Countrywide's CEO takes home millions
SEC filing shows Angelo Mozilo was paid $10.8 million in compensation and realized $121.5 million in stock options last year, when lender was slammed by housing crisis.
CALABASAS, Calif. (AP) -- A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned about $10.8 million in total compensation and cashed out $121.5 million in stock options last year.
The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents a nearly 80% cut from the 70-year-old's 2006 pay of about $51 million.
The Calabasas, Calif.-based company reported a yearly loss of $704 million in 2007 amid the nationwide mortgage market meltdown.
Countrywide (CFC, Fortune 500) agreed in January to be acquired by Bank of America Corp. (BAC, Fortune 500) for $4.1 billion in stock.
The SEC has been scrutinizing the timing of Mozilo's stock sales. Mozilo has said he's cooperating with the inquiry and has denied making any improper trades. To top of page