Angelo Mozilo Obituary

Angelo Mozilo, Former Countrywide Financial CEO and Key Figure in the 2008 Financial Crisis, Passes Away

Angelo Mozilo, the former CEO of Countrywide Financial Corporation, passed away at the age of 84 from natural causes, according to a statement released by his family foundation on Sunday. Mozilo was known for his role in leading Countrywide to become the largest mortgage lender in the United States before its collapse during the 2008 financial crisis.

Born to a working-class family in the Bronx, Mozilo embodied the classic rags-to-riches success story. He joined Countrywide in 1969 and played a pivotal role in its growth and expansion. Under his leadership, the company originated an impressive $461 billion worth of loans in 2006, with a significant portion of them being subprime loans.

The subprime mortgage crisis, which emerged in 2007, brought Mozilo and Countrywide into the spotlight. Subprime loans, which targeted borrowers with poor credit histories, were one of the main contributors to the global financial crisis. The repercussions of the crisis were far-reaching and had a significant impact on the housing market and the economy as a whole.

In 2008, as the financial crisis unfolded, Countrywide faced severe challenges and was eventually acquired by Bank of America for a fraction of its previous value. The acquisition marked the end of an era for Countrywide and the beginning of a long road to recovery for the housing and financial sectors.

Mozilo’s career took a downturn as he faced legal troubles related to insider trading and securities fraud. These allegations further tarnished his reputation and led to a settlement with securities regulators. Despite once being recognized as one of the best chief executives in the country, Mozilo was later named the second-worst US chief executive of all time by Conde Nast Portfolio.

The passing of Angelo Mozilo marks the end of a complex and controversial chapter in the history of the mortgage industry and the financial crisis. His life and legacy serve as a reminder of the challenges faced by the housing market and the importance of responsible lending practices.

News of Mozilo’s death was reported by Bloomberg and has sparked discussions about his impact on the financial landscape. While opinions on his legacy may differ, there is no denying the significant role he played in shaping the mortgage industry and the lessons learned from the turmoil that followed.