Countrywide To Send The Chief Legal Officer for Hearings

In another turn of events that raises an eye brow or two, Countrywide Financial agreed to participate in the SEC investigation. While most companies are sending their CEO or President to testify under oath, Countrywide Financial is sending their Managing Director/Chief Legal Officer, Sandor "Sandy" Samuels, to testify.

What is troubling about Countrywide's decision to send Sandor Samuels is that it continues to raise questions of integrity and fair play by Angelo Mozilo who is the chief archetect of that company and no one else can have more insight of the operations of the company. The question that needs to be raised is this, "why is Mr. Mozilo sending his top lieutenant when he himself can gain credibility by publicly testifying about the fairness of his business model and legality of his recent "fire" sales of his stocks". I can only infer that Mr. Mozilo actually has more to hide than meets the eye.

I believe the next shoe to drop for the mortgage and housing sector is this event. I have faith that senator Dodd will ask tough questions ranging from validity and morality of "Liar" loans, subprime mortgage process, and excessive insider sales of stock. While I do not believe any "material" information will be garnered from this hearing, it will raise some poignant questions within the media who has been playing cheerleader for the mortgage companies as of late. It will make it hard for the companies to manipulate informational stream to the public to prop up shares while the insiders continue to sell shares of their companies.
Furthermore, it may raise awareness that the problems within the mortgage company is not isolated to the subprime sector and that further escalation of this problem into other mainstream mortgage sectors may be possible.

Countrywide may have as well chosen the path of New Century by outright refusing to participate in this testimony. Even though I anticipate that Countrywide will continue to play ignorant, naive, or take the 5th, the public perception of this company will be raised. That this company is not above the intelligence of the good people of America. In pursuit of profits and insider greed, Countrywide has done more to harm the "American Dream" by making unrealistic goals achievable. The only thing that will be garnered from this testimony will be corporate greed and the arrogance of Angelo Mozilo.

Angelo Mozilo why are you hiding?