More than two many years soon after Countrywide monetary practically collapsed below the excess weight of souring subprime household loans, Angelo R. Mozilo passionately defended the home loan loan company that he founded prior to a federal government panel.
Countrywide was among the best organizations inside the background with this country, Mr. Mozilo informed Congressional examiners in September, extra than two many years soon after bank or investment company of America purchased the organization throughout the throes from the monetary crisis.
That bold declaration was 1 of countless created by Mr. Mozilo in an hourlong job interview using the monetary turmoil Inquiry Commission. The non-public testimony, launched lately through the federal government panel accountable for rooting out the brings about from the crisis, depicts an emboldened past chief executive, defiant inside the encounter of criticism that his corporation fed the home loan bubble. Mr. Mozilo informed the commission he was proud of what we accomplished.
Regulators have used a distinctive watch of Countrywide's legacy. In October 2010, Mr. Mozilo agreed to spend $22.5 million to settle federal costs that he misled traders about Countrywide's risky bank loan portfolio.
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