angelo 02Angelo Mozilo Will Not Face U.S. Charges for Mortgage Fraud

 

This is a nytimes.com article.

 

The Justice Department’s pursuit of Angelo R. Mozilo, one of Wall Street’s most recognizable names tied to the subprime mortgage crisis, is ending with a whimper.

After dropping a criminal investigation of Mr. Mozilo earlier, federal prosecutors recently decided against filing a civil fraud case against him, his lawyer, David Siegel, confirmed on Friday.

Prosecutors in Los Angeles, in coordination with those at the Justice Department in Washington, spent more than two years reviewing the merits of pursuing a civil fraud case against Mr. Mozilo, a co-founder of Countrywide Financial, which was one of the largest originators of subprime mortgages in the run-up to the financial crisis.

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