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Washington, DC—Today, during a House Oversight and Government Reform Committee hearing on CEO pay and the mortgage crisis, Angelo Mozilo, CEO and Chairman of Countrywide Financial Corporation, agreed to assign staff to work with the office of Congressman Elijah E. Cummings (D-Md.), a senior member of the Committee, to assist families in danger of foreclosure.
“I want to work with your office, and I want to assign people to your staff to work on each of these loans,” said Mr. Mozilo. “This burden shouldn’t be your burden; it should be our burden, and our responsibility to make it right.”
The hearing examined the compensation and retirement packages granted to the CEOs of three corporations deeply involved in the current mortgage crisis: Countrywide Financial Corporation, Merrill Lynch, and Citigroup. Countrywide alone has foreclosed on 90,000 loans, laid off more than 11,400 people, and reported a loss of $704 million in 2007.
“Every single day I see constituents who have been affected in some way by the mortgage crisis, many of whom feel hopeless and helpless as they face losing their homes—as well as their dreams,” Congressman Cummings said. “I am very much looking forward to working with Mr. Mozilo to continue offering support to these families as they struggle to keep hold of that last thread of the American Dream.”
Congressman Cummings has been a leader in helping to curb the fallout from the subprime mortgage crisis. Most recently, he held a foreclosure forum on February 16 bringing together lenders and borrowers to help families renegotiate their home loans. Constituents of the 7th Congressional District who need assistance are encouraged to call 410.685.9199.
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