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Countrywide's Mozilo: "Disinvites" Himself To Conference?

Angelo Mozilo
Angelo Mozilo

Next Tuesday, the University of San Diego’s Burnham-Moores Center for Real Estate is holding its 12th annual real estate conference. The keynote speaker: Angelo Mozilo, co-founder and CEO of Countrywide.

That drew the ire of locals who formed “Disinvite Mozilo.” They planned to protest the event, feeling it inappropriate for a university to bill an event on the state of real estate around a man some consider part of the problem. Check out their web site.

The New York Post quoted one San Diegan as saying, “This is the same university whose law school hired Bill Lerach to teach a seminar on securities law last semester after he pled guilty…what were they thinking?”

To tell you the truth, what better guests to invite than people in the middle of the storm?

But, Wednesday afternoon, USD announced Mozilo was pulling out. His choice, it appears, not theirs.

“Due to unforeseen scheduling conflicts resulting from the proposed acquisition of Countrywide Financial Corp. by Bank of America, Angelo Mozilo, Countrywide’s Chairman and CEO, will not be able to participate in the conference.”

Meantime, in the wake of my post about how Countrywide has modified tens of thousands of loans to avoid foreclosures, look what I found while surfing the web. I can’t vouch for its authenticity, but it looks like the real thing—a letter from Countrywide to someone whose loan has been modified.

UPDATE: It appears the web site has taken down the purported letter from Countrywide. The letter told the borrower that the company would lock in his lower rate for another five years, and expressed Countrywide's commitment to working things out. The letter also apologized for poor treatment the borrower claimed he had received from the company.

UPDATE 2: The Countrywide letter modifying the loan is back up on the web site I linked to.

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  • Based in Los Angeles, Jane Wells is a CNBC business news reporter and also writes the Funny Business blog for CNBC.com.

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