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16118724 SEC Complaint Against Former Country Wide CEO Angelo Mozilo 1

16118724 SEC Complaint Against Former Country Wide CEO Angelo Mozilo 1

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Published by: Peter on Jun 05, 2009
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10/18/2011

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otherwise controversial were referred to the Countrywide responsible conduct

committee for approval. Sambol was a member of this committee, which had

repeatedly approved guideline expansions. For instance, in late 2006

Countrywide’s production divisions proposed expanding Countrywide’s guidelines

to match certain guidelines offered by Bear Stearns and Lehman Brothers,

programs that were known within Countrywide as “Extreme Alt-A.” Risk

Management was concerned about the risks associated with these guidelines, and

referred the request to the responsible conduct committee. Sambol, in his capacity

as a member of that committee, approved the expansion.

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