Countrywide Financial’s Chief Executive Avoiding Criminal Prosecution

Criminal charges against Angelo R. Monzilo, the former chief executive of Countrywide Financial, have been dropped. Federal prosecutors in Los Angeles, California, had been investigating Angelo R. Monzilo with regard to various irregularities by Countrywide Financial. Countrywide Financial, at one time, was the largest mortgage lender in the United States.

After Two Years of Investigations, the Case is Closed Against Mr. Monzilo

Initially, regulators were looking into the 140 million dollar sale of Countrywide stock by Mr. Monzilo while the company was teetering on bankruptcy. The decision by prosecutors not to pursue Mr. Monzilo took place after he agreed to be banned from serving as an officer or director of a publicly-held company.

Countrywide Mortgage Practices

As a result of the practices used by Countrywide Mortgage, billions of dollars were lost by investors. Millions of homeowners have had their homes taken from them in foreclosure. The individuals who have caused this mortgage crisis go largely unpunished. Many of them have profited to the tune of millions of dollars as a result of their misdeeds.

Mr. Monzilo, while at Countrywide Financial, was one of the highest paid chief executives in the United States. From the years 2000 to 2008, he earned $521 million. Who says crime doesn’t pay!

Queens, Nassau and Long Island Foreclosure Defense Lawyers

We handle foreclosure defense cases. We represent individuals when banks seek to take their homes from them and put their families on the street. We file mortgage applications on behalf of our clients. When foreclosure proceedings start, we represent our clients and attend foreclosure court conferences. We litigate defective mortgages, bad faith issues, predatory lending and defective foreclosure procedures. We litigate real estate-related issues concerning foreclosure and mortgage modifications. We also will file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. If you need an attorney to stop foreclosure call us at 1-800-344-6431, 516-561- 6645 and 718-350-2802.

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