TV News LIES

Friday, Sep 04th

Last update07:09:41 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...


Hill analysts lower 2015 budget deficit forecast to $426B

CBO DirectorCongress' official budget analyst projected Tuesday that this year's federal deficit will drop to $426 billion,...

Stocks Fall Most in 4 Years as China Dread Sinks Global Markets

Stocks fallInvestors are selling the biggest winners of 2015. Companies that have come to be known as...

US stocks pare losses after 1,000-point Dow plunge

Stocks fallU.S. stock markets sank in morning trading Monday in a wave of fear that circled the...

How banks hid billions in trades from US regulators

Gary GenslerThis spring, traders and analysts working deep in the global swaps markets began picking up peculiar...
 
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!