Friends of Angelo: The Rise, Rot, and Collapse of Countrywide Financial
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Show Notes
It was once known as the "23,000% stock," a mortgage giant that outperformed Berkshire Hathaway and financed 20% of all mortgages in the United States. In this episode, we dive into the story of Countrywide Financial, the lender at the heart of the subprime mortgage crisis.
We examine the aggressive rise of the company founded by Angelo Mozilo and David Loeb, and the controversies that plagued its final years—from allegations of steering minority borrowers into high-cost loans to the infamous "Friends of Angelo" VIP program that gave sweetheart deals to politicians and CEOs.
Tune in to hear about:
• The "Protect Our House" Campaign: How the company forced employees to sign loyalty oaths and wear green wristbands as the business crumbled.
• The VIP List: Inside the scandal involving favorable loans for figures like Senator Christopher Dodd and former Fannie Mae executives.
• The Bailout: How Bank of America purchased the failing company for $4.1 billion, only to later pay nearly $17 billion to settle claims over toxic assets.
• The Aftermath: The SEC fraud charges against Mozilo and the massive layoffs that followed the takeover.