By now, we’ve all learned not to get our hopes up when the government sues the banks, but still, it’s nice to see it happen, especially when it happens twice, as is happening to Countrywide’s founder and California raisin poster child Angelo Mozilo (from Bloomberg):
“Countrywide Financial Corp. co-founder Angelo Mozilo hasn’t escaped the wrath of prosecutors for his company’s role in inflating the U.S. housing bubble that preceded the financial crisis.
More than 12 months after a deadline passed to file criminal charges, U.S. attorneys in Los Angeles are preparing a civil lawsuit against Mozilo and as many as 10 other former Countrywide employees, according to two people with knowledge of the matter.
The government is making a last ditch-effort to hold him accountable for the excesses of the past decade’s subprime-mortgage boom, using a 25-year-old law that has helped the Justice Department win billions of dollars from Wall Street banks, said the people, who weren’t authorized to discuss the case publicly.”
Don’t see much coming of this other than a settlement–as usual–but then again, there’s a first time for everything…