Angelo Mozilo's sister: 'How about investigating Schumer?'

Look who else is taking a whack at Sen. Chuck Schumer for his June outing of IndyMac Bank as likely to fail: It’s Lori Mozilo, sister of Countrywide Financial Corp. founder Angelo Mozilo.

Writing on the Huffington Post, Angelo’s youngest sister offers a defense of her brother, who she said "believed every American could one day own a home and be a part of the shared experiment called America."

She calls him "the staunchest believer in the American dream I have ever met."

Lori Mozilo gets a little confused about political titles in her piece. She refers to Rep. Henry Waxman (D-Calif.), who convened a hearing in March on the mortgage crisis and summoned Angelo Mozilo to testify, as "Senator Waxman." (In his dreams, no doubt.)

In any case, she ends with an attack on Schumer (a real senator, Democrat from New York), noting that "Schumer's public release of a letter to the Office of Thrift Supervision and the FDIC expressing concerns about IndyMac's viability has been cited by the OTS as one of the major reasons for the bank's liquidity crisis and its subsequent take over."

She concludes: "Chuck Schumer vigorously denies his actions had any effect on the situation. Perhaps Senator Waxman should convene another panel. The press can fire up the TV cameras and we can all start asking some questions. Surely someone else is ready for their close-up."

Photo: Sen. Charles E Schumer. Credit: Andrew Harrer / Bloomberg News

Comments

[Larry Kramer]

Schumer is an idiot. Yes, lets investigate all of these hypocritical sleazeballs who think they are god and right checks on OUR back.
However, Mozilo need to forfeit ALL OF HIS EARNINGS FROM LAST YEAR AND THIS or go to jail. By the way his son was an executive at IndyMac and that should be a conflict at the very least.

Good Luck Mozilo's

[anonymouse]

Ah, the firesale of Countrywide, the implosion of IndyMac, and the inevitable bailout of our Fanny and Freddies. I suspect it'll be a few years before all the facts end up percolating out, but I have strong suspicions that our Eastern establishment "friends" will go to almost any lengths to destroy a California based financial institution.

The greed that drove California's bubble and the current deterioration was not just that at the lenders- I can think of more than a few homes with Subzero and Viking appliances around here.

[martscan]

Dear Ms. Mozilo:

Having sisters of my own, it is heartwarming to see you come to the defense of your brother, particularly in such a strident manner. Candidly, I doubt either of my sisters would take pen in hand and compose a literate effort in defense of any indiscretion of mine, factual or perceived. However, I daresay they wouldn't hesitate to emulate the greatest oratorical entreaties of Annie Besant were I to possess the riches of your brother. Truth be known, they have in fact made entreaties of me for mere pittances, pittances I tell you!

Also, it is an exemplary thought for anyone who wishes all Americans enjoy the "American experience". But Ms. Mozilo, wouldn't you agree it isn't very likely that many Americans could ever hope to dream of sharing your brother's belief in home ownership to the extent that Mr. Mozilo experiences home ownership? And honestly, Ms. Mozilo, would your brother exclaim such staunchness in American home ownership were he, say, a multi-apartment owner or perhaps simply a chicken plucker? Of course, that Mr. Mozilo pocketed hundreds of millions of dollars as a mortgage provider for all those homes in peoples' dreams, is but an ancillary coincidence to his staunch beliefs.

Ms, Mozilo, don't you find it reasonable to conclude that the OTS would lay the blame of IMB's failure at Sen. Schumer's doorstep, in an attempt to deflect responsibility for the debacle which is rightly theirs?

I'm sorry Ms. Mozilo, I can't buy your story. And it wouldn't have shocked me had you made reference to someone eating cake.

[Adam P]

This is laughable. Lori's explanation of Angelo's "American dream" is shameless marketing, nothing more. Any financial executive who holds that viewpoint should be relieved of his duties as soon as possible. The "American dream" should be the realm of sociologists, not financiers.

[Ann Onymous]

Chuc Shumer's letter is like an arsonist calling in a fire they just set to look like a hero.

[Duane]

The most dangerous piece of real estate in Wash DC is the area between Senator Scheemer and a TV camera

[Griff]

Didn't Senator Chuck say he was going to do all & anything to disrupt administration and republicans?? It is obvious that the worse the economey seems the better for democrats. In regard to Indymac I believe his comments were were politically motivated. Surprise??
G

[RB]

hey Adam P, I wanted to use the word "laughable". oh well, I'll still say that blaming Charles Schumer is laughable.

for seven and a half years, Bush and the neocons have clearly stated how every business entity should regulate itself. every single industry in America was untouchable because of the legislation and enforcement power of the ruling Republican party so they operated without oversight. but, like always, "it is Clinton's fault" - the neocons blame everyone but the guilty.

in any event, what is most laughable is that everyone is up in arms about the regulators NOT saying there is a problem, and then the minute one of the regulators such as Charles Schumer says there is a problem those same people jump up and down and say he shouldn't have said anything.

one word: idiots.

[Len Turner]

Of course it's not Chuckie's fault that the bank made poor decisions. It's just his fault that many tax payers and voters can't get access to their money because Mr. Bigshot had to make a grandstand play.

Nice going, Senator Schleezy! Does anyone really believe that you would have done the same thing to voters in your own state?

How about retiring to your lobbying job and making room for someone with just a little more character and integrity?