he kept ameriquest he spun lumbee long beach mortgage off and then eventually washington mutual bought long beach mortgage and a lot of the problem loans that washington mutual ended up making were done through. the long beach mortgage arm right and of course all the tentacles of the octopus are connected through the central bank and the outbreak is on t.v. being openly mocked by folks all over the country for it is that double speak an open mendacity recent sixty minutes interview where he just openly lied and it was a horribly embarrassing for america rumor has it that wiki leaks will release documents bank of america relate to countrywide mortgage fraud if wiki leaks releases these documents michael lots and what should we look for how will this play out well i mean the problem is we don't know what the documents are going to be if they are as you say related to countrywide there's a lot of interesting stuff there. countrywide essentially because you know angelo mozilo in this sort of in his early years was distrustful of subprime he didn't he didn't want to get his company into it

you know the who so financial rape estelle's about america west right ameriquest started. its corporate forebear was a small savings alone in orange county california long beach s n l and. a guy named rowan our knowledge was an immigrant from france came to america got his start selling eggs door to door with his brother in the fifty's started selling flowers on the street corner and in l.a. and eventually came a real estate developer and then started as a savings and loan with the idea of just bankrolling his own development projects in and around los angeles but in the late eighty's as the s. and l. business was starting to crash and burn he realized that the real money was in making subprime mortgages and he grew his company from from a pretty small player into the largest subprime lender by two thousand and four two thousand and five the largest in the u.s. he became a billionaire three times over he was president bush's largest sore. it's a financial cache in the two thousand and four election cycle and bush nominated him as the u.s. ambassador to the netherlands writ