Countrywide CEO accused of fraud

Former Countrywide Chief Executive Angelo Mozilo and two other former executives have been accused of fraud by the SEC. The SEC says that Mozilo deliberately misled investors by telling them CFC’s model was sound when it was going for broke. Mozilo is also in trouble for inside trading and makin off with over $140 milli from sellin his shares. It appears that the mortgage company had been giving bad loans since 2005 and knew of the impending disaster. Oh reallllly? So now the blame can be officially shifted from the “dumb buyer spending outside of his means” to the “greedy execs who knew the buyer couldn’t afford it but tailored their legal language to make it seem affordable”. I rest my case.