Los Angeles (AP) - Angelo Mozilo, the founder, chairman and CEO of Countrywide Mortgage, the nation's largest mortgage lender, who says he committed no crimes at the scandal-ridden mortgage company, has been indicted on criminal charges and will be taken into custody later today, The Associated Press has learned.
The FBI and SEC have had Mozilo and Countrywide under investigation for various charges including insider stock trading, knowingly enabling mortgage fraud and various Sarbanes-Oxley violations for months, and the indictment was expected.
"The arrest of Angelo Mozilo if true is the beginning of the end for the corrupt Real Estate Industrial Complex" said NAR Chief Economist Lawrence Yun reached today by the AP in a phone interview. "We at the National Association of REALTORS(R) hope to see all of the guilty parties rounded up, including our disgraced former Chief Economist, David Lereah, along with most of our 1.2 million members. Mozilo should be just the start."
FBI spokesman Lirpa Loof would not confirm or deny the indictment, but did say that the FBI is actively pursuing investigations against thousands of mortgage lenders, bankers, realtors, appraisers and housing gamblers. He added that the FBI is delaying announcing indictments until the investigations can tie all of the companies, con artists and fraud back to the suspected mastermind and chief cause of the housing bubble and crash, Casey Serin of California, and that yes this was a parody AF.