us drops probe of excountrywide ceo over subprime loans
Last Updated : GMT 11:03:35
Arab Today, arab today
Arab Today, arab today

US drops probe of ex-Countrywide CEO over subprime loans

Arab Today, arab today

Arab Today, arab today US drops probe of ex-Countrywide CEO over subprime loans

The US Justice Department has dropped plans to sue the former head of Countrywide Financial
Washington - AFP

The US Justice Department has dropped plans to sue the former head of Countrywide Financial, a driver of the subprime mortgage debacle behind the 2008 financial crisis, his lawyer said Friday.

Los Angeles attorney David Siegel told AFP that the Justice Department had informed him that Angelo Mozilo, who built and ran what became the country's largest mortgage issuer before the market collapsed in 2006, is no longer under investigation.

"We are pleased and gratified with the news that the DOJ has closed its investigation without further litigation," Siegel said.

The Justice Department declined to comment on the issue.

With the Obama administration under pressure to punish bankers and mortgage companies responsible for the crisis that spurred the 2008-2009 Great Recession, two years ago the Justice Department opened a civil investigation into Mozilo's role at Countrywide.

In the housing boom in the early 2000s, Countrywide issued and sold millions of mortgages to homebuyers. 

Many of those were low-quality loans that were fraudulently labeled good investments and packaged into securities that eventually failed, at a huge cost to investors.

The 2014 Justice Department civil investigation into Mozilo's role was opened after a previous criminal probe was abandoned.

Mozilo has not gon untouched by the fallout from the crisis. In 2010 he and others were ordered by the Securities and Exchange Commission to pay $67.5 million in fines and disgorged profits for related issues of substandard mortgages used in mortgage bonds.

Bank of America, which purchased Countrywide in 2008, agreed in 2014 to pay $17 billion in fines, restitution and borrower relief over subprime mortgages issued by Countrywide and other units, and the damages homeowners suffered as a result to the market crash.

Last month a US appeals court threw out a nearly $1.3 billion penalty against Bank of America, concluding the bank had not committed fraud amid the housing bust.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us drops probe of excountrywide ceo over subprime loans us drops probe of excountrywide ceo over subprime loans

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us drops probe of excountrywide ceo over subprime loans us drops probe of excountrywide ceo over subprime loans

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday