Hallelujah!!!! One of the most vile creatures of the century is finally headed for justice!!!!!
Thursday, April 30, 2009 | Modified: Friday, May 1, 2009
Former Countrywide CEO to stand trial in BrowardSouth Florida Business Journal
R. Mozilo, the former chairman and CEO of disgraced lender Countrywide Financial Corp., will have to stand trial in Broward County Circuit Court on charges of deceptive trade practices.
U.S. District Court Judge Dana Sabraw granted Florida Attorney General Bill McCollum’s request that the case be sent back to state court.
Mozilo’s attorneys had argued the issues in the case were federal and not state.
“Angelo Mozilo should absolutely face a Florida court and Florida’s citizens for his business practices, especially those which victimized Florida homeowners,” McCollum said in a news release.
The original lawsuit, filed last June, alleged that the company signed up clients with mortgages they could not afford or provided loans with rates that were misleading.
In October, Bank of America Corp. agreed to provide $8.4 billion to modify the troubled mortgages it acquired as part of its purchase of Countrywide last July.The deal was part of a settlement with attorneys general in seven states, including Florida, which filed lawsuits against Countrywide, accusing the mortgage lender of deceptive and misleading practices that led to borrowers obtaining potentially risky and costly loans.