Countrywide’s Former Chief in Settlement of Fraud Case

The New York Times reports:

Angelo R. Mozilo, the founder and former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, agreed to pay $67.5 million Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.

The settlement came just days before the case against Mr. Mozilo and two former colleagues was scheduled to go to trial before a jury in Los Angeles.

The two colleagues settled their cases Friday as well. David Sambol, the former president of Countrywide, agreed to pay $5.52 million, and Eric Sieracki, the former chief financial officer, consented to $130,000.

Under the agreement, the three men did not admit wrongdoing.

Good old Angelo getting the Obama-Eric Holder love tap on the wrist. No word yet on this from Nancy Pelosi's son Paul of Countrywide fame.