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Here is it in full (hat tip to friends of Blown Mortgage for sharing with us) - the Countrywide pledge being signed by Mozilo’s employees in a sign of desperation solidarity against the unfair attacks of media and others surrounding the mortgage industry.
For nearly forty years, Countrywide has executed the mission of our founders to lower the barriers to homeownership for all Americans. We’ve helped more than 20 million Americans attain and preserve homeownership. We intend to carry this mission forward for another forty years.
Today, we’re being attacked by competitors and detractors. They’re attacking our business policies, our morals and our ethics. These unwarranted and malicious attacks are directed at all of us. It’s now become personal, and it’s time to remind everyone who we are and what we stand for. We must go on the offense and tell our story with pride.
Countrywide Home Loans is launching a coordinated, comprehensive effort to Protect Our House. The campaign is all about showing to everyone that we are not only the best run mortgage company in America, but that we’re a great growth company, comprised of the best business people this country has to offer. We are a company with unquestionable ethics, morals and business practices.
I ask you to join me in this crusade. By signing this pledge, you are committing to support the ongoing mission of this company and to tell the Countrywide story to all. As part of this crusade, I also ask you to wear a Protect Our House wristband until the end of the year. I hope it will remind you of what our house means and what all of us are fighting to protect.
Protect Our House.
Drew Gissinger
President and Chief Operating Officer
Countrywide Home Loans“I pledge my support to Countrywide and will help Protect Our House!”
Here’s the actual form (click to enlarge).
Thoughts? Laughs? Silence?
I want a Protect This House Wrsitband - it’s going to be the Pets.com Sock Puppet of the housing bubble collapse.
you can get them on ebay - but watch out they are going for about 150 bucks each - so you can get a bracelet or 7 shares of countrywide stock - your choice!
I just looked on Ebay and the bracelets seem to be selling about as well as sub prime paper. By tomorrow you will be able to get one for $1.50
Dave - that is great! Maybe Countrywide will fund a bracelet SIV to prop up the value of ebay bracelets. What they’ll do is borrow money on a short-term basis to buy the bracelets and then sell those bracelets on long term notes. They’ll then use the debt payments on the bracelets to pay the short-term interest on the money they borrowed, thus creating a market for the bracelets and turning a profit on the ebay sales (and resultant interest). It will all work wonders until employees and people start realizing that these bracelets are just half-cent rubber POS’s from China and will start throwing them out. Then the true value of these bracelets will become known … oh wait.
I talked with friends of mine that work for Countrywide Wholesale and they said there is no way they are signing that. They are all uncertain as to what it actually binds them to. Spread the word and tell our story??? So is CFC a cult now?
Jeremy: So is CFC a cult now?
Your friends might want to turn down the free Kool Aid at the next meeting/rally.
My thoughts. I think it is great that in times of industry turmoil the company releases something to show it has the fight left in them to prove they will stand strong in the end.
James - you sound like someone sat you in a dark room and make you watch tapes of Angelo giving pep talks for days on end. Have they brainwashed you too?
I am not bashing on Countrywide. I would say the same for anyone in our business. Believe no one. Trust no one. Be prepared for anything.
Countrywide is not looking to “stand strong”, they are looking to make as much cash as they can. If that means closing parts or all of the company, they will do it in a second, and it won’t matter what pledge you signed. Where is there pledge to the employees?
Only the most guilty would launch such a ploy.