Countrywide Financial, issued up to 20% of mortgages in the United States, became the first major company affected by the crisis in summer 2007
U.S. authorities are guilty at the start of the global financial crisis. Former director once the largest mortgage bank Countrywide Financial, Angelo Mozilo blamed for the fact that he and his two colleagues deliberately concealed from the public issue of its bank, which led to the first collapse the U.S. market.
At the end of last week the Commission on the U.S. Securities and Exchange (SEC) filed a civil lawsuit against three former top managers of the bank Countrywide Financial. Former Director General of the Bank of Angelo Mozilo and former Operating Officer David Sembol and Chief Financial Officer Eric Szirak charged with misleading investors and securities fraud.
Countrywide Financial, issued up to 20% of mortgages in the United States, became the first major company affected by the crisis in summer 2007. The Bank has worked in the market of high-risk mortgages, the problems which caused a crisis of all, the American financial market, and then the world. In October 2007, SEC opened an investigation against Mr Mozilo, who before the fall of the shares of its vast bank sold them for 130 million dollars. In January 2008, Countrywide was on the verge of bankruptcy and was in urgent bought Bank of America.
Mozilo is the most senior financiers, whom U.S. authorities have charged with fraud related to the financial crisis. SEC Head of Department to monitor the implementation of laws Huzami Robert said:
- We believe that these people are deliberately misleading investors, hiding them from lowering the standards of solvency assessment of clients, increasing the risk of default and further deterioration of the situation surrounding Countrywide.
In the SEC lawsuit in the case of Countrywide Mozilo referred to internal conversations with colleagues. Back in June 2006, Mozilo, discussing a certain type of mortgage loans, said Mr Sembolu that the bank gives loans to such people, many of whom would be unable to serve. He also described some types of bank loans issued to him as «a very profitable product, is close to default» and wrote that Countrywide «flying instrument» and can not assess the risks of certain mortgage products.
aif.ru
U.S. authorities are guilty at the start of the global financial crisis. Former director once the largest mortgage bank Countrywide Financial, Angelo Mozilo blamed for the fact that he and his two colleagues deliberately concealed from the public issue of its bank, which led to the first collapse the U.S. market.
At the end of last week the Commission on the U.S. Securities and Exchange (SEC) filed a civil lawsuit against three former top managers of the bank Countrywide Financial. Former Director General of the Bank of Angelo Mozilo and former Operating Officer David Sembol and Chief Financial Officer Eric Szirak charged with misleading investors and securities fraud.
Countrywide Financial, issued up to 20% of mortgages in the United States, became the first major company affected by the crisis in summer 2007. The Bank has worked in the market of high-risk mortgages, the problems which caused a crisis of all, the American financial market, and then the world. In October 2007, SEC opened an investigation against Mr Mozilo, who before the fall of the shares of its vast bank sold them for 130 million dollars. In January 2008, Countrywide was on the verge of bankruptcy and was in urgent bought Bank of America.
Mozilo is the most senior financiers, whom U.S. authorities have charged with fraud related to the financial crisis. SEC Head of Department to monitor the implementation of laws Huzami Robert said:
- We believe that these people are deliberately misleading investors, hiding them from lowering the standards of solvency assessment of clients, increasing the risk of default and further deterioration of the situation surrounding Countrywide.
In the SEC lawsuit in the case of Countrywide Mozilo referred to internal conversations with colleagues. Back in June 2006, Mozilo, discussing a certain type of mortgage loans, said Mr Sembolu that the bank gives loans to such people, many of whom would be unable to serve. He also described some types of bank loans issued to him as «a very profitable product, is close to default» and wrote that Countrywide «flying instrument» and can not assess the risks of certain mortgage products.
aif.ru
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