August 30, 2009 |
When David Gautreaux volunteered to assist at a charity golf tournament in Thousand Oaks two years ago, he was eager to meet the event's host, Angelo R. Mozilo, then chief executive of mortgage giant Countrywide Financial Corp. An actor and investor who owned Countrywide stock, Gautreaux was stationed at the 12th hole when Mozilo strode onto the green. Gautreaux remarked that Mozilo was winning. "He turned at me, and his voice was like a bark. He said, 'We better be!' " recalled Gautreaux, who was taken aback.
August 8, 2008 |
Securities regulators have stepped up their investigation of mortgage giant Countrywide Financial Corp. and its former chief executive, Angelo R. Mozilo. Bank of America Corp., which acquired Calabasas-based Countrywide last month, said in a regulatory filing Thursday that the Securities and Exchange Commission was conducting a formal inquiry of the lender and that it had responded to subpoenas from the federal agency.
April 28, 2007 |
Countrywide Financial Corp. said Thursday that profit was down. On Friday, it said that pay for Chief Executive Angelo R. Mozilo was up. The founder of the nation's largest mortgage lender made $48.1 million in salary, bonuses and stock-based compensation in 2006, according to a regulatory filing Friday, besting the $45.2 million he made in 2005. He also exercised $72.2 million in stock options, compared with $119 million in 2005, for a total of $120.3 million last year.
October 16, 2010 |
Angelo R. Mozilo, who as head of home-loan giant Countrywide was at the center of the housing boom and bust, agreed Friday to pay a record fine as part of a $73-million settlement of a government fraud lawsuit over the lender's near-collapse. The deal with the Securities and Exchange Commission requires Mozilo, the highest-profile figure to be accused of wrongdoing in the mortgage meltdown, to personally pay a $22.5-million fine. The government said it would be the largest penalty ever paid by a senior executive of a public company in an SEC settlement.
November 23, 2011 |
California's giant public pension fund and 15 other large investors settled lawsuits that accused former mortgage giant Countrywide Financial Corp. of costing them billions of dollars in stock losses by failing to disclose the severity of the risks posed by the easy-money loans the Calabasas lender handed out during the housing boom. A filing Monday in U.S. District Court in Los Angeles disclosed the confidential settlement. The filing did not reveal how much Bank of America Corp., which acquired Countrywide in 2008 and was also a defendant in the case, would pay to the California Public Employees' Retirement System and the other plaintiffs.
February 18, 2011 |
Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown ? which led to $67.5-million settlement against him ? did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in 2008, and four months ago he agreed to pay a $22.5-million fine and to repay $45 million in what the government said were ill-gotten gains to former Countrywide shareholders.