TV News LIES

Thursday, Jul 27th

Last update05:20:13 AM GMT

You are here News Economy Mozilo settles Countrywide fraud case at $67.5 million

Mozilo settles Countrywide fraud case at $67.5 million

E-mail Print PDF

Mozio settles with SECFormer Countrywide chief Angelo Mozilo agreed to a settlement of $67.5 million to resolve charges that he duped the home loan company's investors while reaping a personal windfall, but Bank of America will pick up two-thirds of the bill.

Mozilo, poster boy of the subprime mortgage market's boom and bust, reached a last-minute deal with the U.S. Securities and Exchange Commission before his trial on civil fraud charges was to start on Tuesday.

The most prominent executive charged by U.S. regulators with wrongdoing in connection with the housing market collapse, Mozillo settled without admitting or denying any wrongdoing.

Bank of America, which bought Countrywide in 2008, said it will advance $45 million to Mozilo for the settlement. It said it is required by indemnification provisions to advance funds to Mozilo and another defendant, former Countrywide President David Sambol.

The settlements, announced in Los Angeles federal court, resolve SEC charges that Mozilo, Sambol and another defendant hid risks of the company's teetering mortgage portfolio as the real estate market soured.

More...


Most Recent Related Stories...


Fed keeps interest rate unchanged amid low inflation

Janet YellenThe Federal Reserve declined Wednesday to raise its benchmark interest rate amid a low inflation rate...

CBO rejects Trump's claim that budget plan would eliminate deficit

Trump budgetThe Congressional Budget Office cast doubt Thursday on the White House’s claim that President Trump’s proposed...

JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty

JP Morgan whitleblowersTwo whistle-blowers are set to share a record $61 million award from the Securities and Exchange...

Study: ‘Buy America’ rules raising costs for US transit systems

Buy America increases prices of mass transitFederal requirements to buy American-made products may be forcing some U.S. transit systems to spend more...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!