Jonathan B. Mintz: Don’t Bank on Subprime Indictments Anytime Soon

" Angelo Mozilo argued that the Securities and Exchange Commission now admitted that the home lender had fully disclosed to investors the increasingly risky mortgages that Countrywide was originating. They called for the case against him to be dismissed. The SEC has yet to respond. Whether emboldened by the perceived lackluster performance so far from regulators investigating subprime loans or merely a tactical move, Mozilo’s grandstanding in the face of both an SEC complaint and an on-going federal criminal investigation is likely a reaction to the government’s track record — or lack of one — in bringing successful major prosecutions in connection with the subprime mortgage crisis."