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House committee questions mortgage CEOs about compensation in Washington
Angelo Mozilo, founder and CEO of Countrywide Financial Corporation (second from right), testifies before a House Oversight and Government Reform Committee hearing on the compensation mortgage company CEOs receive on Capitol Hill in Washington on March 7, 2008. This hearing is part of Congress' ongoing examination of the subprime mortgage crises. From left are Richard Parsons, chairman of Citigroup's Personnel and Compensation Committee; E. Stanley O'Neal, former chairman and CEO of Merrill Lynch; John Finnegan, chairman of Merrill Lynch's Management Development & Compensation Committee; Mozilo; and Harley Snyder, chairman of Countrywide Financial Corporation's Compensation Committee. (UPI Photo/Roger L. Wollenberg)
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Angelo R. Mozilo (born 1938) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008. Condé Nast Portfolio ranked Mozilo second on their list of "Worst American CEOs of All Time".

Mozilo was born in New York City, the son of a Bronx butcher. He received a Bachelor of Science degree from Fordham University in 1960. In 1969, he and his former mentor David S. Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Pasadena, California and then to Calabasas, California in Los Angeles County. Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realized in the 12 months ending August 2007.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Angelo Mozilo."
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