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Loan Modification
: Mortgage Lender Implode-o-MeterFormer HUD secretary still building his legacy
By Implode-Explode Heavy Industries
When Cisneros was HUD secretary, he met Angelo Mozilo of Countrywide Financial, who is frequently listed among the causes of America's economic collapse and faces insider trading charges from the Securities and Exchange Commission. "We gave him an award for best practices in fair housing," Cisneros said.
After leaving HUD, Cisneros even joined Countrywide's board. He resigned in October 2007, right before the company reported a $1.2 billion loss. He reportedly sold $5 million worth of Countrywide stock and took nearly $360,000 in compensation in 2006. He's been named in shareholder lawsuits but never emerged as a target of federal investigators.
Full post as published by Mortgage Lender Implode-o-Meter on August 28, 2010 (boomark / email).
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