Angelo Mozilo, the former CEO of Countrywide Financial, is in talks with the SEC about a possible deal that could let him avoid standing trial for fraud charges, The Wall Street Journal said.

Talks between Mozilo, two other former executives and the SEC seem to be moving towards a settlement, The Wall Street Journal said without naming its sources. A status conference has been ordered for today, which could signal a new development in the suit.

The SEC alleges that Mozilo and his co-defendants hid the problems in Countrywide's credit portfolio from the public. The problems, related to risky mortgages, eventually forced Countrywide's sale to Bank of America (BAC).

Bank of America is not involved in the suit.

It is also possible that just one or two of the defendants would reach a deal before the trial.

Attorneys for the prosecution and the defense are preparing for trial.




Increase your money and finance knowledge from home

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

Add a Comment

*0 / 3000 Character Maximum

2 Comments

Filter by:
mjohn67610

This man should be in jail and live the rest of his life penniless. His lawyers and family are laughing @ all of us "stooges". He got away with murder and will live an exotic life down the road. Poor A.P.Giannini is rolling over in his grave. The present management of Bank of America should be ashamed of themselves for helping this criminal Mozilo out of trouble. Hey, Bank of America shareholders, how do you fell about YOUR MONEY bailing out this jerk. How much longer will we allow OVERPAID IDIOTS in the financial world send our great country down the drain. I'm sick and tired of ****** like Mozilo laugh at all of us--the regular, tax-paying people who get up every day and put in an honest days work and pay their taxes. Boycott Bank of America anmd let's hope for this slimeball Mozilo to have a rotten life fro now on.

October 15 2010 at 9:16 PM Report abuse rate up rate down Reply
hustonlaw

Sounds more like they're preparing to settle. Doesn't the SEC have any teeth at all?

October 15 2010 at 1:41 PM Report abuse rate up rate down Reply