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Securities

Aug. 19, 2010

SEC: Countrywide Execs Duped Investors

The Securities and Exchange Commission filed court documents Monday laying out its case that former Countrywide executives duped investors by inventing creative, new definitions for products such as "prime loans."

By Gabe Friedman

Daily Journal Staff Writer

LOS ANGELES - The Securities and Exchange Commission filed court documents late Monday laying out its case that former Countrywide Financial Chief Executive Officer Angelo Mozilo and his top two lieutenants duped investors by inventing creative, new definitions for so-called "prime loans" to include much riskier mortgages.

The filings respond to Mozilo, former Chief Financia...

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