Lawmakers urge Mozilo to pay back

Sen. Charles Schumer and Rep. Barney Frank call on Angelo Mozilo to give part of his severance package to help mortgage victims.

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Lawmakers demand that Countrywide CEO Angelo Mozilo give a portion of his severance package to charity.

NEW YORK (CNNMoney.com) -- Two lawmakers are calling on Countrywide CEO Angelo Mozilo to give a portion of his severance package to charities that could help families affected by the mortgage crisis.

According to The Corporate Library, a corporate governance and CEO pay tracker, Mozilo will be receiving a severance package worth about $101.3 million in cash and benefits.

Early Friday, Bank of America announced that it would purchase the troubled mortgage lender for $4 billion - opening the door to speculation that Angelo Mozilo's days as Countrywide CEO are numbered.

"The sale of Countrywide closes an ugly chapter in the subprime mortgage crisis," said Sen. Charles Schumer, D-N.Y.

"Mr. Mozilo could display some goodwill by donating any severance pay he stands to receive to the nonprofit housing counselors trying to prevent foreclosures," Schumer said in a statement.

He should "donate a substantial portion of the $150 million he has collected over the last several years," added Rep. Barney Frank, D-Mass., chairman of the House's financial services committee.

Frank also called on Countrywide to freeze interest rates to prevent the eviction of tenants living in foreclosed properties. To top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.