Mozilo on CNBC at 7:00AM EST For What I wonder?

Angelo Mozilo, CEO of Countrywide Financial will yet again make an appearnce on CNBC at 7:00am, full two and one half hours before the market opens. The nature of the CNBC interview is unknown but with the recent departure of two long time board members that was announced at 8:00pm EST on Friday March 30, 2007, it appears that he is attempting to do damage control before the market opens. As stated earlier, CNBC has allowed Mozilo to spin his company's situation without much journalistic integrity or hard fact based questions. Mozilo has utilized a host of CNBC personalities including Maria Bartiromo, Erin Burnett, Jim Cramer to assert his company's immunity from the subprime mortgage meltdown.

If CNBC has any journalistic integrity left and wants to distance itself for what appears to be a possible SEC investigation in the future, and if they want to regain some credibility in this matter, they will have to ask some hard questions to Mozilo. CNBC has not served its viewers by becoming a platform which "spin" can be disseminated to mislead investors by various CEOs.

My concern resides in the fact that the departure of the two board members were announced after the market close, in blatant attempt to minimize damage. Before the market closed, there had been rumblings around the Yahoo message board that Angelo Mozilo might be scheduled to air on CNBC but no specifics were given or the rumor could not be verifed until the market close. There is some speculation that perhaps Countrywide might be bought out by Bank of America or other larger bank and perhaps that he will announce this before the market opens so that the stock price could potentially jump based on this announcement. I find that highly unlikely especially since the meltdown in the housing sector is just beginning without any evidence of bottoming. There is absolutely no motivation for anyone to touch Countrywide right now as a partnership or a buyout. But, as always, you never know. Additional rumors have been circulating that Mozilo might also announce his retirement or at least let go of some of his duties at Countrywide. We know this might be a possiblity as David Sambol has been named as Chief executive and director of Countrywide Home Loans Inc, a major subsidiary of Countrywide financial. Something is definitely brewing here and it can't all be good.

I will thus list some facts leading up to this rather abrupt interview on Monday:
1. Mozilo has resigned from the Home Depot Board of Directors in March.
2. Mr. Dougherty and Ms. Brown has decided to step down from Countrywide Board of Directors, Ms. Brown immediately and Mr. Dougherty at the end of the quarter. No reasons were supplied.
3. ALT-A loan is now affecting the mainstream banks such as M&T bank.
4. Mr. Mozilo did not testify under oath at the congressional hearings which he should have done.
5. Mr. Mozilo appears on less than credible Mad Money with Jim Cramer instead of Congressional hearings.
6. Beazer homes are being investigated by FBI for fraud for their lending practices as Countrywide also has significant exposure on this end as well, are they next?
7. There is no more information available on Mr. Stanford Kurland, who was supposed to succeed Mr. Mozilo on his 68th birthday on December 06, this did not materialize, and despite all the hoopla, Mr. Mozilo is still the CEO and Chairman, and selling his stakes in Countrywide at an alarming rate.

I anticipate that he will try to put as positive light as possible regarding the recent departures of the two long time board members at Countrywide. I also anticipate that he will use this opportunity to reassure the public about the Countrywide's strength. He may announce possibly that he will step down at least in some capacity at Countrywide or out right announce his retirement. That is a possiblity. As for the merger, selling of the company, or strategic alliance, I don't think anyone would want to touch this company right now.