Rumors surfaced a few months ago that the Securities and Exchange Commission was putting together a fraud case against ex-Countrywide CEO Angelo Mozilo. Now it's official: The feds have filed a civil fraud lawsuit today against Mozilo and two other former Countrywide execs. According to the LA Times, "the agency has been investigating whether Mozilo and others failed to inform shareholders just how lax lending standards became....as the housing boom neared its end. The SEC also was scrutinizing Mozilo's sale of hundreds of millions of dollars in stock in 2006 and 2007 as defaults mounted on the high-risk loans that Countrywide increasingly had specialized in." *Updated [LA Times]
Filed under:
Lawsuit! Countrywide's Mozilo Facing The Feds*
The Latest
Curbed LA Is Closing
Head to Curbed.com — soon to be a part of the New York Magazine family — for more of the Curbed LA that you know and love.
Koreatown Craftsman With Lots of Hand-Carved Woodwork Asks $1.5M
Built in 1910, the house sits on a lush property that includes a recording studio out back.
Loading comments...