Countrywide co-founder tries to settle SEC charges

LOS ANGELES (AP) — Countrywide Financial co-founder Angelo Mozilo is reportedly in negotiations to settle Securities and Exchange Commission civil fraud and insider trading charges before next week’s start of trial.

The Los Angeles Times report, based on unidentified sources familiar with the case, says the 71-year-old Mozilo was in talks late Thursday.

Trial for Mozilo, a key figure in the mortgage industry boom and bust, and two other former Countrywide executives is scheduled for Tuesday in Los Angeles.

If a deal is reached, the Times says it would be discussed at a status conference today before U.S. District Judge John F. Walter. Notice of the hearing was posted late Thursday.

Details of the proposed settlement haven’t been disclosed.