Friday, May 1, 2009

Florida Attorney General Files Charges Against Angelo Mozilo and Countrywide Bank

The Florida Attorney General announced today the state was going to file charges against disgraced Countrywide Bank Executive Angelo Mozilo. Mozilo and his celebrity politician friends like Chris Dodd and others were pack leaders in shoving sub-prime loans into GSEs like Freddie Mac and FAnny Mae.

There's been a lot of questions raised by Senator Chris Dodd's lucrative relationship with Angelo Mozilo of the defunct Countrywide Bank. Friends of Angelo Mozilo got cheap loans with few questions. One hand washed the other, as Dodd and Barney Frank urged bankers to put out as much housing money as they could in the form of subprime loans. Freddie Mac and Fanny Mae, with congressional urging, could be relied upon to absorb as much bad debt as they could. It was all done "for Americans across the country" and now the very same Americans are done in by the rot and corruption.

There's no end of grabbing for riches when you're in Congress. But what is it with top Democrats and real estate deals? These "ventures" of Dodd and Mozilo cry out for investigation and it is good to know that, in Florida at least, the wheels of justice are beginning to turn.

The states have to do it because you can be sure the One-party congress won't conduct hearings on that.

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