In today’s “Sunday Business” section I came across an appalling piece on the mortgage crisis.
Particularly off-putting is an email communication from Countrywide’s co-founder and CEO, Angelo Mozilo. Mozilo responded, by mistake, to a mortgage holder in turmoil, who had asked for his help.
“This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”
One of the parties Mozilo no doubt finds “disgusting” is LoanSafe.org, an organization dedicated to helping people remain in their homes. Yet, he needn’t look any further than his closest mirror to see real ugliness.
Interestingly, The Times also ran a piece on the back of “Sunday Business” about Wall Street workers’ facing increasing difficulty when buying Manhattan real estate.
The biggest problem is that buyers who work on Wall Street no longer have the guarantee of huge bonuses to bolster their financial status. And even those who continue to get bonuses are finding that banks and co-ops will not let them count all that money as part of their income, because unlike a salary, it can fluctuate wildly.
