Angelo Mozilo Net Worth is$600 Million
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Profession: Businessperson, Banker
Date of Birth: 1938
Nicknames: Angelo R Mozilo
Country: Italy, United States of America
Angelo Mozilois an American businessman, he has a net worth of $600 million. Angelo Mozilois has earned his net worth as former chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008.Cond'e Nast Portfolio ranked Mozilois second on their list of "Worst American CEOs of All Time". He was born in New York City, the son of a Bronx butcher; he earned at a Bachelor of Science degree from Fordham University in 1960. On June 4, 2009, the U.S. Securities and Exchange Commission charged former CEO Angelo Mozilois with insider trading and securities fraud. Many of his friends received VIP treatment in the way of fee free loans through Countrywide. This is just one of the many ways Mozilois took advantage of his power and position.
Angelo R. Mozilo (born 1938) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008.Cond'e Nast Portfolio ranked Mozilo second on their list of "Worst American CEOs of All Time".
Mozilo was born in New York City, the son of a Bronx butcher. He received a Bachelor of Science degree from Fordham University in 1960. In 1969, he and his former mentor David S. Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Pasadena, California and then to Calabasas, California in Los Angeles County. Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.
Since Countrywide was listed on the NYSE in 1984, Mozilo sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realized in the 12 months ending August 2007.
In the beginning, Countrywide was a pioneer in the nation-wide non-bank mortgage industry. Mozilo was very concerned with the credit quality of borrowers and the quality of loans. When subprime came onto the scene in the late 1980s (Guardian S&L) and 1990s (The Money Store), his company did not participate. He privately described the subprime loan mavericks of the 1990s as 'crooks'. However, his company began to lose business to the subprime lenders. He had to compete with them, or keep losing market share. Thus, by the early 2000s (decade), Countrywide had entered subprime, for real.
Perhaps more than any single individual, Mozilo has come to symbolize, and bear the blame for, the subprime mortgage crisis. In a New York Times feature on October 20, 2008, Henry G. Cisneros, former secretary of HUD and member of the Countrywide board of directors, describes Mr. Mozilo as "sick with stress - the final chapter o

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Angelo Mozilo Latest News

What a week: Botox haze, merger Monday and The Tanned One

Tanned, rested and ready for court: Angelo Mozilo, former Countrywide Financial CEO, may face civil charges for exploding mortgages. We are nothing if not a Botoxed nation. Teasing out everlasting youth, even at the cost of frozen expressions, Botox has ...
Posted: November 21, 2014, 1:19 am

Countrywide's Angelo Mozilo has no regrets

The notorious CEO is still not talking about his mortgage company's role in the nation's financial meltdown, but in a 2011 deposition released this week he insisted that the crisis was "not caused by an act of Countrywide," He also said that he only agreed ...
Posted: December 13, 2012, 3:58 am

Countrywide issued hundreds of VIP loans to buy influence, report says

Referred to as the "VIP program" or the "Friends of Angelo" program -- after former Countrywide founder and CEO Angelo Mozilo -- this preferential treatment varied with the importance and influence of the borrowers and included such perks as lower loan ...
Posted: July 5, 2012, 3:31 pm
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