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.
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.
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.
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. More…
Yeah, boy! That’ll teach ya! (sarcasm off)-Sue
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