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On Capitol Hill, a House committee held hearings into the bursting of the housing market bubble. Executives from Merrill Lynch and Citigroup and Countrywide Financial were called to testify, Stanley O'Neal and Charles Prince and Angelo Mozilo--"CEOs who made millions while their companies lost billions and thousands of families who borrowed from them lost their homes," as CBS' Chip Reid put it. On ABC, Dan Harris (embargoed link) foused on Countrywide's Mozilo. "He became something of a hero for promoting low income and minority home ownership" before the sub-prime bust, Harris recalled. Mozilo is now under investigation for selling Countrywide stock worth $400m before its price tanked. "Mozilo has vigorously denied reckless lending," Harris reported. His explanation for selling so much stock was that he had to pay for the education of his nine grandchildren.
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