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2 n the intervening years since the financial collapse, there has been an enormous amount of scholarship claiming to define the root causes and the steps that can be taken to avoid it in the future. e federal government formulated its own response. Last month we explored the record settlements that the Department of Justice entered into with the banking giants to extinguish the claims against them for their role in the meltdown. But the question remains: What should be done about the about the individuals who profited wildly at the expense of homeowners? is month we take a look at the case of Angelo Mozilo, former CEO of Countrywide and one of the enduring images of the collapse. So much so that he was named one of Time Magazine's "25 People to Blame for the Financial Crisis" in 2009. Mr. Mozilo pocketed millions in the $4 billion sale of his company to Bank of America in 2008, an acquisition that would end up costing the bank substantially more. But that was six years ago. So why tell the story now? ere are a couple of reasons. First, he's in the news again. e federal government is reportedly preparing a civil lawsuit against Mr. Mozilo which could seek to recoup millions from the supposed excesses of the subprime mortgage boom. Second, it's a cautionary tale. e story of Angelo Mozilo is a story of incredible highs and incredible lows. It teaches us that no matter how positive the direction of the market may be or how invincible one sector of the economy may feel, there is always the possibility that the bottom may fall out and steps must be taken to ensure that those who are in the position to exploit market conditions are not allowed to profit from their efforts. Once again, no issue would be complete without this reminder. We highly value your feedback and suggestions as we continue to be your source for the most complete default servicing coverage anywhere. Is there something going on in the market that you would like to see covered? Have an idea for a new type of feature? We're all ears, so drop us a line and let us know how we're doing. Send us an email at editor@dsnews.com or follow us on Twitter @DSNewsDaily and join in on the conversation. Your DS News Editorial Team The Blame Game FROM OUR DESK default servicing | in print and online VOL. 12 NO. 11 No part of this publication may be reproduced without written permission from the publisher. ©2014 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information, and is not liable for any damages, losses, or other detriment that may result from the use of these materials. PUBLISHER EDITOR DESIGN DSNEWS.COM VIDEO EDITOR STAFF WRITERS CONTRIBUTING WRITERS COPY EDITORS ADVERTISING DS NEWS BLACK BOOK AND LEGAL LEAGUE 100 SOCIAL MEDIA Mark Hulme Derek Templeton Jonathon Won Jordan Funderburk Tory Barringer, Krista Franks Brock, Scott Morgan, Brian Honea Michael O'Connell, Patrick Nackley, Allen H. Jones Alison Rich, Shalene Roberts Robyn Clayton: 214.525.6716 Courtney Coffey: 214.525.6781 Thomas Griffin: 214.525.6754 David Hoierman: 214.525.6728 Lindsay Wolf: 214.525.6713 Kevin McCrea: 214.525.6756 Jason Myers: 214.525.6760 Kelli Snowgren: 214.525.6786 Blake Stepan f o r m e rl y m a g a z i n e Follow DSNewsDaily on CHAIRMAN AND CHIEF CREATIVE OFFICER PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR OF ACCOUNTING DESIGN Mark Hulme Ed Delgado John Harrison Ernest Gillespie Sean Walker Jason Stone Jonathon Won Denis Kashoid

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