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How Important is Character in Today's Mortgage Industry?

David Lykken
May 26, 2011

  In October of 2010, Angelo Mozilo, the former iconic leader of not only Countrywide Financial Corp. but of the industry, agreed to a $67.5 million settlement to avoid civil trial on fraud and insider trading charges brought by the Securities and Exchange Commission.  Over this past weekend, it was determined by investigators that the former Countrywide Chief Executive will not face charges after being the subject of a criminal investigation.  In spite of what may seem to be vindication for Angelo, he has lost something far more valuable than all the riches he gained.  He lost the respect of an industry.  Character compromised costs more than fortunes made.  “What good does it do to gain the whole world if you loose your soul (i.e. your character)?”  Character has always been synonymous with leadership.  We need to return to valuing character and what things it brings rather than valuing things at the cost of character.  What are your thoughts on leadership?   What do look for in a company and its management before going to work for them?   What do you look for in a leader?   
May 26, 2011
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