13 Aug Is Your CEO Smarter Than A Fifth Grader?
Countrywide CEO Angelo Mozilo failed to predict the Mortgage Market Mess.
Readers of the Bankruptcy Law Network were well-informed.
In an August 11 Wall Street Journal article, Reversal of Fortune No. 1 Company in Mortgages Faces Turbulence, Mr. Mozilo said getting out of the risky subprime and option ARM mortgages would have been an insight only, I think, a superior spirit could have had at that time.
A search of the Bankruptcy Law Network website for the word subprime turned up dozens of blawgs dealing with subprime lending before that comment. Just in case your CEO missed them, here they are:
1. Subprime Mortgage Lenders Beginning To Fail by Stephen Otto on January 26th;
2. How Mortgage Foreclosure Scams Rip You Off by Brett Weiss on January 29th;
3. Foreclosures Are At All-Time High by Chip Parker on March 14th;
4. Why Is The Subprime Mortgage Market Collapsing by Brett Weiss on March 14th;
5. Mortgage Company Blames BAPCPA For Increased Foreclosures by Brett Weiss on March 22nd;
6. Spike In Foreclosures Just Tip Of The Iceberg by Chip Parker on March 26th;
7. Trillions In Debt by Brett Weiss on April 6th;
8. How The Subprime Scam Works by Chip Parker on April 9th;
9. Consumer Groups: Fix Bankruptcy Laws So Hundreds Of Thousands Of Americans Can Avoid Home Foreclosures In Subprime Mortgage Crisis by Jay Fleischman on April 12th;
10. The Coming Foreclosure Crisis by Jed Berliner on May 1st;
11. Federal Reserve Predicts Continued Housing Slump by Jay Fleischman on May 19th;
12. Where Does Your City Rank In Foreclosures by Chip Parker on May 21st;
13. Rescue Loans: The Grass Is Greener For Business by Wendell Sherk on June 13th;
14. Mortgage Basics: What Is A Sub Prime Loan by Andy Miofsky on June 15th;
15. Facing Foreclosure You’re Not Alone by Dana Wilkinson on June 15th;
16. Why Should There Be Greater Regulation Of Subprime Lenders by Chip Parker on June 20th;
17. Rate Rise Pushes Housing And The Entire Economy Down The Sinkhole by Jay Fleischman on June 21st;
18. North Carolina Bills Could Curb A Leading Cause Of Bankruptcy Foreclosure Fraud by Susanne Robicsek on June 24th;
19. Feds Don’t Go Far Enough To Regulate Subprime Lenders by Chip Parker on July 1st;
20. Subprime Bond Market Why It Matters To You by Wendell Sherk on July 4th;
21. Why Consumers Are Paying Credit Card Debts Before Their HELOCs by Chip Parker on July 4th;
22. Help I Can’t Make The Payments On My ARM by Brett Weiss on July 5th;
23. Is The Sub Prime Fiasco Over I Ain’t Buying It Says The NY Times by Andy Miofsky on July 10th;
24. Minorities Pay More For Mortgages Study Shows by Jay Fleischman on July 11th;
25. Suing The Mortgage Industry Turnabout Is Fair Play by Chip Parker on July 16th;
26. Subprime Meltdown What Will The Fed Do Perhaps Congress Can Find Out by Wendell Sherk on July 17th;
27. Anatomy Of A Confession Wells Fargo Pulls Plug On Popular Subprime Mortgage Loan by Andy Miofsky on July 24th;
28. The Subprime Lenders Will Crash The Stock Market by Chip Parker on July 25th.
‘”nowing what we know now, we would have done a lot of things differently” said Mr. Mozilo, who last year earned over $114 million from Countrywide. “The fact is we didn’t know.”
The Bankruptcy” Law Network offers a free real time RSS feed to articles covering topical issues related to bankruptcy law. If you read the Wall Street Journal, and you earn $114 million or less, you should read Bankruptcy Law Network.
Andy Miofsky, Esq.
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