Countrywide's Mozilo gets only a fine for widespread fraud.

[dixiegrrrrl]

SOB was supposed to start a CRIMINAL TRIAL but the SEC bailed him out!
On top of that, YEARS of widespread fraud is now being called "filing false documents".
So he walks, and is free to do it all over.
And, Countrywide "lost" the mortgage notes when they sold the mortgages to the bond funds.

NEW YORK (CNNMoney) — Angelo Mozilo, the former co-founder of Countrywide Financial, has agreed to pay $67.5 million to the SEC to settle fraud charges.

The fine was one of the largest penalties ever issued for a corporate executive charged with filing false documents with the Securities and Exchange Commission.

The settlement was announced Friday at a status conference in the case before U.S. District Judge John Walter in Los Angeles, who called the settlement “fair and in the public interest.”

Mozilo was slated to appear in the federal courthouse on Tuesday.
But there were published reports in recent days that Mozilo and the SEC had been in confidential settlement negotiations.

http://livinglies.wordpress.com/2010/10/15/countrywides-mozilo-to-pay-67-5-million-settlement/

[JDPriestly]

1. Unfortunately, this is too old to recommend.

But everyone should be aware of this.