The U.S. Securities and Exchange Commision has charged Angelo Mozilo and two former executives with securities fraud and misleading Countrywide investors about credit risks taken to build, maintain market share.


* Says Mozilo charged with insider trading for selling countrywide stock and made nearly $140 million in illegal profits.

* Accuses Countrywide of engaging in unprecedented expansion of underwriting guidelines as it wrote riskier loans.

* Accuses Mozilo, David Sambol, Eric Sieracki accused of misleading market by falsely assuring investors that Countrywide was mainly a prime-quality mortgage lender.

* Says Countrywide failed to disclose to investors its expansion of underwriting guidelines and move into riskier loans.

* Says Countrywide's credit risks were so alarming that Mozilo wrote a dire series of assessments of the company's loan products, risks.