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Mozilo part of a bigger problem

September 06, 2009

Re: "Villain or vilified?" Aug. 30:

The article failed to mention why Countrywide Financial moved so aggressively into subprime and other questionable mortgages. The reasons: Lack of regulatory oversight and Wall Street's increasing demand for mortgages because it was packaging them into very profitable investment products that guaranteed principal preservation. These investment products were then sold all over the world.

Ed Holton



Angelo R. Mozilo built Countrywide Financial into a great power by ruling the company with an iron fist. To say that he did not know or condone these bad, unethical, immoral loan practices is naive at best. Mozilo must be held accountable to the fullest truth in trial and punished to the fullest extent of the law for the damage that he has done.

Paul L. Hovsepian

Sierra Madre

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