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US drops probe of ex-Countrywide CEO over subprime loans: lawyer

The US Justice Department has dropped plans to sue the former head of Countrywide Financial, Angelo Mozilo, pictured in 2008The US Justice Department has dropped plans to sue the former head of Countrywide Financial, a driver of the subprime mortgage debacle behind the 2008 financial crisis, his lawyer said Friday. Los Angeles attorney David Siegel told AFP that the Justice Department had informed him that Angelo Mozilo, who built and ran what became the country’s largest mortgage issuer before the market collapsed in 2006, is no longer under investigation. “We are pleased and gratified with the news that the DOJ has closed its investigation without further litigation,” Siegel said.

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