“Below is my email conversation with The New York Times Sunday Business columnist Gretchen Morgenson (start at the bottom and read up, it is short) who wrote a false hit piece this past Sunday (June 26, 2016) on my friend and former mentor Angelo Mozilo of Countrywide. This blog will respond to her false article (really just an anti-banker, anti-mortgage lender propaganda piece) later this week…

…P.S. Gretchen sought my thoughts, because I collaborated with her on two of her columns. One in 2014 and one this year on Lending Club.”,Mike Perry, former Chairman and CEO, IndyMac Bank

From: Michael Perry [mailto:mperry@raubhil.com]
Sent: Thursday, June 23, 2016 10:37 AM
To: Morgenson, Gretchen
Subject: RE: Morning Mike–just wondering


Gretchen (This is off the record), I hear you on what your reporting turned up some time ago. But there is a big difference now. All that information, emails and conversations with employees, is just hearsay (non-factual) until both sides have had a chance to respond and the court has had a chance to decide the undisputed facts and apply the law to those facts. In the case of that Countrywide woman, the appeals court unanimously decided that the government presented no evidence (of intent) she or Countrywide/BofA committed fraud. The case was thrown out. In the recent Justice Dept. civil investigation against Angelo and the other CW execs……all that hearsay evidence you cite and Angelo and the CW execs probably had a chance to respond to it through their attorneys….all this was considered by the Justice Department, a liberal Justice Department that is biased to get bankers, and still they felt they didn’t have a case. To me, that is clear evidence of no wrongdoing….and yet the government had these folks under investigation and threat of litigation for nearly a decade. To me, that is cruel and unusual punishment. Respectfully, it was fine for you to report this hearsay evidence before all this occurred, but is it really fine to do so now….when you know all of the above has occurred? Best, mike


From: Morgenson, Gretchen [mailto:]
Sent: Tuesday, June 21, 2016 3:02 PM
To: Michael Perry <mperry@raubhil.com>
Subject: Re: Morning Mike–just wondering

Hey Mike–Thanks for your comments. I’m surprised that you believe Countrywide was clean. That certainly wasn’t consistent with what I turned up in my reporting which included many conversations with former employees. And the emails surfaced in the SEC case were pretty damning.

But thanks for responding. I appreciate your position and know that it’s always good to consider the contrary point of view!



On Tue, Jun 21, 2016 at 5:35 PM, Michael Perry <mperry@raubhil.com> wrote:


Sorry for the delay, my parents are staying with us right now.

I think the news is really great and here are three quotes from me that you may use….all three, two, or one (without edit). If you would like to edit them or you want something else, please let me know. Best, mike

“I was happy to hear that Justice Department dropped its civil investigation of Angelo and the other Countrywide execs. I never believed they did anything wrong and I know, from my own experience, that they were unfairly scapegoated for a worldwide real estate (and other assets) bubble/bust.”

“The false narrative that greedy and reckless bankers caused the financial crisis continues to crumble. It never made sense that most of the bankers of the world acted that way and at the same time. As the years have passed, many experts have laid bare our government’s key role in precipitating the crisis, including well-intended government mandates (to lend) and guarantees, not to mention The Federal Reserve’s massive role in distorting rates, investment and lending activity. And this latest decision by Justice, combined with other crisis-era court decisions, confirms the truth; no facts that materially support this false narrative were ever determined by any court of law.”

“Calls by some, even today, for criminal charges against crisis-era bankers reminds me of the terrible McCarthy era in our Nation’s history. This decision and other court decisions, have really destroyed the false and highly improbable narrative that most of the world’s bankers acted in a greedy and reckless manner at exactly the same time.”

From: Morgenson, Gretchen [mailto:]
Sent: Monday, June 20, 2016 5:14 AM
To: Michael Perry <mperry@raubhil.com>
Subject: Morning Mike–just wondering

what you think of the latest news that no case will be brought against Angelo. Would love your views.





Posted on June 28, 2016, in Postings. Bookmark the permalink. Leave a comment.

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