The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.
The payments are part of the company's pending takeover by Bank of America.
Countrywide 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 filed this week with the Securities and Exchange Commission.
Mozilo and Sambol, along with ex-Citigroup chief Charles Prince, came under fire this month by members of the House Oversight and Government Reform Committee, who chastised the executives for helping foster the current mortgage crisis.
Between 2002 and the close 2006, these three execs were paid $460 million - yes, $460 million! That's a whole lot of houses huh?
Read the rest here on CNN.
Read the rest here on CNN.
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