Have I mentioned greed? I don't personally know this guy, his politics nor his business plan. But this is a really funny video about mortgages, foreclosures and anything else in the housing crisis/sub-prime lending crisis you'd like to contemplate.

Angelo R. Mozilo is Chairman and Chief Executive Officer of Countrywide Financial Corporation, a company he co-founded in 1969 on the principle that every family in America desiring to achieve the dream of homeownership should have the opportunity to do so. Today, Countrywide is a global leader in residential finance and related services: a member of the S&P 500, Fortune 500 and Forbes Global 2000 with more than 900 offices operating on three continents. Mr. Mozilo is active in all aspects of Countrywide's businesses, which include mortgage banking, national banking, a securities broker-dealer, life and casualty insurance and real estate closing services.

The quote above is straight off the Countrywide website (http://about.countrywide.com/bios/Biography.aspx?CtlID=0). I don't know how the "is a global leader in residential finance" remark jibes with rumors of Countrywide's demise (bankruptcy) and the multiple cash infusions (transfusions) they've required to stay alive.

Here's a comment from a former employee:

When I worked at Countrywide, this was the guy that pushed the company into doing more and more sub-prime loans. I guess he gave the company its start, now he's practically killed it. He's always been that orange, just like an Umpa Lumpa….Umpazillo

OK, so former employees are always bitter. The fact remains that sub-prime loans were generated because everyone wanted more money, and there was plenty of money to be had: the Realtor, the broker, the candlestick maker. The investor, the investment manager. The home buyer who hadn't previously manifest the discipline to put 20% down and pay all their bills on time.

REO–Real Estate Owned: a euphemism for seized by the lender. There are only 563 in my state - from Countrywide! Who knows how many more from other lenders. Arizona is a relatively poor state, low wages and all that.

Learn how to buy your house and to pay for it–the house–not your lender's kids' college tuition! Sheesh! It isn't your fault. We've all been duped. But we're getting smarter and we aren't going to take this @#$% anymore! Join the Club!

REVOLT • REVOLT • REVOLT!