"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Wednesday, February 2, 2011

Angelo Mozilo Settles w/CA for a Paltry $6.5 million

This is the look of a happy predator


Pacific Coast Business Times
2/2/2011

Angelo Mozilo and another former Countrywide Financial Corp. executive agreed Feb. 2 to pay $6.5 million to settle a predatory lending civil case brought by the state of California, state Attorney General Kamala Harris’s office announced.

Countrywide — which was based in Calabasas and is now owned by Bank of America — was sued in 2008 by then-Attorney General Jerry Brown in a complaint that also named Mozilo, Countrywide’s CEO, and company president David Sambol. The state accused Countrywide and its executives of concealing the risk of mortgages and mass-producing loans with no regard to the borrowers’ ability to repay them.

The settlement by Mozilo and Sambol ends that lawsuit. Countrywide settled its portion of the case four months after it was filed by agreeing to provide loan modifications and other foreclosure relief valued at $8.7 billion nationwide.

The state will use the $6.5 million settlement “to establish an innovative statewide California Foreclosure Crisis Relief Fund to combat the effects of California's high rates of foreclosure and mortgage delinquency,” according to a news release from Harris’s office.

Mr. Predator got clipped more with the SEC
10/15/2010: LOS ANGELES — Countrywide Financial Corp. co-founder Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges that alleged he profited from doling out risky mortgages while misleading investors about the risks.

The agreement requires Mozilo to repay $45 million in ill-gotten profits and $22.5 million in civil penalties. Former Countrywide President David Sambol owes $5 million in profits and $520,000 in civil penalties, and former Chief Financial Officer Eric P. Sieracki will pay $130,000 in civil penalties.


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