Mozilo Unbowed Says Countrywide Was ‘World-Class Company’
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Countrywide Financial Corp. co-founder Angelo Mozilo said under oath last year that he had “no regrets” about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children.
Mozilo, who led the lender blamed by lawmakers and regulators for contributing to the housing collapse, spoke in a June 2011 deposition as part of a lawsuit between his firm, which was bought by Bank of America Corp., and MBIA Inc., according to documents filed this week in New York. MBIA, once the biggest bond insurer, claims Countrywide committed fraud by securitizing loans that were riskier than promised.