California Real Estate Fraud Report

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Friends of Angelo (Mozilo) Shown Favoritism at Expense of Stockholders

To no one’s surprise, Angelo Mozilo ran Countrywide Home Loans as if it were his private piggy bank, handing out risky high dollar volume loans to his friends that even other executives thought careless.

According to testimony by Chief Risk Officer John P. McMurray at an SEC lawsuit, loans that fell well outside Countrywide’s standards – known as exception loans – were routinely given desk approval by Mozilo. Any objections by management such as McMurray or former Countrywide President Stanley Kurland were routinely dismissed by Mozilo in emails that reflected his ire that anyone would question large loans with little equity in the property or unusually small down-payments. Entertainer Ed McMahon was one of the recipients of Mozilo’s largesse and McMahon later defaulted on his loan.

Read the full article by Scott Reckard in the Los Angeles Times.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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