| The palace owned by the godfather of mortgage lending is on the market for millions.
Angelo Mozilo founded Countrywide Financial Corp. in 1969. The Calabasas, Calif.-based company grew to become the largest residential lenders in the country. But as the real estate market collapsed and capital for Countrywide dried up, Bank of America Corp. stepped in to acquire the distressed lender in 2008 — leaving Mozilo’s status as retired. He has since been defending himself in civil litigation filed by investors and the government, while BofA has been trying to cap losses flowing from a never-ending stream of litigation tied to the acquisition. Mozilo has many times listed 2816 Ladbrook Way in Thousand Oaks, Calif., as his residence.
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Realtor.com photo of Angelo Mozilo’s home
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The property is now up for sale, and Realtor.com lists the asking price at $3.4 million.
For that price, the buyer gets a five-bedroom, six-bathroom, 6,238-square-foot home that sits above the second fairway in Sherwood Country Club Estates.
The property includes a “graceful foyer with cherry hardwood floors, formal living room w/cherry mantel & fireplace, generous cherry finished library/office w/hand painted ceilings.”
decision to expand subprime made here? (photo from Realtor.com)
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With a 20 percent downpayment, a 5 percent, 30-year mortgage would have a monthly payment at around $14,600.
But a non-cash buyer might have trouble obtaining financing based on the property’s appraised value. Zillow.com, which notes that the price was reduced by $280,000 on Oct. 21, estimates the value at just $2,365,300.
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