Gretchen Morgenson Reviews The FCIC Report

“Mr. Mozilo, the commission said, described his company as having “prevented social unrest” by providing loans to 25 million borrowers, many of them members of minority groups. Never mind that throngs of these loans have resulted in foreclosures and evictions. “Countrywide was one of the greatest companies in the history of this country,” Mr. Mozilo […]

Mozilo Predicted U.S. Housing Collapse as Fed Overlooked Risk

James Sterngold, Bloomberg Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo warned as early as 2004 of a possible housing-market collapse while the Federal Reserve overlooked the threat a year later, according to documents released by the Financial Crisis Inquiry Commission. “Not only at Countrywide, but also with other lenders, there is a clear deterioration in […]

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