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Countrywide co-founder off the hook as feds abandon case

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Mortgage Professional America | 20 Jun 2016, 09:46 AM Agree 0
U.S. prosecutors have abandoned their case against Angelo Mozilo, who was a pioneer of the risky subprime mortgages that fueled the financial crisis
  • Ken | | 20 Jun 2016, 12:56 PM Agree 0
    So let me get this straight. The people at the Justice Department, who would like nothing more than to have another scalp to show how badass they are when it comes to sticking it to the man, can't muster a case against Mozilo. This means he's "off the hook"? Really? Has the author of this ridiculous article considered the possibility that maybe he didn't do anything wrong? Or does that not fit his preconceived ideas of how all this went down?
  • objectiv1 | | 20 Jun 2016, 01:21 PM Agree 0
    Met the man years ago in L.A. Was always amazed at this person's immunity from prosecution.
  • MC | | 20 Jun 2016, 01:53 PM Agree 0
    Agree with you Ken, maybe he didn't do anything wrong.
  • AFAT991 | | 21 Jun 2016, 10:09 AM Agree 0
    Didn't do anything wrong!?! The guy was sending out emails in 2005 to his CFO saying that "option arms are going to be a distaster" and yet kept pushing that junk for another entire year while dumping $400m of his stock options. When asked by congress why he unloaded all his stock, he answered " I have a lot of grand children who are about to go to college" seriously?!?! If you can't build a case against that, then you're either on the take or pathetic as a prosecutor. You pick! Btw, BofA paid for $50m of his fine.
  • Steve | | 23 Jun 2016, 12:18 PM Agree 0
    So you think Standard and Poor's the rating agencies that were involved in rating bad mortgages as "A" mortgages. You think they and the banks didn't have an understanding and that Countrywide wasn't clearly out in the forefront of those bad mortgages. Your clearly on the outside looking in.
  • BVG | | 23 Jun 2016, 01:27 PM Agree 0
    He probably arranged below market financing for those that ended up investigating him.
  • ABBM | | 04 Jul 2016, 09:44 PM Agree 0
    I have to agree with Ken doll. The rules to the game were way different then so maybe there was no wrong doing under the current laws at that time. And kudos to Godzilla (Mozilo) for keeping his earnings, he earned that money. This is the land of opportunity. I'm glad to see someone with real money!
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