U.S. drops criminal probe of former Countrywide chief Angelo Mozilo

U.S. drops criminal probe of former Countrywide chief Angelo MoziloBy E. Scott Reckard, Los Angeles Times February 18, 2011, 4:11 p.m. Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in...