It’s been a while since we’ve heard from Angelo Mozilo, the curiously orange-tinted former CEO of Countrywide Financial, the nation’s largest mortgage lender during the housing boom; a mansion built on a swampland of toxic loans given out to just about anyone who applied. And even though Countrywide, a Worst Company In America winner, had to be bailed out by Bank of America — a deal that has since cost BofA at least $40 billion in settlements, penalties, write-downs, and legal fees — and even though Mozilo’s sunny mug will forever be seen as the face of the mortgage meltdown, he still doesn’t really see the problem. He also continues to refer to himself in the third person. [More]
Nearly four years ago, we first reported on allegations that Countrywide Financial, the failed lender that was bought by Bank of America after it collapsed, had their system set up so that non-white loan applicants were steered toward subprime loans, even if they could have qualified for a standard mortgage. Well, the wheels of justice turn remarkably slowly in Washington, DC, but today the Justice Dept. finally announced a settlement with BofA for $335 million over these allegations.
Today, as expected, is a crappy day for former Countrywide CEO and co-founder Angelo “Orangey Orangerton” Mozilo. The SEC is suing Mr. Mozilo along with several of his colleagues, claiming that they profited from stock sales while hiding information from investors.
As is our habit, we provided Ad Age with a list of our Top 10 Business Debacles of the Year. Are you ready for the pain?
Countywide CEO Angelo Mozilo thinks his company being treated unfairly by the media according to a article in BusinessWeek. At the Countrywide annual shareholders meeting, Mr. Mozilo said:
Does Angelo Mozilo spend all of his time thinking of ways to be shady? Now ABC News says that Countrywide had a special “VIP desk” that gave out below market rate loans to Senators and other politically connected people.