Federal prosecutors have dropped the criminal investigation of Countrywide founder, Angelo Mozilo. KPCC’s Steve Julian reports Mozilo was one of the biggest profiteers during the housing crisis.
Even though Mozilo pulled 140 million dollars out of Countywide just before it crashed, a two year investigation by federal prosecutors failed to yield enough evidence for criminal charges.
Mozilo, at the time, continued to assure shareholders the company was stable.
He was hit with a couple of settlement fees, but hasn’t had to pay much out of his own pocket. And he hasn’t admitted any wrongdoing.
This month the state of California settled its predatory lending case against him for about 6-million dollars – money that goes into a fund for families facing foreclosure. But Mozilo isn’t actually paying that out of his own pocket either.
SJ 89.3 KPCC.