How rich is Angelo Mozilo?
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Mozilo was born in NYC, the son of a Bronx butcher. In 1969, he and his former mentor David S. Loeb, who’d already began a mortgage financing business, founded Countrywide Credit Industries in New York. They afterwards moved the headquarters to Pasadena, California and then to Calabasas, California in La County. Mozilo and Loeb cofounded IndyMac Bank, that was initially founded as Countrywide Mortgage Investment, before being spun off as a completely independent bank in 1997. IndyMac fell and was captured by federal regulators on July 11, 2008. Since Countrywide was recorded on the NYSE in 1984, Mozilo sold $406 million worth of its own stock, mainly got through stock option grants. $129 million of this was recognized in the 12 months ending August 2007. Initially, Countrywide was a leader in the national non-bank mortgage business. Mozilo was really concerned with the caliber of credit borrowers as well as the caliber of the loans. Nevertheless, his firm started to lose business to the subprime lenders. He needed to compete together or keep losing market share. So, by the early 2000s (decade), Countrywide started using subprime loans. Maybe more than any single person, Mozilo has come to symbolize, and endure the blame for, the subprime mortgage disaster. CNN named Mozilo as among the ‘Ten Most Wanted: Culprits’ of the 2008 fiscal fall in the United States., theory farther supported in Inside Job, an Academy Award-winning documentary on the international monetary catastrophe.