Angelo Mozilo, the chief executive of mortgage lender Countrywide Financial Corp., drove his company to the brink of financial disaster.
Now he stands to make as much as $115 million in the servence-related compensation if an aquisition of Countrywide by Bank of America – announced on Friday – goes through, which it almost certainly will.
Mozilo made enormous sums running Countrywide during the boom times. He pocketed $160 million in 2005 and $120 million in 2006, mostly in stock option gains.
Countrywide and other financial outfits have faced tougher sledding in recent months with the bottom falling out of the mortgage market amid a tightening of credit for higher-risk loans. Countrywide's stock lost 79% of it's value last year.
Thank you to the TBO for providing this information.