Published On: August 25, 2014
Angelo R. Mozilo, Countrywide Financial’s co-founder and former chief executive officer, may soon face a civil lawsuit from the Justice Department.
This disclosure comes almost seven years after the subprime mortgage machine he created and oversaw began its rapid decline in August of 2007 leaving investors and homeowners staggering.
According to the New York Times – Angelo R. Mozillo, the co-founder and former chief executive of Countrywide Financial, may soon face a civil lawsuit from the Justice Department. This disclosure comes almost seven years after the subprime mortgage machine he created and oversaw began its rapid decline in August of 2007 leaving investors and homeowners staggering
In 2008 Countrywide was bought by Bank of America which was the worst corporate acquisition ever in our lifetime.
Between you and me – I doubt Mr. Mozilo will do any significant time for his outrageous and greedy actions.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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