Angelo Mozilo, former CEO of mortgage lender Countrywide Financial, must face securities-fraud and insider-trading charges from the Securities and Exchange Commission, a U.S. judge ruled. Mozilo's request to dismiss the charges was rejected. Mozilo is accused of misleading investors about the quality of Countrywide's loan portfolio, which included risky subprime and adjustable-rate loans. Two other former executives of the firm also are facing similar SEC charges.

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