Worst real estate deal ever?

Bank of America’s purchase of Countrywide Mortgage. It’s costing them billions and billions of dollars, with no end in sight. Countrywide’s CEO, Mozilla isn’t even under indictment, let alone facing jail time. Why is that?

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3 responses to “Worst real estate deal ever?

  1. Shoeless

    The Tan Man paid a fine and did not admit guilt. Our toothless regulators at work. JP Morgan has been charged three times with the same violation about Auction Rate Securities. Paid three fines and never had to admit guilt. We live in a kleptocracy

  2. John

    Shoeless, I think BOA cover the bulk of his fine under what had to be the dumbest agreement in the History of dumb agreements.

  3. Old School Grump

    Did anybody watch Squawk Box this morning? Not really relevant here except for the fact that guest Jon Corzine was wearing a pinstripe suit that was so gangster-ish (especially with TV set lighting), it made me think of Angelo Mozillo, like it was some sort of shout out.