"We did what we felt was right for the industry, for the company, for our shareholders," former Countrywide Financial CEO Angelo Mozilo says.But most historical accounts differ: Loans to unqualified buyers are generally seen as the flame that lit the financial crisis's fuse.
"Everybody blames the subprime. To me, it's nonsense," he said this week at the SALT 2019 conference in Las Vegas. "If you take the totality of the subprime assets, the value of the subprime business that existed at the time ... it was a puddle in an ocean. But it's an easy target for the politicians and media to attack, to rile people up about. But it was not the cause at all.
Financiers became the villains of the crisis. Mozilo was among those marched in front of Congress to explain their actions. The huge amounts of money made by industry executives became an easy target for politicians, as information came to light that Mozilo made more than $400 million during a seven-year stretch leading to 2006, when the market began to come apart.
The headline would be if this criminal were to admit that it was his fault.
Should use sunscreen
Where precisely do the Umpa live? Are we allowed to visit 💋
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