Monday, January 28, 2008

(Some) Credit Where Credit is Due File


SAN FRANCISCO (Dow Jones) -- Countrywide Financial said on Monday that Chief Executive Angelo Mozilo, a lightening rod for criticism over the subprime- lending meltdown, is giving up a $37.5 million severance package.

The package is less than a quarter of the money Mozilo collected selling Countrywide stock in 2007 as the company's shares slumped almost 80%.

The Calabasas, Calif., lender said Mozilo is giving up cash severance payments, post-closing consulting fees and continued perquisites that he was owed in connection with the mortgage lender's takeover by Bank of America (BAC).