Mar 29, 2008 6:01 pm US/Pacific
Filing: Countrywide CEO Will Get $10M In Stock
LOS ANGELES (AP) ―
The leaders of failed Countrywide Financial Corporation will get $19 million in stock as part of the company's takeover by Bank of America.
According to a regulatory filing, CEO Angelo Mozilo will get $10 million worth of stock and President David Sambol will get $9 million next week.
Mozilo is expected to retire when the deal takes effect but in a filing, Bank of America said it will pay Sambol $28 million to stay with the company. He'll head the consumer mortgage business.
Calabasas-based Countrywide is the country's biggest mortgage lender but its share price plummeted last year as the mortgage market sank.
The stock payments are described as "performance-based" grants required by deals that Mozilo and Sambol struck with Countrywide less than a year before the sub-prime meltdown.
Some lawmakers are condemning the payouts, saying Countrywide executives shouldn't be rewarded for creating the practices that sank the company.
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