Angelo Mozilo

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Angelo R. Mozilo (born 1938 in New York City) is the chairman of the board and chief executive officer of Countrywide Financial.

He is the son of a Bronx butcher. He received a Bachelor of Science degree from Fordham University in 1960 and holds an honorary Doctor of Laws degree from Pepperdine University.

In 1969 he and David Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Calabasas, California in Los Angeles County.

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realised in the 12 months ending August 2007.[1]

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[edit] Compensation

Mozilo's compensation during the real estate bubble of 2001-06 has come under scrutiny. During that period his total compensation (including salary, bonuses, options and restricted stock) approached $200 million.[2]

His compensation also includes payment of his annual country club dues at Sherwood Country Club in Thousand Oaks, CA, The Quarry at La Quinta golf club in La Quinta, CA and Robert Trent Jones Golf Trail in Gainesville, VA.[3]

Mozilo testified before the United States House Committee on Oversight and Government Reform on March 7, 2008, calling reports of their pay "grossly exaggerated" in some instances and pointing out that they lost millions as well. He defended the pay: The compensation was a function of how the company did ahead of the mortgage crisis.[4]

[edit] E-mail Controversy

In May 2008, Mozilo made the news by accidentally hitting "reply" instead of "forward" in response to an e-mail from a CountryWide customer under mortgage stress. His reply described the customer's plea as "disgusting":

"This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the internet. Disgusting."[5]

[edit] References

  1. ^ Gretchen Morgenson. "Inside the Countrywide Lending Spree", New York Times, 2007-08-29. Retrieved on 2007-08-29. 
  2. ^ Fight over Countrywide CEO's pay shows board's role, USA Today, 4/9/2008
  3. ^ Countrywide Financial Corp Form 8-K, 9/8/2004
  4. ^ "Inside Mortgage mess CEOs defend pay", CNN, 2008-03-07. Retrieved on 2008-03-08. 
  5. ^ "Countrywide Financial Chairman Angelo Mozilo's e-mail sets off a furor", LA Times, 2008-05-21. Retrieved on 2008-05-22. 

[edit] External links

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