Angelo Mozilo, who propelled Countrywide Financial Corp into the biggest US mortgage lender before its crash within the 2008 financial crisis, has died, his family foundation said.
Mozilo, 84, died of natural causes, the inspiration said in an announcement on Sunday.
He became the face of the mortgage meltdown when the subprime crisis surfaced in 2007.
He was the son of a Bronx butcher who embodied a rags-to-riches success story.
In 2006, when Mozilo was the chief of the mortgage lender Countrywide Financial, the firm originated $461 billion price of loans — near $41 billion of which were subprime.
Subprime loans were liable for the worldwide financial crisis.
Angelo Mozilo at a hearing on Capitol Hill in 2008. He had defended himself several times against accusations that he was a key architect of the 2007-2009 financial crisis.Carrie Devorah / Wenn / Avalon
The firm was later bought by Bank of America for $2.5 billion, lower than 10% of what it was price in early 2007.
Mozilo was also charged by securities regulators of insider trading and securities fraud.
Once named as the most effective chief executives in america, the disgraced CEO was subsequently named because the second worst US chief executive of all time by Conde Nast Portfolio.
Bloomberg earlier reported news of Mozilo’s death.
In 2006, when Mozilo was the chief of the mortgage lender Countrywide Financial, the firm originated $461 billion price of loans — near $41 billion of which were subprime. Bloomberg via Getty Images
Mozilo had defended himself several times against accusations that he was a key architect of the 2007-2009 financial crisis.
“One way or the other, for some unknown reason, I got blamed for it,” he earlier said.
