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Two former Countrywide executives settle California lawsuit for $6.5 million

Feb 2, 2011 11:16:30 PM- latimes.com
Former Chief Executive Angelo R. Mozilo and former President David Sambol were accused of predatory lending. The state will use most of the money to create a foreclosure relief fund.

California has reached a $6.5-million settlement with two former Countrywide Financial Corp. executives that the state had accused of predatory lending. Most of the money will be used by the state to create a foreclosure relief fund for troubled borrowers, Atty. Gen. Kamala D. Harris said Wednesday.

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