Under normal circumstances, a 69-year-old chief executive retiring from the company he founded would look forward to leisurely days in the sun working on his tan.

Not so with Angelo.

Angelo Mozilo, who started Countrywide Financial in 1969 with David Loeb, will bid adieu to the torn-and-tattered remains of the company today as it formally completes its sale to Bank of America.

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While Mozilo has made no public announcement about his retirement plans, it's safe to assume he'll be spending more time in his lawyer's office than your average retiree.

The fallout from the subprime debacle will likely continue to unfold in courtrooms for years to come. With foreclosures still on the rise and with home prices still falling, the full impact of the mortgage meltdown is still incalculable.

Countrywide, the nation's biggest lender, and by all appearances the one with the most aggressive sales tactics during the housing boom, has already been named in many shareholder and employee class-action lawsuits, a discrimination suit, and suits filed by three state attorneys general.

But while Mozilo may be ending his involvement with Countrywide's operations, he can't separate himself from its legal troubles. Mozilo has been named as a defendant in nearly all of the class-action suits, as well as in the complaints filed last week by the attorneys general from Illinois and California. Florida joined them with its own suit filed yesterday.

In all likelihood, more is still to come. Attorneys general from Connecticut and Iowa have also indicated they are weighing suits. The states seek restitution for borrowers who may have been victims of Countrywide's allegedly deceptive business practices. Senator Charles Schumer has also asked the Federal Trade Commission to investigate Countrywide's treatment of homeowners in bankruptcy.

But the real problems for Mozilo lie in what legal actions could come from the Securities and Exchange Commission and the Department of Justice, which are conducting separate investigations of Mozilo and Countrywide.

The securities class actions and the state suits would be indemnified by Bank of America, while any forthcoming suits from the S.E.C. or the Justice Department would result in Mozilo's own personal liability, according to Columbia University law professor John Coffee.

The Justice Department has already demonstrated its interest in bringing responsible parties to trial for their roles in the mortgage crisis. Last month, it charged 406 individuals with mortgage fraud as part of its Operation Malicious Mortgage effort. It also charged two former Bear Stearns hedge fund managers for fraud relating to losses from their subprime investments.

"I'm guessing the government wants to start at the bottom and move its way up the ladder," Coffee says.

While we've certainly not likely heard the last from Mozilo, he may stay quiet in the coming weeks and months as the ongoing investigations continue. "I suspect his lawyers are telling him to keep a low profile and make no statements," Coffee says.

That might be tough for Mozilo, but he'd be wise to find the strength to follow that advice.

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