Angelo Mozilo, the former CEO of Countrywide Financial Corp, and a prominent figure in the 2008 financial crisis, has passed away at the age of 84. His family foundation confirmed his death, stating that it was due to natural causes. Mozilo, who came from humble beginnings as the son of a Bronx butcher, became a symbol of the mortgage meltdown that occurred when the subprime crisis emerged in 2007.
During his tenure as the chief of Countrywide Financial, Mozilo oversaw the origination of $461 billion worth of loans in 2006. A staggering $41 billion of these loans were subprime, a type of loan that played a major role in the global financial crisis. Eventually, Countrywide Financial was acquired by Bank of America at a fraction of its initial value, amounting to $2.5 billion.
Mozilo faced further scrutiny and legal challenges, including charges of insider trading and securities fraud by securities regulators. Despite once being lauded as one of the best chief executives in the United States, he was later named the second worst US chief executive of all time by Conde Nast Portfolio.
Mozilo consistently defended himself against allegations that he was a key architect of the financial crisis, stating that he was unfairly blamed for it without just cause. Nonetheless, his legacy remains intertwined with one of the most significant events in recent financial history.
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