Mozilo charged with civil fraud

As was anticipated for months, the SEC today charged Angelo Mozilo, former CEO of the mortgage giant Countrywide, with civil fraud. The charges will play out as a civil lawsuit again Mozilo and two other former executives at the company. Details of the case should become clearer after SEC officials hold a press conference today.

From Gina Keating at Reuters:

The case against Mozilo, long one of the most prominent officials in the U.S. mortgage lending industry, constitutes the highest-profile civil case stemming from the U.S. housing collapse.

Mozilo co-founded Countrywide in 1969 and publicly expressed strong confidence in its prospects and survival even as problems began to mount. Bank of America Corp bought the company for $2.5 billion last July 1.

Keating also reports that federal prosecutors are still trying to develop a criminal case against Mozilo.

*Mozilo also made Time magazine's list of 25 people most to blame for the financial crisis.