Florida attorney general, Bill McCollum has brought civil charges against former Countrywide CEO Angelo Mozilo for deceptive and unfair trade practices. McCollum charges that Countrywide and Mozilo put thousands of borrowers into fraudulent mortgages. Countrywide had a massive footprint in Florida mortgage origination at the height of the insanity and former Congressman McCollum is essentially suing Mozilo personally for the fraud of the entire company. Nice.
The news is that the federal court judge has remanded the case back to the state courts of Florida which is exactly what McCollum's office requested. He's looking for a large cash settlement and a ton of publicity, he probably wants to be Governor.
The clip is David Faber with Florida AG Bill McCollum (7:03).