Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.No word from Nancy Pelosi's son on this.
The Securities and Exchange Commission's civil lawsuit, filed in federal district court in Los Angeles, also accuses Mozilo of illegal insider trading.
Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.
Mozilo, 70, is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis.
Thursday, June 04, 2009
SEC charging ex-Countrywide CEO Mozilo with fraud
The AP reports:
