Former Countrywide CEO, Angelo Mozilo, in an interview with the Wall Street Journal on whether the mortgages loans his company (and many others) made were the cause of the 2008 housing crisis and market collapse. He says a liquidity crunch and panic were the causes. This from a man who was accused by the SEC of unloading $140 million of his stock based on inside information. He settled the charges for $22.5 million.
Experts and those grounded in reality beg to differ. “It wasn’t just Countrywide, but Countrywide was taking shortcuts everywhere. They weren’t picky about quality. And everybody bought into this, hook, line, and sinker at exactly the wrong time.” Mr. Mozilo is, amazingly, still selling.