Former Countrywide CEO developing in Templeton

September 14, 2014
Angelo Mozilo

Angelo Mozilo

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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  1. agag1 says:

    Finally! Someone new to give Nick Tompkins a run for his money!
    Just what we need.

    (-2) 4 Total Votes - 1 up - 3 down
  2. flytrap says:

    He is certainly one of the villains of the crisis, but must we forgot that we also had millions of liars signing these villain’s tempting “liar loans” and “ninja loans” (no income, no job) to get into homes they couldn’t afford?

    (6) 6 Total Votes - 6 up - 0 down
  3. scoopone says:

    Just what we need….another Weyrick in our county!!

    (3) 11 Total Votes - 7 up - 4 down
    • Downtown Bob says:

      It was WEYRICH, Weyrick is a two bit lumber yard that lost his butt because of poor business and has a could of minions with dump trucks around town.

      (0) 4 Total Votes - 2 up - 2 down
  4. SLOBIRD says:

    Angilo Mozilo should fit in perfectly with our County and its
    herd of politicians.

    Mr. Mozilo served as Chief Executive Officer of U.S. Securities and Exchange Commission (does Bernie Madoff come to mind), Treasurer of National Italian American Foundation and of course co-founded Countrywide Financial Corp. He also has been a director for Home Depot.

    The U.S. Securities and Exchange Commission (SEC) had previously conducted investigations into Bernie Madoff’s business practices, but had not uncovered the massive fraud.

    These criminals work with the government to rob, cheat and steal from the common taxpayers and then reward the government politicians with re-elections. That is what we need in this County, is more government corruption. Should work well for Gilson, Hill and Ray!

    (20) 26 Total Votes - 23 up - 3 down
  5. achillesheal says:

    Although the lenders are scapegoated for the 2008 subprime fiasco and collapse, it was the US governments meddling with the free market that lead to the disaster. At least 10 major missteps by the government beginning with repeal of the glass-steagal act during Clinton admin, discrimination lawsuits by fed govt against banks for not lending to poor people, and the bush admin pushing 70 percent home ownership, as well as Barney Frank putting up a wall around Fannie Mae while using it as his personal bank.

    the us congress who created Fannie Mae and Freddie Mac, used them as personal banks and had these government service agencies buy and insure all of the ridiculous loans. Banks weren’t worried about default because they only owned the paper for 5 minutes after the ink is dry on the contract.

    (29) 39 Total Votes - 34 up - 5 down
    • Jorge Estrada says:

      It is perfectly legal to take what is not yours if you can prove to the courts that you were a successful squatter. This rippening a wrong into a right is the kind of wealth management ethics that this county supports. It is kind of a governing legal thing to do that rippens a funded pension right.

      (10) 10 Total Votes - 10 up - 0 down
      • achillesheal says:

        Google: “Friends of Angelo” to see how a nice list of politicians that were being bought off with sweetheart loans by Countrywide – mainly Connecticutt Senator Chris Dodd.

        The local politicians around here should be easy pickings compared to Washingtons heavy hitters.

        (12) 14 Total Votes - 13 up - 1 down
        • Mike says:

          dodd and barney frank should both be in prison for their part in the corrupt collapse of the real estate market.

          (15) 19 Total Votes - 17 up - 2 down
          • achillesheal says:

            Instead they were rewarded with authorizing 14,000 pages of regulations (Dodd-Frank), a confusing mess of which only 20% has been implemented to date, but which of course neglected to address Fannie Mae and Freddie Mac, which were at the epicenter of the mortgage crisis.

            (9) 13 Total Votes - 11 up - 2 down

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