Countrywide Execs To Pay $6.5M To End Lending Suit

Law360, New York (February 2, 2011, 6:34 PM EST) -- Former Countrywide Financial Corp. officers Angelo Mozilo and David Sambol have agreed to fork out $6.5 million to settle a suit over predatory lending practices at the failed mortgage financier.

California Attorney General Kamala D. Harris said Wednesday that money from the settlement — filed in the Superior Court of the State of California, Los Angeles County — will be used to establish a statewide California Foreclosure Crisis Relief Fund to combat the effects of California's high rates of foreclosure and mortgage delinquency.

"Our prior settlement...
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