- Jun 2014
- Cleveland, Ohio
https://www.washingtonpost.com/national/feds-wont-file-fraud-suit-against-countrywides-mozilo/2016/06/17/4b5bfcf8-34f6-11e6-ab9d-1da2b0f24f93_story.htmlLOS ANGELES — Federal prosecutors won’t file a fraud lawsuit against former Countrywide Financial chief executive Angelo Mozilo over the sale of billions of dollars’ worth of subprime loans before the mortgage meltdown, his attorney said Friday.
The decision not to file a civil case was announced to Mozilo’s attorneys by letter this week and followed a two-year investigation.
[The state of California declined to prosecute in 2011. This means the man walks without any consequences, even a civil judgment.)
Mozilo, 77, co-founded California-based Countrywide. The loan giant helped fuel the housing bubble by giving mortgages to people who were financially unqualified. The resulting defaults contributed to a housing market crash and a massive bailout of financial institutions by U.S. taxpayers.
In 2010, Mozilo agreed to pay $67.5 million to settle a lawsuit brought by the Securities and Exchange Commission. Mozilo didn’t acknowledge any wrongdoing and most of the money was paid by insurers and by Bank of America, which acquired Countrywide in 2008.
As much as anyone, this man Anthony Mozila engineered the Great Recession.
Lack of drive, talent or simply direction from above not to pursue or win a case, Obama's DOJ is, hands down, the WORST in my lifetime and so is his SEC.