At Least Mozilo Can Work On His Tan While He’s There

May 1st, 2009 by alyx · 2 Comments · subprime

mozilo-tan

He’s probably now wondering if he can get a courtroom with a skylight, to let some UV rays in while he testifies. Florida’s planning to place the blame for all its stucco jungles squarely upon Angelo Mozilo’s broad, tan shoulders:

Angelo R. Mozilo, the former chairman and CEO of disgraced lender Countrywide Financial Corp., will have to stand trial in Broward County Circuit Court on charges of deceptive trade practices.

U.S. District Court Judge Dana Sabraw granted Florida Attorney General Bill McCollum’s request that the case be sent back to state court.

Mozilo’s attorneys had argued the issues in the case were federal and not state.

“Angelo Mozilo should absolutely face a Florida court and Florida’s citizens for his business practices, especially those which victimized Florida homeowners,” McCollum said in a news release.

Florida was already part of a deal where Countrywide’s acquirer Bank of America provided over $8 billion to modify some of the fail mortgages. Of course, reports on whether mortgages are actually getting modified are somewhat spotty. This particular suit against Mozilo doesn’t do anything to reduce the supply of 550-square-foot 1br no-view condos (Chinese sulfur-exuding drywall optional) in Florida or the number of the aforementioned units facing foreclosure, but the man’s companies were one of the most prolific sources of subprime fail, and it should be an interesting event to see Countrywide’s marketing and sales tactics sliced and diced in court.

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