Photo By: Wall Street Geek
By Marcy Gordon and Greg Risling
Angelo Mozilo, the man who rode the housing boom to build Countrywide Financial Corp. into a California colossus of high-risk mortgage lending, has been charged with civil fraud and illegal insider trading by federal regulators who accuse him of deceiving shareholders and profiting on confidential information.
Mozilo, 70, is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis. He has denied any wrongdoing and his attorney on Thursday called the SEC’s allegations “baseless.”
The SEC’s civil lawsuit, filed Thursday in federal court in Los Angeles, named Mozilo, Countrywide’s former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.
The SEC is seeking injunctions and unspecified civil fines against Mozilo, Sambol and Sieracki and wants them to be barred from serving as officers or directors of any public company. The agency also is seeking unspecified restitution of allegedly ill-gotten profits from Mozilo and Sambol.
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Check this out: http://www.npr.org/templates/story/story.php?storyId=105082300
During the interview the nephew is questioned in regards to his role in creating bad loans and if this is not further taking advantage of the situation for profit…
Startup Seeks To E-Modify Home Loans
by Chris Arnold
NPR All Things Considered, June 7, 2009 · Millions of Americans keep losing their homes to foreclosure. And these days, wherever a problem exists, somebody is bound to start a technology company to try to fix it.
That’s where eModifyMyLoan.com comes in. The startup company says its software can help homeowners facing foreclosure get their payments lowered.
One of the founders is Chris Mozilo, whose uncle, Angelo Mozilo, started Countrywide — the mortgage company many blame for triggering the foreclosure crisis.
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His hand is that some kind of a secret code or message?
’bout time…