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Angelo Robert Mozilo (December 16, 1938 – July 16, 2023) was an 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.
Eileen foster was the executive vice president of Fraud Risk Management at Countrywide, and later senior vice president of the Mortgage Fraud Investigations Division at Bank of America (when the two merged), until she blew the whistle on massive and widespread systemic home loan fraud in 2008. [1]
Late last week, a former Countrywide Financial Corp. employee and his pal were arrested by the FBI for stealing and selling personal data of mortgage applicants. They estimate that up to 2 million ...
In 2003, Countrywide was the subject of a class-action lawsuit alleging overtime violations. Countrywide was charged with working employees 10–15 hours per day, 6 to 7 days per week without compensating them for overtime wages. The lawsuit was settled in May 2005, with the payment of $30 million in compensation to 400 account executives. [11]
Former Countrywide Financial CEO Angelo Mozilo has become the highest-profile executive to be accused of wrongdoing in the subprime mortgage meltdown. The Securities and Exchange Commission ...
Countrywide was a giant in mortgage lending, but was also known for approving exotic, even risky, loans. By 2007, as the market for subprime mortgages collapsed, Countrywide was anxious for revenue.
He became famous for leading the 2007 "Protect Our House" campaign which urged Countrywide employees to take criticism of the company as a personal attack. [ 4 ] [ 5 ] Bank of America retained Gissinger for a period of months after the acquisition to head several groups responsible for selling mortgages to consumers as the third highest-ranking ...
Countrywide Financial and its former, now-vilified CEO Angelo Mozilo are synonymous with the greed and fall from grace associated with the financial Source: Company annual report.