Thread: SEC charging ex-Countrywide CEO with fraud

SEC charging ex-Countrywide CEO with fraud

Mozilo led lender who was major player in the subprime mortgage market

MSNBC.com
updated 6 minutes ago

WASHINGTON - The government is charging Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.

The case brought by the Securities and Exchange Commission also accuses Mozilo of illegal insider trading, according to an agency spokesman.

Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.

Mozilo is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis.

Mozilo's attorney did not immediately return an e-mail message for comment Thursday afternoon.

http://www.msnbc.msn.com/id/31108985/

now go after those in congress who helped or recieved favors from countrywide.

Sen. Chris Dodd comes to mind

I read about him and Country Wide in book written by a former employee. It was very interesting reading. The book is titled: "The Foreclosure of America" by Adam Michaelson. I couldn't believe how ignorant some of those executives were.