BIG SETTLEMENT FOR COUNTRY WIDE CO-Founder: Former Countrywide Financial CEO Angelo Mozilo Agreed to a $ 67.5 Million Settlement Thurs Avoid fraud trial is a civil and insider trading charges. Federal regulators had occurred Accused him of profiting from doling out risky mortgages while the average consumer needs shareholders about the Risks.
LEADING FIGURE IN Mortgage MESS: Mozilo was the Highest-profile acting yet to face trial for the federal Risky Business Practices Leading to the housing collapse That Sent the country into recession.
BANK Picking UP PART OF TAB Mozilo Will Pay $ 22.5 Million in civil penalties from his own pocket. But $ 25 Million of his $ 45 Million restitution will come from an escrow fund To Cover shareholder litigation. The Remaining AMOUNT Will Be Covered by Bank of America, Which bought Countrywide in 2008.
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