Angelo Mozilo, Countrywide Financial CEO and key player in 2008 financial crisis, dies at 84
Originally Published 2 years ago — by CNN
Angelo Mozilo, former CEO of Countrywide Financial and a key figure in the 2008 financial crisis, has passed away at the age of 84. Mozilo and his company were closely associated with the subprime mortgage meltdown that contributed to the crisis. Countrywide, which he co-founded, issued mortgages to borrowers with inadequate credit, leading to high default rates and a wave of foreclosures. The company was eventually acquired by Bank of America for a significantly reduced price, resulting in substantial losses for the bank. Mozilo faced charges of defrauding investors and settled with the SEC for $67.5 million, paying less than originally agreed upon.