A blog dedicated to tracking the continuing decline of housing markets throughout the USA. It is a long slow decline. But, decline it will. The speculative episode was simply unsustainable. With special attention to the Washington, DC area. Please join in the discussion.

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Angelo Mozilo Leaves Countrywide Today

Posted on July 01, 2008

Bank of America's acquisition of Countrywide Financial is expected to take place today, which means Angelo Mozilo is retiring. From the Wall Street Journal:Angelo Mozilo, slated to step down as chief executive of Countrywide Financial Corp. on Tuesday, is departing with a devalued reputation partly because he stayed too long and at times ran the publicly traded mortgage lender as if it were his own company.Bank of America Corp. plans to complete its acquisition of Countrywide on Tuesday, and the 69-year-old Mr. Mozilo will retire. Bank of America will become the nation's biggest home-mortgage ...

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