October 17th, 2008
11:00 PM ET

American dream becomes a nightmare


David Mattingly | Bio
AC360° Correspondent

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/17/art.mozilo.jpg caption="Angelo Mozilo testifying at the government hearing on 'CEO Pay and the Mortgage Crisis' on March 7, 2008."]
Angelo Mozilo founded Countrywide Financial and built it into a national mortgage giant. His ambition and drive to open the "American Dream" of home ownership to millions of families was unrivaled. But somewhere along the way his many critics say he turned that dream into a nightmare.

Mozilo stands accused by Attorneys General in multiple states of selling risky mortgages to thousands who could not afford them, leading to the current foreclosure crisis.

Mozilo told Congress the bad economy is to blame, but his critics blame Mozilo for the sinking economy.

He is the latest addition to our list of the 10 Most Wanted–Culprits of the Collapse.

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