In a spectacular blunder that’s already gone viral on the Internet, according to Dr. Housing Bubble, Countrywide CEO Angelo Mozilo unfortunately mistook the “Reply All” button on his e-mail for “Forward,” thus sending his absurd characterization of a borrower’s request for help to save his home of 16 years from foreclosure as “disgusting” straight to the borrower himself–as opposed to strictly to the friend or colleague he had intended. And in light of the ever-increasing cost of energy, the Doc goes on to draw some hilarious–if disturbing–parallels to the Enron scandal. For that story and more, check out Big Builder‘s bi-weekly roundup of the latest in opinion and commentary across the Web.
Seeking Alpha looks at recent developments with Fannie Mae and Freddie Mac and asks if we’ve learned anything from our mistakes over the past two years. The answer: apparently not.
The Wall Street Journal tells the tale of Congressional Rep. Laura Richardson (D-Cal.), whose Sacramento home was sold at a public auction for $388,000. The home was originally purchased in January 2007 for $535,000 with zero down, and $575,000 was owed on the home when Red Rock Mortgage Inc. purchased the mortgage from Washington Mutual at a significant loss.
More tales of investment property woes and foreclosures in Florida, courtesy of The Housing Bubble.
BusinessWeek‘s Hot Property also picks up on the highly entertaining Angelo Mozilo snafu, and posts an example of the form letter that Countrywide’s CEO finds so abhorrent.
Inman News reports on the quesitoning of Ivy Jackson, HUD’s director of the office of RESPA by Rep. Henry Cuellar, D-Texas–complete with YouTube footage.
Reggie Middleton’s Boom Bust gives kudos to a recent BusinessWeek article, but asks, “Where’s the love?”
