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.
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.