Sunday, August 22, 2010

Report: BofA covering Mozilo

http://justdentist.net/emergency-dentist/emergency-dentist-west-midlands/
BofA told the news agency Mozilok is covered by an indemnity clause that was in placed when heran Countrywide, which BofA acquiref in July for $2.5 billion. The deal made the Charlotte-based bank the country’as largest mortgage lender. Last the Securities and Exchange Commissiohn charged Mozilo and two others withsecuritiee fraud. SEC regulators accuse Mozilpo and the other former Countrywide executives of misleading investor about the credit riskzs the company took to increase its market The SECalleges Mozilo, former Chief Operatingv Officer David Sambol and former Chief Financiall Officer Eric Sieracki falsely assurer investors that Countrywide was primarily a prime-quality mortgage lendee that had avoided underwriting risky The charges stem from actions in 2005 to 2007.
Mozilko also was charged with insider trading. The SEC alleges he sold Countrywidee stock on the basis ofnonpublicv information, reaping $140 million in profits. BofA is the larges t bank in Albuquerque and the second largest inNew Mexico.

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