Former Countrywide CEO developing in Templeton
September 14, 2014
The former CEO of the largest mortgage lender in the United States has moved to the Central Coast and is currently working on building a retail and office building in Templeton.
Four years ago, former Countrywide Financial Corp. founder Angilo Mozilo made an agreement with the Securities and Exchange Commission to pay $67.5 million in fines and to accept a lifetime ban from serving as an officer or director of any public company. Last month, the U.S. Attorney’s Office in Los Angeles noted plans to sue him, according to Bloomburg.
Mozilo, 75, was born in New York, the son of a butcher. In 1969, he founded Countrywide Credit. In 1984, Mozilo sold $406 million in Countrywide stock.
In 2008, CNN listed Mozilo as one of the top 10 “Culprits of the Collapse.” At the time, many blamed Mozilo for the subprime mortgage crisis.
Mozilo now lives in a 12,692-square-foot home in Santa Barbara and also has a vacation house near Lake Nacimiento.
Currently, Mozilo, who earned more than $500 million from 1999 to 2008, is investing in the market and real estate.
Mozilo has requested permits for a project in Templeton. He is planning to build a two-story retail and office building on a vacant lot. Architectural sketches depict Templeton’s quaint, western style.
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