Wednesday, July 25, 2007

Mozilo wins even if Countrywide profits plummet

(Reuters) - Mozilo, the son of a butcher who built Countrywide into the largest U.S. mortgage lender, is used to receiving handsome compensation. Over the past five years, Mozilo has received $387 million from pay and stock option gains.




After Wednesday's close, shares of Countrywide were down 12 percent since the mortgage lender reported on Tuesday morning that second-quarter profit tumbled 33 percent. Mozilo blamed a rising wave of homeowners missing loan payments, forcing the company to slash its 2007 forecast.


Read more at Reuters.com Bonds News

No comments: