Angelo Mozilo, key architect of subprime mortgage meltdown, dies at 85
— one-sixth of what it had been worth a year earlier. Even at that discount price, the sale came to be seen as a painful mistake by Bank of America, which over subsequent years paid more than $50 billion to resolve regulatory probes and litigation tied to Countrywide.
Mozilo “felt he had no choice,” McLean and Nocera wrote. “If he stayed out of subprime, Countrywide would never be number one — and that was unacceptable.” “Housing prices were rising so rapidly — at a rate that I’d never seen in my 55 years in the business — that people, regular people, average people got caught up in the mania of buying a house, and flipping it, making money,” he said in a 2010 interview with the US Congress-appointed Financial Crisis Inquiry Commission.
Angelo Robert Mozilo was born in the New York City borough of the Bronx in December 1938, the first of five children born to first-generation immigrants from Italy. His father, Ralph, was a butcher.
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