Angelo Mozilo, the former CEO of Countrywide Financial Corporation, recently passed away at the age of 79. His influence in the world of finance was immense, as he was a pioneer in the modern mortgage business. Over the course of his career, he helped define the modern mortgage industry, making it easier and more accessible for people to purchase a home.

Angelo Mozilo’s business acumen combined with his passion improved the lives of countless individuals and families all over the country. His efforts made the dream of homeownership much more attainable and his legacy will live on for generations.

One of the most important contributions that Mozilo made was in the area of making mortgages more affordable. Under his leadership, Countrywide instituted numerous programs, such as lower interest rates, adjustments of certain fees, and an emphasis on risk-based pricing. These changes made mortgages more affordable for people and allowed more people to become homeowners.

Mozilo was also instrumental in the development of the adjustable rate mortgage, or ARM. This type of loan allowed people to borrow money at a fixed rate and then lock in a certain interest rate for a specified period of time. This type of loan made it easier for individuals to own their own home as it was more affordable and often came with a lower rate than a traditional mortgage loan.

Mozilo's reforms also included the elimination of prepayment penalties, which had been a blight on the industry. Prepayment penalties had been a big issue among mortgage lenders, as they allowed them to keep hold of certain people's payments even if they couldn't make them in a timely fashion. Mozilo's attempts to eliminate this unfair practice allowed people to have more control over their financial obligations and improved their overall savings.

Overall, Angelo Mozilo’s contribution to the mortgage industry was immeasurable. His efforts resulted in more people able to purchase a home, more people able to pay their mortgages within a given timeframe, and fewer fees assessed for those unfortunate enough to not be able to pay. His legacy will have a lasting impact and his contributions to the mortgage industry will benefit generations of individuals and families.