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SEC: Countrywide execs to get millions in stock

  • Story Highlights
  • Countrywide CEO Angelo Mozilo is set to receive $10 million
  • Countrywide President David Sambol will get about $9 million
  • Bank of America agreed in January to buy the struggling mortgage lender
  • Lawmakers have chastised the executives for helping foster the mortgage crisis
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NEW YORK (CNN) -- 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.

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Angelo Mozilo helped lead Countrywide as it grew into the nation's largest mortgage lender.

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.

Sambol will receive another $28 million in cash and stock to stay 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 Countrywide for $4 billion.

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.

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

Mozilo, Sambol and Prince made headlines in the past year for their lofty compensation after their companies suffered heavy losses 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. E-mail to a friend E-mail to a friend

CNN's Amy Sahba contributed to this report.

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