‘Friends of Angelo’ Let Countrywide’s Mozilo Off the Hook as U.S. Said to Abandon Suit


“The decision not to move forward with civil cases against Mozilo and other Countrywide executives was made by Justice Department officials”


Countrywide’s Mozilo Off the Hook as U.S. Said to Abandon Suit

U.S. prosecutors have abandoned their case against Angelo Mozilo, a pioneer of the risky subprime mortgages that fueled the financial crisis, after a two-year quest to bring a civil suit against him.

The Justice Department has decided not to sue Mozilo, the co-founder of Countrywide Financial Corp., according to people familiar with the matter. That effectively ends nearly a decade of U.S. scrutiny of a man who became a face of risky lending practices and later an emblem of the government’s mixed success in holding individuals accountable.

In recent years, the 77-year-old has been living in a 12,692-square-foot house in Santa Barbara, California, investing in real estate and writing a book about his life so his grandchildren will “know the truth.” Interviewed in late 2014, shortly after news of prosecutors’ civil pursuit became public, he denied any wrongdoing and said the national real-estate collapse, not Countrywide’s lending, was at the root of the crisis.

“Countrywide or Mozilo didn’t cause any of that,” he said at the time.

Rest here…



14 Responses to “‘Friends of Angelo’ Let Countrywide’s Mozilo Off the Hook as U.S. Said to Abandon Suit”
  1. lvent says:

    ELLIOT SPITZER would probably fill the bill for PRESIDENT better than most because he did take on WALL STREET when no one else would.

    The problem with politicians is they think it’s their job to be WALL STREET power brokers once they get in & that causes lawlessness.

    There should be GLASS STEAGAL for politicians that separates them from the INVESTMENT BANKS.

  2. I Believe You says:

    I don’t need to be convinced that legal remedies are inadequate. I only said that I wasn’t aware of the Hagens Bermans etc ones. In fact I only threw it in originally because “And yeah, I plan to finish what I started, you pathetic clown” sounded too much like a threat. Putting “class action” in watered it down considerably.

    I added a smily-face because I know the different between Huff Post and this blog. (This blog is better for one thing.)

    At least one of those is limited to borrowers who were offered a TPP that didn’t convert to a permanent mod. That leaves out the people who were screwed even worse. Same when CFPB slapped Residential Credit Solutions’ hand. The remedy was only for those who were in TPPs when RCS got their loans. RCS made them start from scratch. RCS is the sub-servicer David Dayens wrote about on Naked Capitalism last year, caught red-handed outsourcing document fabrication. They did it in-house, too. There was a dopey kid on LinkedIn who spelled out his job duties at RCS, which included “creating” documents.

    Eric Holder is the worst criminal in this. If we’d had Spitzer instead of him this might have run a different course. And Lynch is even worse, so far.

  3. lvent says:

    The truth of the matter is, there is unlawful conflict of interest issues in FC, & the entire legal system because there’s too many investors in everything & that effects our security negatively.

    That’s why the bailouts should never have happened because it empowered more wrongdoings by the wrongdoers proven by the loan mod fiasco.

    CNBC reported they received $60+ trillion since 2008 which is not only ludicrous it’s beyond CRIMINAL to then FC with no legal documentation whatsoever or even try to.

    MAX KEISER said if they can’t FC, they’re going to gas the people in their houses.

    I say it’s far worse than that.
    By the way they’re operating is evidence they’re exchange brokering what they don’t own which is TRADING WITH THE ENEMY.

  4. lvent says:

    Being forced to defend 2 FC’s myself, PRO SE for the past 5 years has led to me being false imprisoned by the ILLINOIS STATES ATTORNEYS OFFICE in my own house since 2014.

    That’s why I’m suing the STATE OF ILLINOIS for SECURITIES FRAUD because I was never party to it.

    The fact no one did their job from the beginning is legal evidence of criminal conspiracy by UNLAWFUL corporate gangstalking of my legal rights.

  5. lvent says:

    There’s too much money going out to the culprits who caused the mess in the first place.



  6. coltonm001 says:


  7. lvent says:

    It’s complete corruption & that’s the only explanation for why these credit brokers were bailed out in the first place with no receipts.

    First they came for our wealth, then our property, & what’s left to steal from us when our property titles get fraudulently conveyed is our U.S. CITIZENSHIP which can never be replaced.

    Therefore, we have no choice other than to sue the document falsifiers for SECURITIES FRAUD.

  8. I Believe You says:

    Bravo Bobbi and lvent.

    Here’s some non-trivial trivia for the investigative reporting types…Mozilo’s son and apologist, Eric, works for Bank of Crimerica in Pasadena these days, and pens children’s books on the side.

    Of note: he donated to the campaign of the current mayor (and loooong-time councilman) of nearby Monrovia, which happens to be run by a corrupt den of real estate manipulators who will stop at nothing to deliver granny’s charming cottage into the hands of their silver-spoon mansion-builder friends. You would not believe how many properties have been delivered over to The City or Monrovia, a Municipal Corporation, for 0$, with the grant deed signed by a quavering hand like “Charles O. Johnson, a widower.” Yes, these are ugly, evil people and they run in packs.

    (here: http://www.monrovianow.com/2015/03/contributions-in-monrovia-mayoral-race.html)
    …in addition to Mozilo, you have the entire senior staff of a large commercial construction company donating to the winning candidate, a real estate broker as it happens, and landing two plum contracts of a mind-blowing sweetheart nature subsequently:

    1) A $1.5M loan from the city for development costs to convert the old train station to a restaurant/cafe, with a 55-year lease at $2400/year, and a contract to run the restaurant keep all its income. In exchange for? Nothing. That’s the deal. The city will reap sales tax. They’d reap that no matter who had a restaurant there. The loan $1.5M loan? It doesn’t have to be paid back.

    “The loan would be forgiven upon successful completion of the project.”


    2) “Today, [the construction company] is building the Parks at Station Square, a 261-unit luxury apartment complex adjacent to the Gold Line.”

    (both quotes from http://www.pasadenastarnews.com/government-and-politics/20151130/monrovia-may-loan-developer-15-million-to-restore-historic-train-depot)

    The commenting on the donation article got out of control with allegations of corruption growing bolder by the hour. The candidate stepped in with some hollow platitudes. He should ave brought hollow-points and put himself out of the misery that was coming. I’d love to know who wrote this (I fixed a lot of typos):

    “Was [the construction company] the developer that was suing the city, and the city gave them the property at Magnolia and Pomona? Tom [candidate], didn’t your office used to get all Bowden [personal friend of the candidate, a different construction company, and also a listed donor] Development’s new properties when his daughter worked out of your real estate office, and because of that, the rumor at the city was that he didn’t pull permits until after construction was done, and didn’t even pull demolition permits. I believe Hopper [former city manager] was the city manager, and didn’t Bowden build Hopper a house in Cabo San Lucas, Mexico during that time, and you are the only one from those years on [city council] now?”

    The candidate didn’t respond.

    Thanks, Eric Mozilo, for helping Monrovia get the leader it needed to increase its corruption to a truly spectacular level. Meanwhile, you have taken up the solemn duty of shaping the character of the very young. Given that no one buys your self-published books, it’s hard to believe you’ll get anywhere. Young E. Mozilo waxes philosophic on the Amazon page for his first book:

    “Teach our children that it is up to them, and no one else, to achieve greatness. …Stress the importance of ownership and responsibility…and instill hope and confidence that each individual possesses a quality unique to them, and beautiful to all. ” Larceny?

    By his third and final tome, he is clearly decompensating:

    “The regret that I didn’t finish what I started, and the growing doubt in my own ability to follow through on anything. As I get older, I almost have to finish through on things for no other reason than to prove to myself that I can actually finish something… We need to stop quitting, because every time we do, we make it harder to believe in ourselves. Let’s get the pendulum swinging in the right direction. Finish what we start, task by task, promise by promise, and I bet life will seem much more fulfilling.” I bet you called 9-11 after you wrote that.

    And yeah, I plan to finish what I started by joining a class action, lawsuit, you pathetic clown.

    • BOBBI SWANN says:

      Unfortunately a class action gets you about a 10-cent cigar! But, I am wondering if you have ever sent your information above to any of the media outlets? Surely, someone, somewhere is gutsy enough to put it on the ‘air’?

      • I Believe You says:

        I thought this was a media outlet. 🙂
        True about class actions. I didn’t realize there were any, but Hagens Berman Sobel Shapiro (Seattle) has launched a few.


      • BOBBI SWANN says:

        @ i BELIEVE YOU – I should have been more detailed – I meant to say “mass news media” but in any case, I did look up those cases you posted – of course 2 were settled out of court; 2 are still active but odds they will settle out of court on those too! Again, as I said, pennies on the dollar and the only one who wins those cases are the ATTORNEYS! That is big bucks for them. They will litigate against the big boys because they know that’s where the money lies. It’s not just representing the homeowners. For me, they are no better than the ambulance chaser attorneys out there.

  9. lvent says:

    The securities can’t be found & they should be criminally prosecuted for it.

  10. BOBBI SWANN says:

    Where is Senator Charles Schumer now? You know, he’s the one that stated that CWHL and Mozillo was indeed responsible. Oh, wait, he’s out on some campaign trail to initiate gun control with his (actress) cousin, Amy Schumer. Yes, supporting gun control to rid us of our 2nd ammendment rights because guns are the ONLY weapon that kills. WRONG! Over the last 20 years Killings by guns have dropped 30% and shootings by guns have dropped 60%. Despite what the news media and the elites in Washington, the gun problem has dropped! Even so, Mozillo is ultimately responsible for the ‘deaths’ of hundreds of homeowners who lost everything and took their life (and sometimes along with others) and he never used a GUN. We are nothing but P-Wee Herman and allowing these people to continue.

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