Legal News

Embattled former Countrywide CEO still has cards to play

By Richard Binder

According to prosecutors and legal experts, the sheer volume and complexity of the cases against Angelo Mozilo, the former Countrywide CEO, open opportunities for shrewd legal maneuvering. He could use the federal and state courts against each other to stall the cases that could be the most damaging and to gain information about a looming criminal case.

As the man allegedly behind an unofficial effort to provide discounted loans to favored borrowers, which is now under federal scrutiny, he knows which politicians and others may have received special treatment. He could use that information to bargain with prosecutors.

And, even if he does lose multiple cases and end up paying fines, the money probably won't be his. Countrywide is paying his legal fees, and, as a company director, he is insured against most legal claims.

Full analysis at LATimes.com.

Full post as published by Legal Pad | LA on May 27, 2009 (boomark / email).