Inside these posts: Angelo Mozilo

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Suit charges Countrywide with ‘massive fraud’

Countrywide Financial, a unit of Bank of America Inc., conducted a “massive fraud” over its mortgage-backed securities, according to a lawsuit brought by investors, including TIAA-CREF Life Insurance Co., New York Life Insurance Co. and Dexia Holdings Inc., Bloomberg News reported Tuesday on its Web site. Get the full story »

Countrywide’s Mozilo settles suit for $67.5 million

Angelo R. Mozilo, who presided over the spectacular rise and devastating fall of Countrywide Financial Corp., struck a deal Friday to avoid going to trial next week on accusations of investor fraud and insider trading. Mozilo agree to pay $22.5 million in fines to the SEC and to turn over $45 million in ill-gotten gains to former shareholders who have sued him.

SEC: Mozilo OK’d Countrywide preferential loans

Federal regulators say former Countrywide CEO Angelo Mozilo personally approved mortgages for favored borrowers that violated the company’s policies and lending standards.

The Securities and Exchange Commission had previously accused Mozilo of civil fraud and illegal insider trading. Now, the agency says Mozilo played a direct role in a program for preferential borrowers that has been the focus of congressional ethics inquiries. Get the full story »