Angelo R. Mozilo
Angelo R. Mozilo is the former chairman and CEO of Countrywide Financial, now part of Bank of America. Mozilo graduated with a BS from Fordham University in 1960. He co-founded Countrywide in 1969 with the principle that every family in the United States should have the opportunity to own a home.
Due to the housing bubble and credit crunch Countrywide’s stock collapsed. Countrywide financed a large number of sub-prime mortgages and Adjustable Rate Mortgages (ARMs) that led to a number of foreclosures significantly reducing Countrywide's earnings. Mozilo watched his company's stock fall from a high of around $40 to about $5 in only a few months. Countrywide was eventually bought by Bank of America in the summer of 2008 for about $4 billion.
$700M of MBSs Go South, Allstate (ALL) Seeks Out BofA, Countrywide for Defrayal
Allstate (NYSE: ALL) is suing Countrywide, Bank of America (NYSE: BAC) and others for more than $700 million in losses incurred resulting from the purchases of residential mortgage-backed securities bought from Countrywide, claiming that Countrywide misrepresented the investments.
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