Tag:
Angelo Mozilo
Latest Headlines
Latest Headlines
More angst over dearth of criminal prosecutions for financial crisis
The issue will not go away. People continue to harp on the fact that no big-name Wall Street executives have been sent to prison. Sure, there have been a few sent away. But the big names that the public holds most directly responsible for the financial crisis have been spared. At this point, f
Fuld, Lehman execs not likely to be charged
We've suggested on several occasions that despite heavy bouts of media speculation, the chances that any former executive at Lehman Brothers would be hit with criminal or civil charges seemed to be waning. Others have come to similar conclusions.
The New York Times weighs in with so
The legacy of Angelo Mozilo
So how will history treat Angelo Mozilo? Before the financial crisis hit home and all but destroyed his company, Countrywide, he was a candidate for sainthood. He expanded homeownership with an array of new products and a new mindset toward people who traditionally failed to qualify for loans. At
Bank of America settles suit against Countrywide execs
Bank of America ( NYSE: BAC ) continues to clean up the mess it took on when it bought Countrywide, which was once a leading-edge mortgage company felled by the type of loans regulators and consumer advocates have lambasted roundly. The bank announced a settlement to a suit brought in 2008 by th
MERS and the limits of automation
To many people in the mortgage business, the creation of MERS in the early 1990s was an event rivaling the creation of the DTCC in 1973. The latter solved a paperwork crisis by essentially automating the process of clearing and settling stock trades. John Brooks' classic The Go-Go Years
A Sarbanes-Oxley approach to the foreclosure crisis?
Section 302 of Sarbanes-Oxley has gotten a lot of media ink over the years, as it struck many as a simple way to get companies to commit to financial statement transparency. By forcing the CEO and CFO to sign their names, attesting to the accuracy of financial reports, they put them on hook pe
Email evidence in the would-have-been Mozilo trial
The Angelo Mozilo-SEC settlement is "a signal event in the credit crisis and its aftermath," according to the New York Times . Mozilo is indeed the first CEO to be held personally accountable for dubious corporate conduct that proved so ruinous to so many. It would have been a fascinating trial
Countrywide's little black book
This month, a member of Congress asked Bank of America to provide some information about Countrywide's VIP lending program, which ostensibly provided mortgages to influential people at very favorable terms. These people were called FOAs, Friends of Angelo's--as in Angelo Mozilo, the embattled then
Bank of America paying Mozilo's legal fees
Bank of America, whether it wants to or not, is paying for the legal fees racked up by Angelo Mozilo, the embattled founder of disgraced mortgage firm Countrywide. The bank explained, according to Reuters , that Mozilo "is covered by an indemnity clause in place when he ran Countrywide, which B
Damning emails sent by Mozilo?
Once again, the case against Countrywide CEO and two other executives comes down to email. TheStreet.com offers some choice excerpts .
Here's one to executive David Sambol about Countrywide's 80/20 subprime loans: "In all my years in the business I have never seen a more toxic prduct [s
