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Apr 25, 2008 6:28 am US/Pacific

Countrywide CEO Made $132M In 2007 Pay, Stock Sale

CALABASAS, Calif. (AP) ― A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned some $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 an 80 percent cut from the 70-year-old's total pay in 2006 of about $51 million.

The Calabasas-based company reported a yearly loss in 2007 of $704 million amid the nationwide mortgage market meltdown.

It agreed in January to be acquired by Bank of America Corp. 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.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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