Angelo Mozillo Wants To Be Your Writing Coach
May 21st, 2008 by John Stodder
The chairman of Countrywide, Angelo Mozillo, must be a frustrated high school English teacher.
Amid waves of foreclosures wrecking the financial fortunes of his customers, Mozilo zeroed in on the most important problem facing these soon-to-be ex-homeowners: Lack of originality.
Apparently clicking “reply” when he meant to hit “forward,” Countrywide Financial Corp. Chairman Angelo Mozilo ignited an online furor Tuesday by describing a mortgage customer’s plea for help as a “disgusting” example of form letters inundating the Calabasas home lender.
Mozilo’s e-mail rocketed back to the customer, Daniel Bailey Jr., who had asked Countrywide to modify the terms of his loan so he wouldn’t lose his home of 16 years.
Bailey said he took out the adjustable-rate mortgage without realizing how it worked and had been told incorrectly that he could refinance after a year. Instead, he wrote, “the bottom fell out” of the home-loan industry, and he was stuck with unaffordable payments.
Much of the language in Bailey’s message to Countrywide was borrowed from a form letter available at the website LoanSafe.org, a coaching service for troubled borrowers. Bailey, who says he operates a photo studio, posted his e-mailed exchange with the lender on a LoanSafe forum.
His original e-mail was sent to 20 Countrywide addresses, including Mozilo’s. Such mass e-mails have overwhelmed e-mail boxes at Countrywide, disrupting its operations and prompting Mozilo’s heated response, the company said.
“This is unbelievable,” Mozilo said in his e-mail. “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”
So keep that in mind, Mr. Bailey and all you other pending bankrupts. In your desperate pleas for help — no copying!
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It is digusting!! Everyone of these customers were aware of what they were getting into when they signed on these mortgages. They are now blaming lenders for there own decisions. If the market didn’t have a correction none of us would be hearing about this. The media needs to stop the negative abuse toward lenders telling them not to make mortgage payments or renegotiate your loan instead of getting second job and working harder to pay your bills. The attitude towards credit in America has shifted due to all of this publicity these opportunist customers are taking advantage of lenders. Pay your obligations instead of blaming others and start acting like Americans. Homeownership is not only where you live but a very large investment in your future. Stick to it in the end you will benefit!