Angelo Mozilo

Angelo Mozilo is an American businessman who was the chairman and CEO of Countrywide Financial Corporation. He was one of the key figures in the United States subprime mortgage crisis.

Countrywide Financial Corporation was a mortgage lending company based in the United States. It was one of the largest mortgage lenders in the country before it faced financial troubles and was eventually acquired by Bank of America in 2008.

Angelo Mozilo played a significant role in the subprime mortgage crisis. As the CEO of Countrywide Financial Corporation, Mozilo implemented aggressive and risky lending practices that contributed to the housing bubble and subsequent collapse. Countrywide faced multiple allegations of predatory lending and making high-risk loans without proper scrutiny, which ultimately led to its downfall.

Angelo Mozilo was sued by the U.S. Securities and Exchange Commission (SEC) for securities fraud and insider trading in 2009. He was accused of misleading investors about the risks associated with Countrywide's lending practices and selling millions of dollars in stock while knowing the company was in significant financial trouble. Mozilo agreed to settle the charges by paying a penalty and disgorging ill-gotten gains, totaling hundreds of millions of dollars.

In 2010, Angelo Mozilo reached a settlement with the SEC, agreeing to pay a $22.5 million penalty and disgorge $45 million in ill-gotten gains. However, he did not admit or deny any wrongdoing. This settlement was perceived by many as a relatively small price to pay considering the magnitude of the subprime mortgage crisis and the damages caused by Countrywide's lending practices.