr. Branker January 8, 2013 8:13 PM


nope, never seen rates go up. I'm a newbie.
by the voice of reason January 8, 2013 8:17 PM


Terd, there wasnt nothing wrong.with neg.amortization loans? Are you a moron? Give a borrower 4 options.on payment and most choose cheapest payment. Guessing Herb Sandler was an idol.as.well. Mozilo should be in jail. So youre.saying all this was Bushs fault haha that ridiculous. It was Dodd and.Frank who pushed for anyone.to get a.conventional loan had to.make.their minority voters happy. Then theythey went.late and trashed their house before it went into foreclosure.
by sfranny January 10, 2013 9:55 AM


Terd, there wasnt nothing wrong.with neg.amortization loans? Are you a moron? Give a borrower 4 options.on payment and most choose cheapest payment. Guessing Herb Sandler was an idol.as.well. Mozilo should be in jail. So youre.saying all this was Bushs fault haha that ridiculous. It was Dodd and.Frank who pushed for anyone.to get a.conventional loan had to.make.their minority voters happy. Then theythey went.late and trashed their house before it went into foreclosure.
by sfranny January 10, 2013 9:56 AM


TVOR you're an old fucker like me. We remember FHA at 12% and 10 points. We remember who taught us how to make a good loan. (25/33 ratios anyone). We remember why we hired HFC dudes as LOs. (They knew credit cold.)

You know any LO that reads a fredit report beyond the score and collections?
by BuySide January 10, 2013 12:30 PM


You know any LO that reads a credit report beyond the score and collections?
by BuySide January 10, 2013 12:30

The first rule of originating I was taught Buyside is that the originator is the first underwriter. 90% of the loans I originated closed and funded. Now if I could find a banker to hook up with.



by the voice of reason January 10, 2013 3:31 PM


Four options... One really fucks anyone responsible...being unresponsible I'll have to go with the fuck ME choice.

Those that paid it as if it were a real loan recently had the pleasant surprise of a rest that dropped their payments hundreds of dollars.


Whiners are whiners...and so is franny.
by turdly January 10, 2013 5:33 PM


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