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Angelo Mozilo
Mozilo built Countrywide Financial into the nation's largest mortgage lender, which originated mounds of risky subprime loans in recent years. Countrywide's aggressive expansion put it at the heart of both the housing boom and its aftermath. Mozilo left Countrywide when the firm, near collapse, was purchased by Bank of America (BAC). In October 2008, Bank of America agreed to provide $3.5 billion loan relief to settle lawsuits against Countrywide, which California Attorney General Jerry Brown said "was guilty of massive irregularities." In an August 2007 interview with BusinessWeek, Mozilo said that Countrywide's goal was always "to lower the barriers of entry for the American people to have the opportunity of home ownership" and denied any "opportunistic" lending practices, including pushing people into subprime loans to maximize commissions. Mozilo couldn't be reached for comment.
Big Wheel or Small Cog? Big Wheel
