Countrywide’s Mozilo Shocked by Subprime Lawsuit Plans

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Sept. 2 (Bloomberg) -- Bloomberg’s Max Abelson recounts his conversation with former Countrywide Chief Executive Officer Angelo Mozilo as he reacts to plans by the U.S. government to sue him in a civil case over subprime loans. He speaks on “Bloomberg Surveillance.”

In an exclusive interview with our very own reporter max abelson of bloomberg news, he said he "did nothing wrong." i am curious -- is he playing defense or a theater believer he did nothing wrongg?

No, i do not think i've ever spoken to a banker who said it is not only wrong but morally unfair.

He was almost eloquent in his long defense.

No one has really heard from him in quite some time, several years, and he just really poured forth this fury that he has been turned into a villain.

One of the things that struck me as, honestly, kind of weird, he referred to himself in the third person.

In other words, what has angelo mozilo done, he has done nothing , but wait, that is angelo referring to angelo.

That is kind of weird, right?

Just be very idea that he has been turned into one of the big villains of the crisis is something that he thinks is external, that happened to him.

We talk about the financial crisis, which after all countrywide played a role in it, and you say to him to you understand why people see you as a villain?

Regulators, legislators, the public.

You will have to ask what do you have against angelo mozilo.

He referred to himself as angelo and mozilo, but that is how strongly he feels about it.

It is like he has stepped out of his body and still cannot understand the fury against him.

Tell us what he is doing right now because he has no job, but he has paid money, and we know that he collected almost half $1 billion from 1999 to 2008, so presumably he invests.

Where does he put his money ? that is right.

This story did not come with me thinking i will go interview angelo mozilo.

What it started out and said as i was going to interview his friends and do a simple story, what is life like for angelo mozilo inventory 14 especially because it looks like he will be in trouble again.

Bloomberg reported that a government task force is going to bring a civil suit against mozilo -- well, they had better hurry up because the statute of limitations runs out.

We are all getting older.

Michael holland, is angelo mozilo a bad guy?

The facts would indicate he probably has done a some really bad things and heard a lot of people.

How would his lawyers have this conversation with you?

We kept it very simple.

You asked what he is up to right now, and that is a big part of our interview.

A couple of things.

Number one, he is an investor and he still believes in real estate.

This guy associated with the biggest collapse in real estate ever is a real estate believer.

He talked about the tight going in and the tide going out.

He co-owns a building in the arizona desert where there is a taco bell.

He is building in a small town in california.

He is building a very quaint almost like an old west main street building.

The headline here is there is no remorse whatsoever.



And when you talk to him, if he were here and now, he would say why should i be sorry?

I ran a company, we give mortgages to minorities and people who needed them -- he sees himself as "a good person." check out a chart for bank of america.

For those on radio, i will spell it out later on bloomberg radio plus.

Just so everyone understands your point, it was bank of america that bought countrywide credit.

Are you don't find it by what mr.

Mozilo said?

To be totally honest when you do an interview with someone, you are locked into a mode of talking to them, so it is more disconcerting to hear sort of fake remorse.

If someone says to you look, i feel terrible about the financial crisis, but you can tell that they don't really mean it, sometimes that is worse.

The fact that he was so p early on remorseful -- so purely unremorseful -- what is the worst that can be happened?

It is a civil suit, and he can be sued for a lot of money come in he is a 75 euros man, and would not be a good way to end his life.

Max double son, well done.

-- max abelson, well done.

Coming up, is there a company

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