Industry NewsMortgage

The bad business of ‘Friends of Angelo’

Perspective: Industry should condemn sweetheart home loans for politicians
Published on Jul 15, 2008

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by CareyBot

Quick quiz: Which mortgage company chieftain took home $140 million in compensation last year while the company he founded lost $704 million?

If you said Angelo R. Mozilo, CEO of Countrywide Financial Corp., take a bow. And add a couple of gold stars if you knew Mozilo's pay was comprised of more than $120 million from exercised stock options and more than $22 million in other compensation, according to a Reuters' report based on the mortgage company's year-end filing with the Securities and Exchange Commission.

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