Angelo MoziloAngelo Mozilo, former CEO of Countrywide Financial, must face trial on charges he misled investors about the risks associated with subprime lending, a judge in Los Angeles ruled.

U.S. District Judge John F. Walter denied requests from Mozilo and two other former Countrywide executives for a ruling that there were no genuine issues to be tried, Bloomberg News said.

The case is now set for trial in October.

The SEC sued Mozilo in June 2009, saying he publicly reassured investors about the quality of Countrywide loans, while simultaneously issuing internal warnings and selling about $140 million of his own shares.

Mozilo, co-founder of Countrywide, is the most high-profile figure targeted by authorities investigating the subprime mortgage crisis. He argues that he repeatedly made negative statements about the markets. "Someone trying to benefit from inside information would have painted a rosier outlook," his lawyers said in court papers.

Bank of America (BAC) acquired Countrywide in 2008.

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jhonekate

I am glad to have found this post . I am always on the lookout for quality posts and articles so I suppose I am lucky to have found this.


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July 24 2013 at 1:56 PM Report abuse rate up rate down Reply
jazzplayer52

I hope all the truth comes out about Dodd and Franks and the sweetheart deals they got.

September 18 2010 at 12:31 PM Report abuse +1 rate up rate down Reply
netexas121

They need to put employees on trial too. Especially those from Frisco office. They knowingly took the directives of senior management because the money was lucrative (agents were paid bonuses for making over quotas). Also CountryWide illegally had mortage information of clients in their possesion somehow from Chase.

September 18 2010 at 9:30 AM Report abuse +1 rate up rate down Reply
davidl7082

Life in prison for this mafia scumbag. Just looking at him makes me want to take a shower.

September 18 2010 at 9:02 AM Report abuse +3 rate up rate down Reply
jaalx6

Countrywide has been a joke since 1990 when we applied for a mortgage through them. After putting down a $500 application fee and waiting seven months for an approval,, we asked for a refund on the application fee. We were told that they would not give us a refund and they had no idea why it was taking so long and that it was just too bad for us.Mozilo should be arrested and sent away for his part in the mortgage scheme.

September 18 2010 at 8:31 AM Report abuse +4 rate up rate down Reply
sjoberdix

These guys are in for one thing only, themselves. So rest a sure they will sing and won't go down alone. There's no honor among thieves. =)

September 18 2010 at 7:23 AM Report abuse +2 rate up rate down Reply
sjoberdix

Let the finger pointing begin.

September 18 2010 at 7:14 AM Report abuse +1 rate up rate down Reply
barryaclarke

Heck Angelo Mozilo why be so sad. You are going to have a lot of friends in small places before long........................

September 18 2010 at 1:40 AM Report abuse +2 rate up rate down Reply
Wayne

He should go on trial and found guilty, just for hiring the most unintelligent people in his work force. Have you ever tried talking with a countrywide employee. Now they all work for Bank of America ... What doest that tell you about BofA.

September 18 2010 at 1:38 AM Report abuse +2 rate up rate down Reply
kirchn6

LET THIS THEN BE THE BEGINNING OF THE CROOKS GETTING WHTA THEY DESERVE JAIL AND BAD FOOD THEY BROUGHT DOWN THJE USA THE TOOK AWAY HOMES FROM FAMILY'S AND THEY PUT THE MONEY IN TO OTHER COUNTRIES TO PROTECT THEMSLFVES I THINK CHRIS DOBBS SHOULD ALSO BE TRIED AND MANY OTHERS THAT WALKED AWAY WITH A FORTUNE THANKS TO OUR GOVERNMENT REPRESENTTIVES!

September 18 2010 at 1:20 AM Report abuse +3 rate up rate down Reply