Mozilo on trial?

Wouldn't you want a ticket to that one? The state of Florida has charged the former Countrywide CEO with engaging in deceptive and unfair trade practices involving mortgage loans made to state borrowers. This week, a U.S. District Court judge remanded the lawsuit against Mozilo, raising the possibility that he'll have to appear in court. From the WSJ:

If Mr. Mozilo's case does go to trial, he would be the highest-profile mortgage executive to face such legal action since the mortgage-market meltdown began. "Angelo Mozilo should absolutely face a Florida court and Florida's citizens for his business practices, especially those which victimized Florida homeowners," Attorney General Bill McCollum said in a statement. In a complaint filed in June in Broward County Circuit Court, Mr. McCollum alleged that Mr. Mozilo and Countrywide put borrowers into mortgages they couldn't afford or loans with rates and penalties that were misleading. The lawsuit seeks civil penalties and damages.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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