DOJ Is Weighing Civil Suit Against Angelo Mozilo

If they go after Countrywide’s CEO then they need to look at New Century, WaMu, and a multitude of others, including the off-shoots of Countrywide…all those little mortgagees that had already sold the loans to CW before the borrowers signed the documents.

Justice League

No, it should be a criminal suit!

Federal prosecutors are wrestling with whether to file a civil fraud lawsuit against Angelo R. Mozilo, the former chief executive ofCountrywide Financial, which was at the center of the subprime mortgage boom and bust, people briefed on the matter say.

This summer, the United States attorney’s office in Los Angeles was said to be close to filing a lawsuit against Mr. Mozilo over his role in Countrywide’s sale of millions of mortgages to home buyers with questionable credit histories. Prosecutors there were planning to move forward with a civil fraud lawsuit nearly three years after it had abandoned a criminal investigation of Countrywide and Mr. Mozilo, the firm’s co-founder.

But Stephanie Yonekura, the acting United States attorney for the Central District of California, which includes Los Angeles, has had lingering questions about the litigation because of arguments raised by lawyers…

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