Countrywide Financial Corp. co- founder Angelo Mozilo said under oath last year that he had “no regrets” about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children.
The U.S. Justice Department has ended a criminal investigation of former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo and won’t bring charges, a person familiar with the investigation said.
Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo and ex-Chief Operating Officer David Sambol agreed to $6.5 million settlement to resolve a predatory lending lawsuit filed by California.
Assuming prosecutors can clear legal challenges against applying retroactively the law's longer statute of limitations -- from five years to six -- the next step will be deciding whether to reopen the investigative files of top banking executives.
Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo warned as early as 2004 of a possible housing-market collapse while the Federal Reserve overlooked the threat a year later, according to documents released by the Financial Crisis Inquiry Commission.