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Born poor, now self-made billionaires-Angelo R Mozilo


ngelo R Mozilo was the co-founder and chief executive officer of Countrywide Financial until July 1, 2008. The 70-year old Mozilo started the company in 1969.

The company soon grew to become one of the biggest mortgage lenders in the US. Countrywide was listed on the New York Stock Exchange in 1984. They granted huge loans to borrowers without verifying their repayment abilities.

Promoting risky loans, the company played a crucial role in huge subprime mortgage crisis. Finally, this led to the collapse of the company. The company was subsequently taken over by the Bank of America. CNN named Mozilo as one of the 'Ten Most Wanted: Culprits' of the 2008 financial collapse in the United States.

The Securities and Exchange Commission in June filed civil-fraud charges for 'deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share.'

Mozilo's compensation during the housing bubble from 2001-06 is under scrutiny. During that period, his total compensation (including salary, bonuses, options and restricted stock) was $470 million.

A butcher's son, Angelo Mozilo worked hard right from his childhood to make ends meet.

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