Bank of America unveils payout for Countrywide execs

Countrywide CEO Angelo Mozilo to recieve $10M in stock, company president David Sambol will get $9 million plus an additional $28 million retention fee.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)

NEW YORK (CNN) -- The two top executives at Countrywide Financial Corp. -- the nation's largest mortgage lender -- are slated to receive a combined $19 million in payouts as part of the company's pending takeover by Bank of America, according to regulatory filing this week.

Countrywide (CFC, Fortune 500) CEO Angelo Mozilo is set to receive $10 million in stock and President David Sambol will get about $9 million, according to documents Bank of America (BAC, Fortune 500) filed with the Securities and Exchange Commission.

In addition, Sambol will receive another $28 million in cash and stock in order to keep him with the combined company, the document states.

Their compensation is tied directly to the performance of the company via stock and options that the executives have held over time, according to the filing.

Bank of America agreed in January to buy the struggling Countrywide for $4 billion. Mozilo and Sambol -- along with ex-Citigroup chief Charles Prince -- came under fire earlier this month by members of the House Oversight and Government Reform Committee, who chastised the executives for helping to foster the current mortgage crisis.

Lawmakers accused the executives of leaving homeowners at risk of losing their homes while fattening their own wallets. In their defense, the execs said they too lost billions in the subprime meltdown.

Mozilo, Sambol and Prince made headlines in the past year for their lofty compensation after their companies lost billions in the U.S. housing market. Between 2002 and the close of 2006, the three executives were paid $460 million, according to a report issued by the House committee in March.

Mozilo, who grew Countrywide from its modest beginnings into the nation's largest mortgage lender, reportedly stood to collect a windfall of $115 million after his firm agreed to a yet-to-be-completed sale to Bank of America. After facing heavy criticism from lawmakers, Mozilo forfeited $37.5 million in payments tied to the deal. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More


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.