SEC Deposing 'Chain of Blame' Sources

As part of its case against former Countrywide CEO Angelo Mozilo, the Securities and Exchange Commission is now deposing certain officials quoted in the book, "Chain of Blame, How Wall Street Caused the Mortgage and Credit Crisis." (I’m one of two co-authors on the book, which was published two years ago.) We have no more details on the situation but stay tuned. Meanwhile, a new report from Bloomberg says Mozilo said the SEC now admits the home lender wasn't hiding from investors that it was originating risky mortgages. Mozilo, in a recent court filing, asked a federal judge to rule on the SEC's fraud allegations, saying the "undisputed evidence" shows there was no wrongdoing. Anyone who read National Mortgage News during the 'Go-Go' housing years knows that Countrywide (and many others) were making risky loans. The question now might become: just how inept is the SEC?