New Orleans Angelo Mozilo help found Countrywide and ran it for years until dumping it off to Bank America. Many of the subprime and ARM products were toxic and account part of the collapse of the real estate markets and banking empires all around the Great Recession. The SEC trumped a settlement with Mozilo in …
Tag: countrywide
Bank of America’s Countrywide Mess Continues
Sheridan I’ll be honest. I may be missing some of the news, since I’m spending the daylight hours pulling a post-Katrina trailer to Montana, but can it really be possible that a $624 million dollar settlement on yet more of the Countrywide fiascos has literally attracted virtually zero notice in the news? This $624 Million …
Bank America Pays $110 M More for Countrywide Foreclosures
Toronto Bank of America settled with the U.S. Federal Trade Commission for $110 million to offset the fact that on “hundreds of thousands” of foreclosures Countrywide stole and cheated from people before B of A bought the outfit. Angelo Mozilo, the former head of Countrywide, was once famously quoted in a bit of braggadocio as …