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The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.. In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's ...
Angelo Robert Mozilo (December 16, 1938 – July 16, 2023) was an Italian American mortgage industry banker who was co-founder, chairman of the board, and chief executive officer of mortgage giant Countrywide Financial until July 1, 2008. Mozilo retired shortly after the sale to Bank of America for a total of $4.1 billion in stock.
Former Countrywide leaders Angelo Mozilo and David Sambol. Source: Company annual report. Countrywide Financial and its former, now-vilified CEO Angelo Mozilo are synonymous with the greed and ...
Countrywide's vast numbers of fraudulent mortgages-- which were created to feed a securitization machine, not to secure repayment of properly underwritten loans -- may still doom Bank of America ...
Kent Conrad [1] (born March 12, 1948) is a former American politician who was a United States Senator from North Dakota.He is a member of the Democratic Party.First elected to the Senate in 1986, he served as chairman or Ranking Member of the Senate Budget Committee for 12 years.
Mozilo’s name and that of the mortgage-lending company he cofounded are closely linked to the subprime mortgage meltdown that helped snowball the financial crisis in 2008.
On June 17, 2008, Dodd met twice with reporters and gave accounts of his mortgages with Countrywide. He admitted to reporters in Washington, D.C., that he knew as of 2003 that he was in a VIP program, but claimed it was due to being a longtime Countrywide customer, not due to his political position.
WASHINGTON -- Congressional investigators said Monday that four House members received VIP discounted loans from the former Countrywide Financial Corp., the lender whose subprime mortgages was ...