Countrywide Chief Forgoes $37.5 Million in Exit Pay
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Angelo R. Mozilo will voluntarily give up $37.5 million in severance and consulting pay in connection with the proposed takeover by the Bank of America Corporation.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender forecast a return to profit this quarter and said it has weathered the worst of the nationwide housing downturn.
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Franklin Raines, who was forced out as Fannie Mae&#39;s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents the mortgage lending giant filed Monday with the
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a $421.9 million fourth-quarter loss on Tuesday, hurt by mounting defaults in a sinking housing market.
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Bank of America Corp. said a departing executive is eligible to collect about $20.7 million in severance and other payments from the company.
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Freddie Mac of McLean, the second-biggest buyer of U.S. mortgages, said it earned $1.2 billion in the three months ended June 30, compared with $340 million in the second quarter last year.
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It&#39;s payback time. The former chief executive of Conseco (nyse: CNO - news - people ) and his family trusts must pay $62.7 million plus interest to a unit of the insurance company, which may also foreclose on his mansion, a judge ruled.
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Countrywide Financial Corp   said on Thursday that mortgage loan funding tumbled 40 percent  to $23 billion in November, sending its shares down nearly 4  percent before the market opened.
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Countrywide Financial, the nationâs largest mortgage lender, said yesterday that it had lined up $12 billion of financing to help weather a housing slowdown that it expects to lead to widespread layoffs.
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Countrywide Financial Corp. on  Wednesday posted a 47 percent drop in quarterly earnings and  cut its outlook as mortgage refinancings fell and rates  climbed, sparking a broad sell-off in mortgage-company stocks.
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LOS ANGELES, Jan. 27 -- Countrywide Financial chief executive Angelo R. Mozilo, under fire over the size of his potential payout from the proposed sale of his troubled mortgage company, says he is forfeiting $37.5 million in severance pay, fees and perks he was scheduled to receive upon retirement.
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LOS ANGELES -- Struggling lender Countrywide Financial Corp. said Friday it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry.
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Countrywide Financial Corp , the largest U.S. mortgage lender, posted a $1.2 billion third-quarter loss on Friday, hurt by write-downs as the U.S. housing market deteriorated.
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Edward D. Jones &amp; Co. LP's top executive is stepping down at the end of next year, agreeing to pay about &#36;3 million of a &#36;75 million settlement with the Justice Department over claims tied to the company's mutual fund sales practices.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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Franklin Raines, Fannie Mae's former  chief executive, who retired last week after regulators exposed  accounting errors expected to force a massive earnings  restatement, stands to get an annual pension of $1.37 million,  the No. 1 U.S. mortgage finance company said on Monday in a  regulatory filing.
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Sydney - The head of James Hardie Industries has resigned with a payout of $6.5 million (R40.8 million) in the aftermath of a scandal over the building products group&#39;s efforts to dodge its liabilities to asbestos victims.