HomeLatest NewsFeatured HomebuildersHome Buyer ResourcesBinding ArbitrationResource LinksSubmit ComplaintsView ComplaintsTake Action 101!Report Mortgage FraudMortgage Fraud NewsForeclosure NewsConstruction DefectsHome DefectsPhoto GalleryFoundation ProblemsHomeowner Website LinksHOA Reform
Main Menu
Home
Latest News
Featured Homebuilders
Home Buyer Resources
Binding Arbitration
Resource Links
Submit Complaints
View Complaints
Take Action 101!
Report Mortgage Fraud
Mortgage Fraud News
Foreclosure News
Construction Defects
Home Defects
Photo Gallery
Foundation Problems
Homeowner Website Links
HOA Reform
Featured Topics
Builder Death Spiral
Report Mortgage Fraud
Foreclosure Special Report
Mold & New Home Guide
Special News Reports
Centex & Habitability
How Fast Can They Build Them?
TRCC Editorial
Texas TRCC Scandal
Texas Watch - Tell Lawmakers
TRCC Recommendations
Sandra Bullock
People's Lawyer
Prevent Nightmare Homes
Choice Homes
Smart Money
Weekly Update Message
HOBB Archives
About HOBB
Contact Us
Fair Use Notice
Legislative Work
Your House

 HOBB News Alerts
and Updates

Click Here to Subscribe

Support HOBB - Become a Sustaining Member
Who's Online
We have 1 guest online
ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration
Countrywide Exc's Pay $67.5 Million in Mortgage Scandal
Friday, 15 October 2010

Countrywide’s Mozilo settles SEC charges
According to court filings, Mozilo agreed to repay $45 million in profits, and $22.5 million in civil penalties, stemming from charges filed against him by the SEC last year. The SEC alleged that Mozilo and former Countrywide executives David Sambol and Eric Sieracki misled shareholders about the quality of loans on the company’s books. In addition, Mozilo was charged with selling company shares based on inside knowledge of the company’s troubles.

Countrywide’s Mozilo settles SEC charges

By John Letzing, MarketWatch

SAN FRANCISCO (MarketWatch) — Countrywide Financial co-founder Angelo Mozilo and two other former company executives reached a deal with the U.S. Securities and Exchange Commission on Friday, agreeing to pay millions of dollars to settle insider-trading and fraud charges.

According to court filings, Mozilo agreed to repay $45 million in profits, and $22.5 million in civil penalties, stemming from charges filed against him by the SEC last year.

The SEC alleged that Mozilo and former Countrywide executives David Sambol and Eric Sieracki misled shareholders about the quality of loans on the company’s books. In addition, Mozilo was charged with selling company shares based on inside knowledge of the company’s troubles.

Under the terms of the agreement, all three men did not admit or deny guilt.

Countrywide was a driving force behind the market for risky, subprime mortgage loans that boomed earlier in the decade, before melting down and helping cause a severe financial crisis.

Sambol, Countrywide’s former president, agreed to repay $5 million in profits, and $520,000 in civil penalties, according to court filings.

Sieracki, the company’s former finance chief, agreed to pay $130,000 in civil penalties.

Countrywide was acquired by Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.94, -0.04, -0.33%)  in 2008, after the subprime disaster had crippled the mortgage giant.  

John Letzing is a MarketWatch reporter based in San Francisco.
http://www.marketwatch.com/story/countrywides-mozilo-settles-sec-charges-2010-10-15?reflink=MW_news_stmp

 
< Prev   Next >

 Texas, First Home Lemon Law Debated in the Nation
Homebuyers Need a Home Lemon Law

Search HOBB.org

Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


Amazon
Barnes & Noble

 Feature
Rise and Fall of Predatory Lending and Housing

NY Times: Building Flawed American Dreams 
Read CATO Institute: 
HUD Scandals

Listen to NPR:
Reckless Endangerman
by
Gretchen Morgenson : How 'Reckless' Greed Contributed
to Financial Crisis - Fannie Mae

NPR Special Report
Part I Listen Now
Perry Home - No Warranty 
Part II Listen Now
Texas Favors Builders

Washington Post
The housing bubble, in four chapters
BusinessWeek Special Reports
Bonfire of the Builders
Homebuilders helped fuel the housing crisis
Housing: That Sinking Feeling

Consumer Affairs Builder Complaints

 TRCC Implosion
 TRCC Shut Down
 Sunset Report

IS YOUR STATE NEXT?
As Goes Texas So Goes the Nation
Knowledge and Financial Responsibility are still Optional for Texas Home Builders

OUTSTANDING FOX4 REPORT
TRCC from Bad to Worse
Case of the Crooked House

TRCC AN ARRESTING EXPERIENCE
The Pat and Bob Egert Building & TRCC Experience 

Homebuilder's Right-To-Repair Illusion

Build it right the first time
An interview with Janet Ahmad

Bad Binding Arbitration Experience?
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or call 1-210-402-6800

REWARD
MOST WANTED

ARIZONA REGISTRAR OF CONTRACTORS
Have you seen any of these individuals

Pulte Homeowner Survey
Warranty & Mortgage Experience
 Click to participate

top of page

© 2024 HomeOwners for Better Building
Joomla! is Free Software released under the GNU/GPL License.