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As reported in The New York Times, the Justice Department made the decision not to file a civil fraud case against Angelo R. Mozilo, a co-founder of Countrywide Financial, which was one of the largest originators of subprime mortgages in the time leading up to the financial crisis. Prosecutors in Los Angeles, in conjunction with those at the Justice Department in Washington, spent over two years analyzing the benefits of filing a civil fraud case against Mozilo. However, they chose not to file suit against Mozilo after a federal appeals court in New York overturned a $1.27 billion penalty against Bank of America and a prior Countrywide executive.<\/p>\n
Mozilo, age 77, and many other prior Countrywide executives, received letters from federal prosecutors informing them that the prosecutors concluded an investigation into the sale of billions of dollars of mortgages to homebuyers who had dubious credit histories. Because of the duration of the (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" As reported in The New York Times, the Justice Department made the decision not to file a civil fraud case against Angelo R. Mozilo, a co-founder of Countrywide Financial, which was one of the largest originators of subprime mortgages in…<\/span><\/p>\n