Angelo Mozilo says he doesn’t understand — and doesn’t care to understand — why he is still being held responsible for the 2008 financial meltdown
Speaking at an exclusive hedge fund conference in Las Vegas this week, the disgraced former head of Countrywide Financial said he doesn’t understand — and doesn’t care to understand — why he is still being held responsible for the 2008 financial meltdown, driven by a collapse in shoddy subprime loans, many of them sold by Countrywide.
“Somehow, for some unknown reason, I got blamed for it,” said Mozilo, who was charged with insider trading and securities fraud in 2009 tied to his Countrywide stock sales and emails detailing concerns about the company’s subprime products at a time when he was publicly touting the stock. At the time, Countrywide was the largest mortgage lender in the U.S. and it had lowered its lending standards to aggressively offer mortgages to people with questionable means to pay them back.
But emails between Mozilo and other Countrywide executives leading up to the financial crisis show that he was privately concerned about the poor lending standards.
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Countrywide founder Angelo Mozilo says ‘for some unknown reason, I got blamed’ for subprime crisisSpeaking at an exclusive hedge fund conference in Las Vegas this week, the disgraced former head of Countrywide Financial said he doesn’t understand — and doesn’t care to understand — why he is still being held responsible for the 2008 financial meltdown, driven by a collapse in shoddy subprime loans, many of them sold by Countrywide.
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Countrywide founder Angelo Mozilo says ‘for some unknown reason, I got blamed’ for subprime crisisSpeaking at an exclusive hedge fund conference in Las Vegas this week, the disgraced former head of Countrywide Financial said he doesn’t understand — and doesn’t care to understand — why he is still being held responsible for the 2008 financial meltdown, driven by a collapse in shoddy subprime loans, many of them sold by Countrywide.
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