Former Countrywide CEO Angelo Mozilo Says Financial Crisis Wasn’t His Fault And To Quit Blaming Him
Former Countrywide CEO Angelo Mozilo claims he had nothing to do with the financial crisis. He wants people to quit blaming him.
The disgraced CEO of Countrywide Financial told hedge fund executives that he doesn’t care that he is still being held responsible for the 2008 financial meltdown. Mozilo told the SALT Conference in Las Vegas:
He settled the case for $67.5 million and accepted a lifetime ban from serving as an officer or director of a public company. However, Mozilo didn’t admit any wrongdoing.
Mozilo also used the SALT stage to stand up for Countrywide. Bank of America bought Countrywide during the throes of the crisis. Bank of America lost billions of dollars for nearly a decade due to the acquisition.
Countrywide was the largest mortgage lender in the US at its peak.
The company aggressively marketed its lower lending standards to high-risk homeowners.
He also defended Countrywide’s lending practices. He said the lower lending guidelines provided homes to groups of people shut out of the traditional banking industry.
Time Magazine named Angelo Mozilo as one of the top 25 people to blame for the financial crisis. CNN named him as one of the “Ten Most Wanted: Culprits” of the meltdown.
Former Trump White House Press Secretary Anthony Scaramucci invited Mozilo.
Former Countrywide CEO Angelo Mozilo claims he had nothing to do with the financial crisis. He wants people to quit blaming him.
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