WASHINGTON — We know all about the "Friends of Angelo," those political insiders who got sweetheart mortgages from Countrywide.
But what about the poor schlubs who aren't worth former Countrywide CEO Angelo Mozilo's affection? Well, they finally have a leader.
Early last decade, Chuck Tooley, then the mayor of Billings, Mont., made a complaint about the California mortgage lender that got referred to Countrywide Managing Director Sydney Lenz, according to a report released Thursday by the House Oversight Committee.
In an email exchange over whether to waive a mortgage insurance payment for the mayor, Lenz wrote: "I'm usually in favor of settling on the side of the borrower with political influence; however, in this case, I think the MI payment for the life of the loan has the potential of being a greater number than the mayor of Billings Montana influence."
Congressional investigators later concluded that Tooley was considered for special treatment in part because his wife, Joan Stapleton Tooley, was a magazine executive.
"Well, if you read this chain," Lenz told investigators, referring to her emails, "you know this particular borrower's wife worked for a publication, and anybody that touched the news media was already a sensitive issue because they could, of course, create negative publicity for the company."
