Several non-bank home lenders have risen from the ashes of the financial crisis to become some of the biggest players in the nation’s new mortgage banking sector. Here are their stories.
For years, the biggest success story in real estate finance was Angelo R. Mozilo, the son of a butcher who co-founded Countrywide Credit Industries with David S. Loeb in 1969.
Moziilo took Countrywide Home Loans from a startup and turned it into the biggest U.S. mortgage lender — originating $408 billion in 2007 and servicing $1.5 trillion as of mid-2008.
Source: Mortgage Daily