Florida Attorney General Bill McCollum has sued Mr. Mozilo. Countrywide was originally part of the lawsuit but settled and now Mr. McCollum is going after Mozilo himself.
David Siegel, an attorney representing Mr. Mozilo told (subscription required) the Wall Street Journal that "The claims brought by the Florida state attorney general appear, like so many of the other claims being made against him, to be motivated primarily for political ends. When the true facts are heard, it will be clear that Mr. Mozilo has no personal liability for alleged improper lending practices in the state of Florida or elsewhere."
McCollum appeared on CNBC to explain the lawsuit. Check out the video below.
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Reader Comments (Page 1 of 1)
5-01-2009 @ 8:48PM
uniteddis said...
The jails are full of innocent people. If you don't run a company and be responsible for its actions, what the hell are you doing in the payroll
5-02-2009 @ 9:21AM
sosted said...
Do you think he was breaking the law or just following the congressional regulations that required lenders to issue mortgages to anyone that could fog a mirror regardless of credit status?
If that is the case than all of congressional leaders that served for the last 35 years need to brought up on charges for requiring this practice of subprime lending.
But alas, we hear no talk by the talking heads of the real reason for the collapse
of the credit market.
5-26-2009 @ 2:35PM
yungmania said...
The only thing they can hope to do by pushing charges and fines on the banks holding these properties is pushing them to selling them faster, and frankly, that means dropping prices as much or more than the anticipated costs of maintenance and/or assessments over the amount of time it would take to unload the property.
youngman
http://www.fastrealestate.net/usa/?p=107