Angelo R Mozilo

Angelo Mozilo, who propelled Countrywide Financial Corp into the largest U.S. mortgage lender before its crash in the 2008 financial crisis, has died, his family foundation said. Mozilo, 84, died of natural causes. In 2006, when Mozilo was the chief of the mortgage lender Countrywide Financial, the firm originated $461 billion worth of loans -- close to $41 billion of which were subprime. Subprime loans were responsible for the global financial crisis. The firm was later bought by Bank of America(BAC.N) for $2.5 billion, less than 10% of what it was worth in early 2007. Mozilo was also charged by securities regulators of insider trading and securities fraud. Once named as one of the best chief executives in the United States, the disgraced CEO was subsequently named as the second worst U.S. chief executive of all time by Conde Nast Portfolio. Mr. Mozilo is the Chairman of the Board and Chief Executive Officer of the Company. Mr. Mozilo is a co-founder of the Company and has been Chairman of the Board of the Company since March 1999 and Chief Executive Officer of the Company since February 1998. Prior to his present position, he was President of the Company from March 2000 through December 2003 and served in other executive capacities since the Company's formation in March 1969. Mr. Mozilo was the 1991-1992 President of the Mortgage Bankers Association of America and also served on its board of directors. He currently serves on the boards of directors of the Harvard Kennedy School Joint Center for Housing Studies and The Home Depot, Inc. Mr. Mozilo has informed Home Depot that he will not stand for re-election at Home Depot's annual meeting in May 2007. He is also a member of the boards of trustees of the National Housing Endowment, Fordham University and Gonzaga University.