Bank of America takes control today of Countrywide Financial, the troubled mortgage giant founded by Angelo Mozilo 39 year ago. It is Mozilo’s last day with the company, which crashed from its perch as the No. 1 U.S. home lender after embracing subprime and other questionable loan types. Mozilo and the firm face several lawsuits and state and federal investigations. Mozilo “was an admired and feared competitor,” said National Mortgage News editor Paul Muolo. “But now his reputation is trashed.” (Los Angeles Times, free registration)
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The Bottom Line
July 1, 2008
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