Angelo Mozilo, the former CEO of Countrywide Financial Corp, passed away at the age of 84. The news of his death was confirmed by his family foundation, which stated that Mozilo died of natural causes. His legacy is closely associated with the rise and subsequent crash of Countrywide, which played a significant role in the 2008 financial crisis.
Born to a Bronx butcher, Mozilo represented a classic rags-to-riches success story. As the chief of Countrywide Financial in 2006, he led the company to originate approximately $461 billion worth of loans, with a substantial portion—around $41 billion—being subprime loans. These subprime loans were a major factor in the global financial crisis that unfolded in 2007.
In the aftermath of the crisis, Countrywide Financial faced severe repercussions and was eventually acquired by Bank of America for a mere $2.5 billion, significantly less than its value in the early stages of 2007.
Mozilo also faced legal challenges, being charged with insider trading and securities fraud by securities regulators. Although he had been recognized as one of the best chief executives in the United States, he was later labeled as the second worst U.S. chief executive of all time by Conde Nast Portfolio. Despite the accusations, Mozilo consistently defended himself, expressing confusion about being singled out as a key architect of the financial crisis.
The news of Angelo Mozilo’s death was reported by Bloomberg, and it marked the end of an era for a figure who was deeply intertwined with the mortgage industry and the events that shaped the global financial landscape.