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U.S. reportedly drops case against former Countrywide head Angelo Mozilo

U.S. reportedly drops case against former Countrywide head Angelo Mozilo

The U.S. Justice Department has reportedly dropped an effort to bring a civil suit against Angelo Mozilo, the former chief executive of loan giant Countrywide Financial that made billions of dollars in risky loans that contributed to the 2008 financial crisis.

The department informed the former head of the Calabasas lender in a letter that it would not bring a case, according to Bloomberg News, which cited unnamed sources.

A spokesman for the U.S. attorney’s office in Los Angeles declined to comment.

Federal prosecutors had launched a criminal investigation but shelved that inquiry in 2011 after deciding Mozilo’s actions did not amount to criminal...

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