Countrywide’s Mozilo Charged with Fraud

Oh, how the mighty have fallen: the man credited with building Countrywide Financial, the biggest name in mortgage lending, from the ground up has now been charged with insider trading and securities fraud. Angelo Mozilo, a 70-year-old son of Italian immigrants of little means, faces significant punishment if he is found guilty.
 
Mozilo – or “Tangelo” if you prefer, a nickname given to him because of an outrageous tan – may be the next casualty of the economic crisis. Countrywide Financial, which went from originating hundreds of billions of dollars worth of loans to borrowing $11.5 billion just to stay afloat, …read more