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April 20th, 2010
02:55 PM ET

25 People to Blame for the Financial Crisis

[cnn-photo-caption image=http://i.l.cnn.net/cnn/2008/US/03/29/countrywide.ceo/art.mozilo.afp.gi.jpg caption="Angelo Mozilo helped lead Countrywide as it grew into the nation's largest mortgage lender."]

TIME

The son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S. Countrywide wasn't the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and IndyMac Bank (another company Mozilo started), the executive's lavish pay package was criticized by many, including Congress. Mozilo left Countrywide last summer after its rescue-sale to Bank of America. A few months later, BofA said it would spend up to $8.7 billion to settle predatory lending charges against Countrywide filed by 11 state attorneys general.

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Filed under: 360° Radar • Economy • Wall St.
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