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BofA told the news agency Mozilo is coverexd by an indemnity clause that was in place when he ran which BofA acquired in Julyfor $2.5 billion. The deal made the Charlotte-basef bank the country’s largest mortgagee lender. Last week, the Securities and Exchange Commissiohn charged Mozilo and two others with securities SEC regulators accuse Mozilo and the other former Countrywidr executives of misleading investorw about the credit risks the company took to increase itsmarketg share.
The SEC alleges Mozilo, former Chief Operatinb Officer David Sambol and former Chief Financial Officet Eric Sieracki falsely assured investors that Countrywidew was primarilya prime-quality mortgage lender that had avoidec underwriting risky loans. The charges stem from actions in 2005to 2007. Mozilo also was chargex with insider trading. The SEC alleges he sold Countrywidwe stock on the basis ofnonpublic information, reapin g $140 million in profits.
BofA is the largesty bank in Albuquerque and the second largest inNew
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