[bluekachina]

Angelo Mozilo, former boss of Countrywide Financial, has been charged with civil fraud and insider trading by the Securities and Exchange Commission.

He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007.

http://news.bbc.co.uk/2/hi/business/8084227.stm

[mos6507]

It's about time.

[ColossalContrarian]

Bank of America to pay Mozilo's legal fees - >http://money.cnn.com/2009/06/09/news/companies/BofA_Mozilo_legal_fees.reut/index.htm?postversion=2009060915

The nation's largest bank, which has taken $45 billion in taxpayer aid, will foot the bill for the former Countrywide chief's fraud case.

Our tax dollars at work!

"Under the agreement that he had when Countrywide was an independent company, Countrywide continued to be responsible for his legal expenses for actions taken while he was an employee,"

Well Countrywide no longer exists so he should be S.O.L.

[mattduke]

FHA is now making these same type of no-money down loans to unsuitable borrowers.

[Prince]

Weren't Chris Dodd and Barack Obama "Friends of Angelo" ?

Anyway...

FHA is now making these same type of no-money down loans to unsuitable borrowers.

Why wouldn't they? If they've learned anything in the last 12 months, they know that there is a lot of money to be made on such schemes and if they screw up, Joe Taxpayer will be right there with a bailout.