I don't think any of you really comprehend how hard it is to be Angelo Mozilo. A typical day for the Countrywide CEO will include being given shit because a bunch of deadbeats couldn't get it together to make the payments on mortgages he convinced them to take out, having to justify his barely adequate compensation, and being forced to replace the bulbs on his in-house tanning bed because the guy from Mystic Tan said he'd be there between 9 and 3 PM and it's 3:35 and daddy "needs to get his burn on now, god damn it." So when he gets an email from a homeowner seeking guidance, and said homeowner has the audacity to borrow language from LoanSafe.org, a coaching service for troubled borrowers, well, he (entirely justifiably) snaps. Daniel Bailey wrote (to Big Moz and various other senior Countrywide execs):
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home that I have lived in for sixteen years, remodeled with my own sweat equity and I would really appreciate the opportunity to do that. My home is not large or in an upscale neighborhood, it is a "shotgun" bungalow style of only 900 sq. ft. built in 1921. I moved into this home in May of 1992...this was the same year I got clean and sober from drugs and alcohol, and have been ever since, this home means the world to me.
The main reason that caused me to have a hardship and to be late is my misunderstanding of the original loan. I was told that after the first year of payments, I would be able to refinance to a better fixed rate- then the bottom fell out of the industry. My payments for that first year were on time. I also lost my second income due to physical conditions in a very physically demanding industry.
As my ARM payments increased, I have had less money to put towards making my business (income) work. I had been unable to generate business because all of my funds were going towards attempting to make my loan payments. This, coupled with major repairs to my vehicle (93 jeep) and paying out of pocket for medical and dental issues (I have no ins.) caused me to fall further and further behind, destroying my credit rating.
Now, it's to the point where I cannot afford to pay what is owed to Countrywide. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.
I feel that a loan modification would benefit us both. With that, and knowing my home will not be foreclosed, I would be able to obtain a roommate in order to generate more income, have the funds to generate more business and have a good working relationship with Countrywide. I would appreciate if you can work with me to lower my delinquent amount owed and payment so I can keep my home and also afford to make amends with your firm.
I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.
Sincerely and Respectfully,
Daniel A Bailey Jr.
Loan # XXXXXXX
Clearly, Mr. Bailey had received "help" in drafting his plea. Prettay, prettay, prettay ballsy. And not just ballsy-- unacceptable. How dare he. There was only one thing for Moz to do. Accidentally hit reply instead of forward, and tell Bailey exactly what he thought of this most vile act:
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.
Hear fucking hear! What a bunch of cut throats and scallywags. I'm almost inclined to reason that the fact that all of these letters sound the same completely invalidates the claims within. Upon being notified of Moz's repulsion, Bailey responded:
05/19/2008 06:37 AM
Subject Re: bailey acct# XXXXXXX
Interesting to find that you think my letter is disgusting. I will send this on....
You're going to send this on? Fuck you you're going to send this on. I've already sent it on myself!:
Subject: Re: bailey acct# XXXXXXX
Date: Mon, 19 May 2008 06:41:34 -0700
This has already been sent on to our senior manager who will determine the facts behind your request and he will take the appropriate actions.
Anyone else got something to say? Unless you're going to get off your asses, break out the thesaurus and really wow me, don't bother. I've got skin to fry. (Also, my emailing privileges have been suspended indefinitely but no matter! The sentiment stands.)
America's Most Villainous CEO Finds The Little People 'Disgusting' [Gawker]
Countrywide Financial Chairman Angelo Mozilo's e-mail sets off a furor [LAT]