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$70 million severance for Countrywide’s Mozilo?

By Gary Jacobson

January 11, 2008 at 10:36am

Countrywide Financial is being swallowed by Bank of America, but don’t cry for Angelo Mozilo, Countrywide’s embattled CEO.

The butcher’s son from the Bronx who founded Countrywide in 1969 could walk away from the deal with $70 million or so, according to The New York Times.

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That’s in addition to more than $400 million he has received from the company since 1999 in pay and gains on stock options.

Countrywide, the nation’s largest mortgage lender, has been ground zero the past year for the subprime mess. Bank of America said today that it is acquiring the troubled firm in a $4 billion stock deal.

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 Read related stories: Business · Mortgage · Subprime  

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