Mortgage Kingpin Mozilo Volunteers Cut in Huge Pay

CALABASAS, Calif. – Angelo Mozilo, the co-founder and CEO of Countrywide Financial, has taken a voluntary cut in his pay, which has amounted to as much as $350 million over the last three years. Mozilo, who has earned an estimated $65 million in the first four months of this year, said the move represents an attempt “to be responsive to the environment we’re in today,” the nation’s biggest mortgage bank said. The company said Mozilo’s base salary, performance-based bonus and equity-incentive pay, which totaled $42 million last year, would be down between 48% and 62% this year, depending on the company’s performance, Countrywide said. Mozilo also took home $72 million last year after exercising options. The 68-year-old mortgage kingpin has already earned about $10 million in cash compensation, and another $55 million from the exercise of options, through the first four months this year.